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Tax Planning

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Company cars: What small businesses and contractors should know

Leave a Comment / Contractors, Small Business, Tax Planning, Uncategorised

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 […]

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Determining your salary for 2025/2026: A guide for business owners

Leave a Comment / Small Business, Tax Planning, Uncategorised

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

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5 ways to make the most of your pension allowance before the tax year ends

Leave a Comment / Contractors, Small Business, Tax Planning

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

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7 tax reliefs your small business could be entitled to

Leave a Comment / Self Employed, Small Business, Tax Planning

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

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The effects of taking a Bounce Back Loan

Leave a Comment / Cashflow, Small Business, Tax Planning

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

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Limited company directors: Do you know how much personal tax you incurred for 2024/25?

Leave a Comment / Accounting and Company Tax, Limited Company Directors, Tax Planning, Uncategorised

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

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