Capital allowances are an expenditure a business may claim against its taxable profit. When a business incurs costs, such as salary payments, it can usually deduct them as expenses from its taxable profits. This reduces the tax due. However, when it buys assets for operational purposes, things are not quite so straightforward. There are HMRC[…]
Nobody wants one, but a recession in the UK is looming. The Bank of England (BoE) and British Chambers of Commerce (BCC) predict the UK will enter one before 2023. The monetary policy committee of the BoE wrote: “The latest rise in gas prices has led to another significant deterioration in the outlook for activity[…]
The partners and staff of Jack Ross Chartered Accountants join the nation, the Commonwealth and the world in mourning the death of Queen Elizabeth II. We send our condolences to the Royal Family.
Spring Statement changes are coming into effect. How will these changes to affect you? As you may have heard, there are changes happening to National Insurance contributions (NIC). From 6 July, the new thresholds will come into effect. But what does that mean for you? As a self-employed worker, you will already pay your National[…]
You don’t have to spend long running a business before you realise how important cashflow is. Cashflow is the balance between money coming into your company and the money going out on a weekly or monthly basis. There’s not much in commerce more likely to give you sleepless nights than cashflow. As it’s hard to[…]
How to boost your business in one easy step Entrepreneurs can often feel like they are on their own when it comes to getting advice and guidance on what to do and how to do it. One of the most common pieces of advice for business is to get a mentor. A mentor is someone[…]
Have you thought about how your status affects the amount of tax you pay after Brexit? For most UK citizens, the question of what should be included on their tax return is easily answered. This is because they are both UK domiciled and UK tax resident. Anyone domiciled and resident in the UK will need to[…]
National Insurance Contributions (NIC’s) will rise by 1.25% from April 2022 for employed and self-employed workers. As a result, this is intended to help fund health and social care costs. Why are National Insurance Rates increasing? The rates are to be increased in order to help with the impact of the coronavirus on the NHS[…]
HMRC has confirmed that it will be contacting eligible self-employed individuals based on their tax returns in mid-April to give a date for making applications Individuals will be contacted by email, letter or within the online service and all claims must be made on or before 1 June 2021. The claim must be made by[…]
Personal tax planning in 2021/22 If there’s one thing to take away from Spring Budget 2021, it’s taking charge of your personal finances is going to be increasingly important over the next five years. With the financial fallout from COVID-19 over the last year being the fiscal equivalent of fighting a war at more than[…]