In Tuesday’s Spring Forecast, Chancellor Rachel Reeves presented the latest economic and fiscal forecast from the Office for Budget Responsibility (OBR), providing an updated outlook for the UK economy. There were no major new tax or spending announcements, in line with the government’s focus on stability and growth. The OBR [...]
Income Tax Tax-free personal allowance – £12,570 Basic rate – 20% – up to £37,700 Higher rate – 40% – from £37,701 to £125,140 Additional rate – 45% – above £125,140 National Insurance Rates Lower Earnings Limit (LEL) - increasing [...]
Allowable expenses Claim all of your allowable expenses Ensure paid invoices have been recorded – chase those you’re still awaiting payment for Keep receipts 6 years after accounting period Trivial benefits - As a director of a limited company, you can receive up to £300 [...]
With so much pre-Budget speculation, we were expecting a long wait for the detail - but events moved faster than anyone anticipated. In an unprecedented slip, the Office for Budget Responsibility (OBR) accidentally published its Economic and Fiscal Outlook around an hour before the Chancellor, Rachel Reeves, delivered her Budget speech. [...]
VAT (Value Added Tax) is a crucial part of running a business in the UK, and impacts pricing, purchasing and cash flow. It’s a tax collected and submitted to HMRC on goods and services. By understanding what VAT is, the rules surrounding it, the registration thresholds and available schemes, [...]
In the lead-up to the festive period, what greater way to show your appreciation for your employees than by gifting them. Noncash gifts, also known as Trivial Benefits, can be given without triggering tax or National Insurance liabilities, so long as they meet HMRC’s rules. These gifts can be [...]
From November 18th, 2025, Companies House will be enforcing mandatory identity verification for all Limited Company directors, Persons with Significant Control (PSCs), and anyone who files on behalf of the company. This change, under the Economic Crime and Corporate Transparency Act 2023, will mark a major shift in the way [...]
Running a Limited Company comes with many financial responsibilities, and understanding which business expenses are allowable for Corporation Tax is one of the smartest ways to reduce your tax bill legally. Allowable expenses are costs incurred wholly and exclusively for running your business, from staff salaries, office rent, and equipment [...]
Chancellor of the Exchequer, Rachel Reeves, held the Spring Statement on Wednesday 26 March 2025. In the run up to the event, the Chancellor stated that she ‘remains committed to one major fiscal event a year to give families and businesses stability and certainty on upcoming tax and spending [...]
Double cab pick-ups will be classed as cars from 6 April 2025 for Capital Allowances, Benefits in Kind (BiK), and some deductions from business profits. What is a Double Cab Pick-Up? (DCPU) A DCPU is defined as a pick-up truck that has a cabin with four doors, and two rows [...]