The formulation of the SWOT tool has been credited to Albert Humphrey in the 1960s, but this attribution remains debatable and therer is no universally-accepted creator. The SWOT analysis is an important exercise that can be used both for organisations and individuals. Whether you are trying to
Autumn Statement 2022
Key Points An expansion to the windfall tax from 25% to 35% Freezing personal allowance thresholds until April 2028 Capital gains tax allowance cut from £12,300 to £6,000 Freeze inheritance tax nil rate bands until 2027–28 Revised the energy support package from April 2023 Dividend
Tax rises – national insurance and dividend rates
The UK Government has announced on 7 September that, from April 2022 the UK will introduce a 1.25% Health and Social Levy, based on national insurance contributions (NIC) ringfenced to fund the investment in health and social care. The levy will apply to the same population and income as class 1
Super-deduction and special rate first year allowance
Key Points Introduction of an enhanced superdeduction equal to 130% for expenditure on certain items of plant or machinery.on qualifying expenditure on plant or machinery from 1 April 2021 to 31 March 2023.if a company spends £1,000 on qualifying items of plant and machinery within the dedicated
Tax inspections and how to avoid them
‘Anybody running a business needs to be concerned about the possibility of facing a tax inspection,’ says Nicholas Parkes, an ex-tax inspector turned tax information provider. ‘In the Revenue, we always believed you could pick up any file and find something.’ What triggers a tax
Job Support Scheme – Key Points
Claiming VAT on Mileage
If you are an employee or a director and use your own car for business travel, your company can reimburse you in the following way (tax-free payments); 45 Pence per mile for the first 10,000 miles, every tax year. 25 Pence per mile for any miles in excess of 10,000. The above cover the cost of
How to set up a PAYE Scheme for your company
You must register as an employer with the HM Revenue & Customs (HMRC) if you are running a company or a business that employs staff to carry out work on your behalf for exchange of salary or benefits. ‘Pay As You Earn’, or PAYE, is the system by which HMRC collects income tax and National
Covid-19 and the Impact on Small Business
At peak of the Covid-19 lockdown, small business revenues fell by 27% in the United Kingdom. Four key themes have emerged so far: The trading and border restrictions, needed to tackle the health crisis, had a significant impact on small business.Once restrictions were eased small business
COVID-19 Self-Employment Income Support Scheme (SEISS)
Background The Chancellor announced the following new measures on 26 March 2020. Support for the self-employed during the coronavirus crisis: A taxable grant of the lower of: £7,500 and80% of your average monthly profits over the three years 2016/17, 2017/18 and 2018/19.Initially capped for