2024 Spring Statement

On 6th March 2024, Jeremy Hunt delivered the ‘Budget for Long Term Growth’. His speech promised ‘more investment, more jobs, better public services and lower taxes’. 

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2023 Autumn Statement

On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits.

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2023/24 Pension allowance tapering – what does it mean?

Introduced in 2016, Pension Allowance Tapering reduces the annual maximum contribution that can be paid into an individual’s pension pot in any one year for ‘high earning’ individuals. Any pension contributions over this maximum are subjected to a tax charge at the individuals effective tax rate.

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2022/23 Pension allowance tapering – what does it mean?

Introduced in 2016, Pension Allowance Tapering reduces the annual maximum contribution that can be paid into an individual’s pension pot in any one year for ‘high earning’ individuals. Any pension contributions over this maximum are subjected to a tax charge at the individuals effective tax rate.

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What expenses can you claim as self employed?

If you have already read our previous blogs on self-employed and limited you will know by now that when it comes to allowable expenses, there are a number of key differences between these two trading statuses. In this post we bring together the key points from our previous posts to help you compare and contrast the different forms of status, hopefully providing you with some much needed clarity!

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What expenses can you claim as a sole trader?

It would be easy to assume that all expenses incurred by your business also qualify for tax relief and therefore would automatically reduce your income tax bill- unfortunately that is not the case! The purpose of this article is to outline a number of the common types of expenses that a typical sole trader business may encounter along its journey, as well as their normal treatment from a tax perspective.

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What expenses can you claim as a Limited Company?

In this post, we will delve into what types of expenditure are considered allowable if you trade as a limited company and hopefully bring you a step closer to being comfortable with keeping on top of your expenses. Though we have already explained in our previous blog post how best to keep track of all the expenses that your business may incur, this is only part of the puzzle! Understanding how different types of business expenditure impact your business plays a vital role in allowing you to make better business decisions and importantly, pay the right amount of tax. This post, understandably, is a long one as there is so much to cover and so without further ado let’s give you some insight!

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Can I be employed and self-employed at the same time?

The short answer is yes, and you may be surprised at just how common this is! There are countless individuals all around the UK that are both employed (full time or part time) while also being self-employed at the same time. The key difference between employment and self employment is that you are taxed at source when employed, whereas self employed income is paid gross (i.e. what you invoice for, you should receive) and the associated tax is calculated after inputting all of your business income and expenditure onto the self employed supplement within your self-assessment Tax Return.

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Autumn Budget 2021

As is the case with all budgets, the announcements made impact different industries/pockets of the population and so for the sanity of those reading this, and as with all of our previous budget posts, we have only included the key aspects of the budget that impacts the majority of those that we look after. You may also note that we have included some sections of our previous budget analysis; this is because we firmly believe that both the information provided and advice outlined to you is still valuable to either act on, or at the very least be aware of.

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How to keep track of your business expenses

It is easy to lose track of your business expenses, especially as running your own business comes with a countless number of tasks and priorities which can be seen to be placed above keeping track of your receipts! However, when done right, managing business expenses should be an effortless activity that allows you to not only be more efficient but also gives you a clear idea as to how your business is performing- something that clearly has never been so important as it is today.

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What are sundry expenses?

There are a number of expenses to account for when running your own business; some of these will be large and easy to identify, but some naturally smaller and harder to classify. Sundry expenses encompass the smaller, irregular expenses that may not be attributable to a specific cost account that you have set up within your accounting systems.

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How much can you claim for laundry expenses if you're self employed?

How much can be claimed for your laundry expenses, and if in fact you are able to claim at all for these costs, are dependent on a number of factors such as your working circumstances and indeed what type of clothes you are washing that you want to claim the tax relief on!

To help you establish if you are able to claim this cost, we have outlined some of these considerations below:

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How to calculate business expenses when working from home

Working from home, especially if you are a freelancer, has always been common place and so it is no surprise that a couple of common questions, even before March 2020 and the introduction of COVID into our lives, from the self-employed that we look after were “what expenses can I claim whilst working from home?” and “can I reclaim the costs of working from home?”.

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What are allowable and disallowable expenses?

You may have heard the terms ‘allowable’ and ‘disallowable’ expenses discussed amongst your self employed colleagues and friends, or perhaps when speaking to your accountant, and have wondered what this actually means- and if this was the case, then you won’t be the first!

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Spring Budget- Headline Points & Recommendations

No doubt the vast majority of you are aware, the eagerly anticipated Budget was announced by the Chancellor this week. This was a particularly important budget due to the very obvious economic position that our nation finds itself in, but also because the October 2020 budget was cancelled, with many fearing that this ‘super budget’ would contain some potentially damaging changes to taxpayers of all kinds.

The overall headline point for this budget is that all in all, it was not as extreme or damaging as many had feared.

Though the changes that we have outlined below will likely impact you to some extent, the Government have made the decision to keep the ship on an even keel, with no ‘major’ immediate changes until between 2023- 2026 (see below) in relation to many aspects of taxation and allowances that you as the reader will be both interested in, and affected by. We have outlined our overall view on the budget, and what implications it may have on our economy in the future at the bottom of this email, but for those who would prefer to simply understand how this budget impacts you, please see our breakdown below.

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Government Announcement & Measures- Headline Points

Following the announcement that England will be going into full lockdown from Thursday 5th November through to Wednesday 2nd December, we wanted to update you as to the changes in financial measures implemented by the Government, as well as our recommendations for you based on the current landscape that we find ourselves in.

Though there are no ‘brand new’ measures that you need to be aware of, the below does breakdown the changes (both to dates and figures) for the existing/soon to commence schemes, and so hopefully this gives you the headline points that we feel that you should be aware of at this time:

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Chancellor's Financial Announcement- HEADLINE POINTS

As you may now be aware, yesterday afternoon the Chancellor outlined further financial measures, following the now implemented new nationwide restrictions that we all must endure for what is likely the next six months. Unfortunately, and as to be expected, the measures outlined have yet to have the small print released- and if you have been following our emails to you throughout the post-COVID world, you will know that the devil is ALWAYS in the detail and so unfortunately we cannot at this point offer our full thoughts and recommendations.

We did believe, however, that it would be worth sending you across an email so as to ensure that you are aware of the headline points of the measures announced, and what they could possibly mean for your household. With that being the case, please find these below:

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Self Employed Income Support Scheme (SEISS) - Upcoming Second Instalment

With so much information being bombarded onto us all from all types of news sources, it is difficult to sometimes keep track of what is and isn’t relevant/important to you at the moment. With this is mind we wanted to get in touch to remind you of the upcoming availability to apply for the second and final SEISS grant.

It is important to understand straight away that if you were not eligible for the first instalment, you will unfortunately still not qualify for the second, but there is still the possibility of help available- and so see point 4 below. To repeat the very broken record, please do get in touch with your team member if you have any questions at all about the benefits etc that you are/are not eligible for, and we can talk you through your options and our recommendations for you.

For those fortunate enough to be eligible, please find below some FAQ’s that we hope will make answer most of the questions that you may have at this time:

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