What was your most interesting part of yesterday’s budget? For us it was the clear focus on business and the support to help businesses grow. With new allowances for electric vehicle charging facilities, for building new commercial structures and buildings and an increase in the level of tax relief designed to encourage businesses to spend […]
Many small businesses, whether incorporated or not, pay family members for working for the business. However, as a recent case shows, it is easy to make mistakes which can prove costly.
Change is on the horizon – from April next year, the self-employed will only pay one Class of National Insurance rather than the two currently payable. Current position Depending on the level of their profits, the self-employed may currently be liable for two Classes of National Insurance contribution – Class 2 and Class 4.
Cash basis threshold increased The cash basis is a simpler way for smaller businesses to work out their taxable profit. Under the cash basis, profit is calculated by reference to cash in and cash out, rather than by reference to income earned in the period and expenditure incurred, as is the case under the traditional […]