Some of the measures announced by the Chancellor were as follows: Rates and allowances: The government will reduce the basic rate of income tax to 19% for England and Wales from April 2023. Also, the additional rate of income tax of 45% is abolished from April 2023, meaning the highest rate of income tax for […]
I am delighted to announce that Sterling Finance (UK) Limited is a finalist for the Accountancy Excellence Awards 2022 for the category of Accounting Web’s “PRIDE”. This is the fourth consecutive finalist award as we were also nominated in 2019, 2020 and 2021. In the past, we were finalists in several categories. The PRIDE category […]
On 15 February 2022, Curry On Business organised a charity dinner for the benefit of The Anthony Seddon Fund in Greater Manchester. The guest speaker was Mr. Gerald Ratner, former CEO of the Ratner Group. The event marked the 10th Anniversary of Curry On Business, a non-profit networking group, in support of local businesses. Kamlesh […]
Change of accounting date – Overlap profits Overlap profits may arise on a change of accounting date if the new accounting date is less than 12 months from the end of the previous accounting period. This is illustrated by the following example. Example 2 Albert has been a sole trader for many years preparing accounts […]
‘Bed and breakfasting rules’ – Director’s loan account – borrowing, repaying and then borrowing again – ‘arrangements’ Throughout an accounting period, a director will withdraw monies from the company against the director’s loan account (DLA), the withdrawals being satisfied usually by the taking of a salary and/or bonus) and/or dividends (dividends being preferable as no […]
Under the PAYE ‘Real-Time Information’ scheme employers report to HMRC electronically before making any salary or wage payments. To ensure that the right amount of tax is deducted the employer uses the Code issued by HMRC. However, every PAYE Code Number is an estimate, since HMRC cannot guarantee the allowances or deductions included in the […]
Different ways of deferring CGT by selling or gifting a business asset – hold-over relief, roll-over relief etc. Capital gains tax (CGT) is levied on capital gains made on the disposal (including gifts) of most assets. However, if the disposal is of ‘business assets’ by a trader (including a personal trading company) then it is […]
People who want to run a business or other activity for community benefit rather than for private advantage can register either as a company limited by shares or by guarantee but most CICs are CLG. It’s best to be clear on the distinction between CIC and CLG companies, this post explains the difference. Companies limited […]
The government plans to introduce legislation to regulate umbrella companies to protect workers and clamp down on tax avoidance. The 40-page consultation document published yesterday aimed at providing an ‘up-to-date and well-informed view’ of how umbrellas operate with the aim to develop rules to regulate the market’s practices. It also aims to make sure the […]
HMRC is reminding traders to prepare for customs changes that come into effect on 1 January 2022 which will increase checks and customs declarations. Under the new rules, businesses will no longer be able to delay making import customs declarations under the Staged Customs Controls rules that have applied during 2021. Most customers will have […]