Monthly Archives March 2023

As a director of a company in the UK, your health is a critical factor in your ability to effectively manage your organization. To ensure that you remain in good health, it is important to have access to quality medical care. Fortunately, there are several ways that your company can help you access medical care in the UK. One option is to provide you with private medical insurance as part of your employee benefits package. Private medical insurance is a type of health insurance that covers the cost of private medical treatment. It can include a range of services such
Read More

As a self-employed individual in the UK, it can be tempting to try and handle your own tax affairs, especially when Financial Times are tough. However, there are several benefits to using an accountant for your self-assessment tax return. Save time and reduce stress Preparing a self-assessment tax return can be a time-consuming and stressful process, especially if you haven’t kept on top of it all year. An accountant can take care of all the paperwork, including calculating your tax liability, completing the necessary forms, and submitting your return on time. This frees up your time to focus on running
Read More

On March 3rd, 2021, Chancellor Rishi Sunak announced in his budget speech that the UK corporation tax rate would increase from 19% to 25% from April 2023. This change represents the first time corporation tax has been raised in the UK since 1974. The announcement has sparked a lot of discussion and debate about its potential impact on businesses, the economy, and the country as a whole. Corporation tax is a tax on the profits made by UK-resident companies and foreign companies with a UK branch. The tax is calculated on the profits the company makes after deducting any allowable
Read More

What are the principles of accounting in the UK, and why is it important for business owners to understand? Accounting is a critical aspect of any business, big or small. Accounting is the process of recording, classifying, and summarising financial transactions in a systematic and comprehensive manner. It provides businesses with the necessary information to make informed decisions and ensure financial stability. In the UK, accounting practices are regulated by various laws and principles. In this blog, we will discuss the principles for accounting in the UK. The Accruals Principle: The accruals principle states that transactions should be recorded when
Read More

Happy International Women’s Day! Today, on International Women’s Day, we celebrate the progress that has been made towards gender equality, and we recognize that there is still much work to be done. This year’s theme, #EmbraceEquity, encourages us to strive for a more equitable world where women are valued and respected. In the United Kingdom, we have seen some significant advancements in recent years towards gender equality. We have a female Prime Minister, more women are represented in Parliament than ever before, and there are increasing numbers of women in leadership roles across various industries. However, there is still much
Read More

Capital Gains Tax: Understanding the Basics Capital gains tax is a tax imposed by the government on the profits you make from selling certain assets, such as stocks, bonds, real estate, and other investment properties. Capital gains are calculated as the difference between the purchase price (or “cost basis”) and the selling price of the asset. If you sell an asset for more than you bought it for, the difference is considered a capital gain, and it’s taxed as income. The capital gains tax rate depends on the type of asset being sold, the holding period (how long you owned
Read More

New rates. Updated advisory fuel rates (AFRs) from 1 March 2023 for fuel costs when using company cars. Engine Size                       Electric per mile        Petrol per mile        LPG per mile      Diesel per mile      1,400cc or less – 13p 10p – 1,401cc to2,000cc – 15p 11p – Over 2,000cc – 23p 17p   1,600cc or less – – – 13p 1,601cc to 2,000cc – – – 15p Over 2,000cc – – – 20p Hybrid cars are treated as either petrol or diesel
Read More