Summary of Autumn Statement 2023

Summary of Autumn Statement 2023

Personal & employment taxes As predicted, the Chancellor announced some cuts in relation to the taxes facing individuals: National InsuranceClass 1 employees’ National Insurance contributions (NICs) to be cut by 2% from 6 January 2024 (down to 10%), meaning those...
When Should You Register For VAT?

When Should You Register For VAT?

Understanding VAT (Value Added Tax) and when to register for VAT is crucial for businesses as it has a significant impact on the business finances. The VAT threshold, is currently £85,000 per annum – If your annual turnover approaches this figure, you should...
Self-Assessment Tax Returns – A Quick Guide

Self-Assessment Tax Returns – A Quick Guide

Do I Need To Complete A Self-Assessment Tax Return? Self Assessment is a system HMRC uses to collect Income Tax. For those employed, Tax is usually deducted automatically from wages and pensions. People and businesses with other income (including COVID-19 grants and...