2024 Tax Year End Planning

With the tax year ending 5 April 2024 fast approaching, please do check what tax planning action you might take:

Continue reading
  1163 Hits

Looking Forward To Tax Changes In 2024

With Covid, several Prime Ministers and Chancellors and the run up to a general election, changes to the tax system have been numerous and we can expect more in 2024.

What can we see on the horizon and how should you react?

Continue reading
  1655 Hits

Autumn Statement 2023 - More Drip Than Waterfall


This was very much about 'making work pay' and aiming to improve productivity. Important though national insurance tax reductions are to help sole traders and partnerships, they do nothing to help those caught by frozen thresholds or running small limited companies.

Sole traders and partners

With Class 2 national insurance abolished and Class 4 national insurance reduced by 1% from April 2024 but dividend tax unchanged, more businesses may decide to remain as sole traders rather than incorporate or even prefer to disincorporate.

When you add in that the cash basis will become the default way to measure tax profits from April 2024 (for any size sole trader) together with the previously known companies house reforms requiring more company information to be made public, the government clearly wants small businesses to stay as sole traders unless they're large enough to embrace being a limited company in full.

Continue reading
  2099 Hits

Budget 2023 - Are we just refilling potholes?

There's been a lot said today, but does it amount to refilling what has been there before or something new? Was there anymore in it than for high earning, beer drinking, car driving, parents with potholes outside their home?

Continue reading
  3956 Hits

Registered

On The Spot Tax Limited

Trading as On The Spot
Registered in England & Wales under company number 06566196
VAT number 937 5293 90