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
  617 Hits

Dear HMRC...Why We Need To Talk

HMRC-Phone-Contact

Dear HMRC

Why we need to talk to you…..

As an unrepresented taxpayer with apparently very simple tax affairs, I find myself needing to call you. I really don’t want to. I have better things to do, but I like to know I’m not going to upset you.

Continue reading
  1740 Hits

Autumn Budget - Cheers From Your Town?

Today's Budget recognises the help needed by your local area such as retail and hospitality, with alcohol duty reduction and reform, 50% rates reduction for 1 year, property improvements not affecting your rates for 1 year, plus money directed to areas such regional theatres, community football pitches, cycling infrastructure, local minor roads and to local councils.

Keeping it local tends to favour small businesses who can now try to build on the support and appreciation received during lockdowns. Remember to increase your prices so your business keeps pace with inflation and remains viable. So, what else should you and your business know from today?

Continue reading
  4252 Hits

2023 Corporation Tax Increase - 7 Ways To Keep It Low

 

INTRODUCTION

For annual group taxable profits over £50k, from 1 April 2023, the corporation tax rate will increase from 19% to 26.5% on additional profits between £50k up to £250k, after which 25% is charged on all profits over £250k.

Therefore reducing profits from say £100k to £50k saves 26.5% of £50k = £13,250. Or on profits in the entire 26.5% tax band from £50k to £250k, you might even get to save 26.5% of £200k, a corporation tax saving of £53k!

NB For close investment holding companies, 25% will apply to all your taxable profits.

Continue reading
  6081 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