PAYE Settlement Agreements (PSAs) are a convenient tool for employers, allowing them to cover the tax and National Insurance contributions (NICs) on specific benefits provided to employees. Read More
Category: Tax
Changes to personal tax? – McGills looks at what the Budget could mean for you
As the Autumn Budget approaches, many are wondering how potential changes could impact their personal finances.
Paying tax on time – The importance of timely tax payments
It goes without saying that submitting tax payments promptly is a necessity for businesses, not only to remain compliant but also to avoid unnecessary fines and penalties.
Potential tax increases and their impact on businesses
In recent reports, former Prime Minister Sir Tony Blair has forecasted potential tax increases that could have an impact on businesses across the UK.
The Tony Blair Institute’s chief economist predicts taxes may need to rise by 1.9 percentage points of GDP by the end of this Parliament to stabilise debt, potentially equating to over £50 billion.
Will Labour’s agenda in the King’s Speech signal major tax changes for businesses in 2025?
As the opening of Parliament approaches on 17 July, businesses across the country are bracing for the King’s Speech, which is expected to outline the Labour Government’s legislative priorities for the coming year.
Thinking of investing in electric cars for your business? – Here’s what you need to know
The number of electric cars on our roads is rising rapidly. In 2023 alone, the number of new electric vehicles rose by 18 per cent and there are now some, 1.1 million fully electric cars on UK roads, according to official figures from April 2024.
AI in tax investigations – What does it mean for you?
Artificial intelligence (AI) is undoubtedly a major trend in accountancy and tax, with many firms, business clients and Government agencies recognising its benefits and adopting it.
Are you optimising profit extraction from your business?
If you’re a business owner of a limited company, it’s important that you know how to make the most of your after-tax profit to support your personal financial health – known as profit extraction. Read More
Director’s loans – A missed tax planning opportunity?
A director’s loan is a form of profit extraction from your company, often used alongside salaries, dividends and expenses. Read More
Is incorporation still the way to go for solid financial planning?
From a tax planning perspective, incorporation of a business into a limited company has long been considered the gold standard in business development and growth – but is this still the right move?