The new tax year is upon us so now’s the time to start your business budgeting, but smarter. Entering a new tax year is the perfect time to take a strategic approach to your finances for small business owners and contractors. Business budgeting can help you manage cash flow, reduce unnecessary costs, and set your […]
7 tips on smart business budgeting for the new tax year Read More »
If you’re a contractor or small business owner working from home all or some of the time, you’ve probably looked for ways to maximise your business expenses. One area that often sparks debate is home renovations: can you, or should you, put those costs through your business? On the surface, it might seem like a
Home renovations & taxes: Smart business move or risky strategy? Read More »
Are you driving into 2025/2026 tax-efficiently? Allowable benefits, such as company cars, are affected by things like Benefit-in-Kind and National Insurance Contribution rates. Business is changing all the time and small businesses and contractors need to stay on top of these latest tax considerations to keep their businesses cruising smoothly. Whether you’re driving around town
Company cars: What small businesses and contractors should know Read More »
As a business owner and director, deciding on your salary is a crucial task that needs revisiting annually. While this decision can impact your personal income, tax obligations, and company finances, it also requires careful consideration to ensure compliance with tax legislation, including the Managed Service Company (MSC) legislation. At Companion Accountancy, we understand the
Determining your salary for 2025/2026: A guide for business owners Read More »
As we approach the end of the tax year (April 5), contractors and small business owners have a timely opportunity to review their finances and make the most of their pension allowances. Maximising pension contributions not only helps build a secure retirement but also offers tax advantages. Here’s our guide on why this is a
5 ways to make the most of your pension allowance before the tax year ends Read More »
The UK’s first Autumn Budget under Labour since 2010 has set a decisive tone for the nation’s economic direction. Delivered by our first ever female Chancellor of the Exchequer, Rachel Reeves…
Autumn Budget highlights affecting small business owners and contractors Read More »
There are various tax reliefs for small businesses and contractors that can ease the financial pressures that come at the end of each fiscal year. As a small business or contractor in the UK, understanding the tax reliefs available to you can make a significant difference to your financial health. The UK government offers a
7 tax reliefs your small business could be entitled to Read More »
The Bounce Back Loan provided stability and reassurance for many small businesses during Covid-19; the effects are still being felt today. The Bounce Back Loan Scheme (BBLS), introduced by the UK government during the Covid-19 pandemic, offered a lifeline to many contractors and small businesses struggling with cash flow issues. However, now that the initial
The effects of taking a Bounce Back Loan Read More »
As a limited company director, you’ll need to keep on top of your bookkeeping and personal tax obligations for legal compliance and your own financial health. We are now into the fifth month of the financial year, which runs from April 6, 2024 to April 5, 2025. Do you know where you stand in terms
Limited company directors: Do you know how much personal tax you incurred for 2024/25? Read More »
Each year when your personal tax return is prepared, if your tax liability is more than £1,000 and more than 80% of your income isn’t taxed at source then payments on account will be due.
Is Your Payment on Account Due by 31st July? Read More »
