Tax planning can seem daunting, but with some knowledge and the right strategies, you can significantly reduce your tax bill. This post will highlight some key tax-saving methods for the 2024/25 tax year. 1. Make the Most of Your Personal Allowance Everyone gets a tax-free personal allowance, which
DeepSeek: The Chinese AI Startup Shaking Up Silicon Valley
DeepSeek, a relatively new AI company from China, has been making waves in the tech world, challenging the dominance of established US giants like OpenAI, Google and Meta. Founded in May 2023 by Liang Wenfeng, who also founded the quantitative hedge fund High-Flyer, DeepSeek is funded entirely by
Understanding Director’s Loan Accounts: A Guide for Company Directors
If you're a company director, understanding how you can take money out of your business is crucial. Limited companies are separate legal entities, so the rules are strict. One area that often causes confusion is the Director's Loan Account (DLA). Let’s break it down. What is a Director's Loan
Key Highlights of the Autumn Budget 2024
Corporation Tax Making Tax Digital (MTD) Rates relief Inheritance Tax (IHT) Capital Gains Tax (CGT) National Insurance and Employment allowance Capital Allowances 'Full expensing' deduction for leased assets VAT Thresholds Furnished Holiday Lettings (FHL)
Sustainability in the Workplace: The Benefits of Loft Insulation in Your Office
In today’s world, sustainability is more than just a buzzword—it’s a responsibility. For businesses looking to reduce their environmental footprint, installing loft insulation in office buildings is a smart, impactful step. Loft insulation helps to minimise heat loss by creating a barrier between
A comprehensive guide to the VAT Penalty Regime
It is crucial for businesses to stay informed about the significant updates to VAT penalties and submission requirements that took effect from January 1, 2023. These changes mark the introduction of a new penalty regime for late submissions and payments, the discontinuation of the Default Surcharge,
Boost Your Retirement Savings and Reduce Company Tax: Pension Contributions for Limited Company Directors
What is a Pension? A pension is a smart way to save for your future when you're no longer working. There are two main types: Personal Pension: You set this up yourself with a pension provider. Workplace Pension: Your employer contributes alongside you, usually by deducting a portion from your
The EU Cracks Down on AI: What You Need to Know
While Hollywood paints a picture of AI leading to robot uprisings, the EU is taking a more practical approach, focusing on the real-world risks associated with AI technology. The newly implemented EU Artificial Intelligence Act aims to regulate how AI is used across industries, ensuring it doesn't
P11D Expenses & Benefits Explained for Employers
What are P11D forms? These forms report expenses and benefits given to employees that haven't been taxed yet. Your company needs to submit them to HMRC (the UK tax authority) annually. Who needs a P11D? Not everyone. Taxlab can advise you on this based on your specific situation. There are two P11D
Going Solo? Get Registered For Self Assessment Quickly
Starting your own business is exciting! But before you dive in, there's one key step: registering as self-employed with HMRC. This ensures you pay the right taxes. The good news? It's: Simple: The registration process is straightforward and hassle-free. One-time: You only need to register once,