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Extracting extra income from your company

It’s that time when the Christmas financial hangover hits and your self-assessment bill is on the way, so you might need a little extra from your company to get you through. What are the most tax-efficient options? As a company owner manager, if you’re looking for...

MTD ITSA guidance updated following Budget

The Budget contained announcements regarding the rollout of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA). The corresponding HMRC guidance has now been updated. What’s the latest position? The current timetable for mandating into MTD ITSA is as follows:...

The Chancellor’s hidden Budget

The Budget included headline-grabbing tax changes but others were buried in the fine print. What were they and how might they affect you? Headlines. Undoubtedly the biggest changes announced in the Autumn Budget were those affecting employers’ NI, pensions and...

HMRC to reduce late payment interest

Late payment interest rates on underpaid taxes will soon decrease again due to the recent reduction in the Bank of England’s base rate. What are the new charges? On 7 November 2024 an announcement confirmed a reduction in the Bank of England base rate to 4.75% from...

Budget 2024 at a glance

Today we had the first Labour budget since 2010. What are the key takeaways? Income and personal taxes. In keeping with pre-election promises, there will be no changes to the current bands or rates for income tax, primary Class 1 NI, Class 4 NI or dividends. An...