Business

A popular profit extraction strategy is to pay a small salary and to extract further profits as dividends.

From 6 April 2023, the dividend allowance is to fall to £1,000.

Many businesses view entertaining clients and customers to be an important part of their marketing budgets

HMRC are currently taking an inordinately long time to issue VAT registration numbers.

Corporation tax is being reformed from 1 April 2023.

A free business account for small businesses that gives you access to FreeAgent accounting software for free.

Today, Jeremy Hunt announced the following measures:

• Further support with energy bills

• Expanded free childcare for children aged nine months to four

• The abolition of the pension lifetime allowance

• Climbing corporation tax

These 5 risk areas are prone to errors when computing business profits.

Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and have a number of cars available for use by employees when they need to undertake a business journey.

To encourage pension savings, tax relief is available on contributions made to registered pension schemes.