Tax Insights
  • 22
  • Nov
Are hybrid cars worth a second look for business owners?

In recent years, we’ve witnessed a significant shift among company car drivers, especially directors of owner-managed businesses, towards Electric Vehicles (EVs) to capitalize on the available tax incentives. However, as they adapt to the realities of EV ownership, many are reconsidering their options, with hybrid vehicles emerging as a practical interim solution until the infrastructure…

  • 13
  • Oct
Did you know you can get tax relief for removing or cladding asbestos?

What is Land Remediation Tax Relief? If your property is owned or leased by a limited company, you (whether landlord or tenant) may be able to get tax relief on the costs of removing the asbestos and the replacement roof. This is called land remediation tax relief, and it’s a government incentive to encourage companies…

  • 13
  • Oct
Capital Allowances for UK Commercial Property

Despite the limited tax breaks for UK commercial property owners or investors, many overlook the significant tax relief provided by capital allowances. This oversight often arises from unfamiliarity with the rules and regulations surrounding this relief. What Are Capital Allowances? Capital allowances offer tax relief for specific capital expenditure on certain buildings, fixtures, and chattels.…

Income Tax Reductions
  • 15
  • Jul
Tax break for workers takes effect amid continued warnings about business tax burden

With effect from 6th July 2022, low-paid workers across the UK are getting to benefit from reduced rates of Income Tax and National Insurance. However, at least one key business leader has warned that the country’s firms are still too overly burdened with tax obligations. What does the tax cut amount to, and who benefits? …

Company bosses panicking over tax returns
  • 28
  • Jun
Concerns expressed about the accuracy of HMRC’s £32 billion ‘tax gap’ figure

On 23rd June, HM Revenue & Customs released its data concerning the ‘tax gap’ for the 2020 to 2021 tax year. The non-ministerial department said that the estimated ‘tax gap’ – defined as the difference between the total amount of tax expected to be paid and the total amount of tax actually paid during the…

Super-deduction tax break
  • 21
  • Jun
Only one in eight business owners ‘aware of super-deduction tax break’

As a business owner, you will naturally want to make the most of all available resources and sources of support to better your firm’s survival and growth prospects. That’s just one reason why you might be looking to draw upon the services of a chartered tax adviser in Newton Abbot, Plymouth, or Wellington, such as…

Corporate taxes
  • 25
  • May
The UK is Set to Plummet 16 Places in the Global CT League Table

The UK Government’s decision to put up Corporation Tax from 19% to 25%, taking effect from next April, will cause the country to fall 16 places on the global ‘league table’ for corporate tax, from sixth to 21st.  That is the finding of new research reported by Accountancy Today and shows the stark impact of…

Plymouth fishing industry
  • 20
  • May
Fisheries and Seafood Scheme Relaunched

Marine Management Organisation Relaunch the Fisheries and Seafood Scheme The Marine Management Organisation (MMO) has relaunched the Fisheries and Seafood Scheme to safeguard the long-term sustainability, resilience and prosperity of the English seafood sector. The Government has set aside at least £6 million in funding for each year until April 2025. The scheme aims to…

  • 16
  • May
How did business groups respond to the Queen’s Speech?

  With the latest State Opening of Parliament taking place amid considerable economic uncertainly brought on by such factors as escalating inflation, cost-of-living pressures, and the continuing war in Ukraine, it is fair to say plenty of eyes were on this year’s event, including from UK business.  Ultimately, the Queen’s Speech – which for the…

Increased NIC affect how you budget for the year
  • 14
  • Apr
Changes to National Insurance Contributions – How Does it Affect Company Directors?

The changes in National Insurance Contributions (NIC) that came into force in April 2022 impact directors and employees. The increase in NIC affects employers and employees in different ways, but how does it affect you as a director? Also, what should you be thinking about to efficiently manage the increase in your outgoings and the…

Tax Increases Salary & Dividend Combinations
  • 12
  • Apr
The Best Dividends and Salary Combinations for 2022/23

The tax rates and allowances for the new tax year have already been published, and the National Insurance contributions have been shrouded in controversy. Which leaves us questioning, what is the best combination of salary and dividends for the upcoming tax year? The Spring 2022 Budget confirmed the employee NIC threshold for 2022/23 has increased…

SME Optimism
  • 6
  • Apr
‘Four in 10’ UK Small Businesses Intending to Recruit New Staff During 2022

With each passing day, it seems that more evidence is filtering through of rising business optimism in the UK. One such indicator of this is an article from Business Leader, citing a private equity house’s report that claimed the British economy saw its quickest annual growth rate on record in 2021.  What exactly did the…