As you may be aware the Chancellor announced the Autumn Statement 2023 on Wednesday 22 November 2023. The Autumn Budget 2023 included a number of changes however a lot of the information was repeated from the key announcements in the Spring Budget earlier in the year that were due to take effect until next year. […]
Autumn Budget 2023 Read More »
VAT is a term that can cause complications and confusions to many business owners, as well as private individuals. Often, we have been paying VAT without even knowing it as you do not always need to know that you have got VAT on products and services as an individual but when you become a business
VAT – A simple explanation for new VAT registered businesses Read More »
‘Why is my tax so high?’ Often your tax liability can seem so high sudden due to payments on account. What are payments on account? Payments on account are advance payments towards your personal tax liability. There are two each year, the first due by 31 January and second due by 31 July. You won’t
What Are Self-Assessment Payments On Account? Read More »
I was going to dive right into whether you need to register or not and then I thought I would just have a quick digress. It can get confusing with terminology. Self-assessment, personal tax, tax return, income tax – it all means the same. 😊 Why there are so many different terms to confuse you
Do I need to register for Self Assessment? Read More »
Following on from last week’s blog with the top reasons why you should complete your tax return before the summer. Read it here if you missed it. Why you should complete your tax return before July | Spring Accountancy (springaccountancyservices.co.uk) I thought it would be a great help if I provided you with a checklist
2022/23 Personal Tax Return Checklist Read More »
As we have passed the 5 April 2023, you can now complete the personal tax return for the period 6 April 2022 to 5 April 2023. Yes, I know, this isn’t due until 31 January 2024! That’s ages away – plenty of time to put it off, bury your head in the sand or clean
Why you should complete your tax return before July Read More »
We are now in the tax year 23/24 so what does this mean for you, your business and taxes? FACTS The tax year runs from 6 April 2023 to 5 April 2024 usually referred to as 2023/24 tax year. The self-assessment tax return including all incoming sources in this period must be submitted by 31
New Tax year 2023/24 Read More »
As a Small business owner, you are juggling everything and there are so many hats to wear, so many things to know, that you are bound to trip up somewhere and drop a ball. Wouldn’t it be great to have a crystal ball and skip some of those mistakes? Well, unfortunately I don’t have one
Mistakes Small Business Owners Make Read More »
What is in the Spring Budget 2023 for small business owners? The Spring Budget 2023 was announced last week, 15th March 2023, Jeremy Hunt had previously said it would be a light budget and he wasn’t wrong. There wasn’t a great deal for Small Business Owners and whilst Jeremy Hunt commented is was focusing on
Spring Budget 2023 Read More »
What to consider before the end of the tax year – Pre Year-End Tax Planning The current tax year is 2022/23 and this finishes on 5 April 2023. As the end of the tax year approaches, as a small business owner you should really be thinking about your financials for the year and any last
Pre year-end tax planning Read More »