When corporation tax increases from 1 April 2023, companies will need to consider three scenarios: From 1 April 2023: The main corporation tax rate is increased to 25% where profits are over the upper profits limit, set at £250,000. A small profits rate will apply…
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The value of objectivity
Many business owners feel qualified to act on their subjective conclusions. Where these conclusions are key to the continuing success of the business this internal process opens up the possibility of failure – what if you have failed to consider all the possible risks? As…
Planning for the unexpected
How do we plan for the unpredictability that is a recurring feature of our business lives? Brexit, COVID-19, and now the war in Ukraine, all conspire to create trading conditions that can best be described as chaotic. Present challenges include increasing energy and commodity prices,…
Saving to meet future tax payments
Whether you are self-employed or run your business through a company, the profits you produce are subject to tax less any reliefs for past losses or investments in assets that qualify for tax relief. As most accounts software packages do not allow for these tax…