Archives for Updates

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
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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
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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
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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
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New rates. Updated advisory fuel rates (AFRs) from 1 December 2022 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 – 14p 10p – 1,401cc to2,000cc – 17p 12p – Over 2,000cc – 26p 18p   1,600cc or less – – – 14p 1,601cc to 2,000cc – – – 17p Over 2,000cc – – – 22p Hybrid cars are treated as either petrol or diesel
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The RT Hon Kwasi Kwarteng MP published the government’s Growth Plan 2022 on the 23rd September. It is being labelled as measures to a deliver pro-growth, simplified tax system to support business investment across the UK. Please note however that if your business is in Wales some of the changes don’t affect you as they may be devolved taxes. Measures announced: the Health and Social Care levy to be scrapped.  Therefore reducing National Insurance contributions by 1.25% from 6 November 2022.  This is a UK wide change. basic rate of Income Tax to be reduced to 19% from April 2023.
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New rates. Updated advisory fuel rates (AFRs) from 1 September 2022 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 – 15p 9p – 1,401cc to2,000cc – 18p 11p – Over 2,000cc – 27p 17p   1,600cc or less – – – 14p 1,601cc to 2,000cc – – – 17p Over 2,000cc – – – 22p Hybrid cars are treated as either petrol or diesel
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During the mini-budget on 23 September 2022 the Chancellor, Kwasi Kwarteng announced that he was scrapping the Health and Social Care Levy being paid through National Insurance contributions. With effect from 6 November the rates for National Insurance will be cut by 1.25% for both employers, employees and the self-employed. HMRC has previously asked employers to include a generic message on payslips for the 2022-23 tax year to explain the reason for the change to their National Insurance.  This message will not be applicable from 6 November 2022 and employers are urged to make sure that the message does not
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If your limited company owes PAYE payments to HMRC some Directors assume that if they close the company the debt “dies”. HMRC are starting to lose patience with some directors who have a series of failed businesses.  Take Michael Eames who was sole director / shareholder of A1 Recovery Portsmouth Limited (A1RP).  The company went it to  liquidation in July 2017 owing HMRC in excess of £100k (plus interest) in unpaid PAYE. Under section 121C HMRC exercised their right to convert the corporate liability to a personal one.  Whilst HMRC made no allegations of fraud they determined that Mr Eames
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New rates. Updated advisory fuel rates (AFRs) from 1 June 2022 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 – 14p 9p – 1,401cc to2,000cc – 17p 11p – Over 2,000cc – 25p 16p   1,600cc or less – – – 13p 1,601cc to 2,000cc – – – 16p Over 2,000cc – – – 19p Hybrid cars are treated as either petrol or diesel
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