As the new tax year begins any changes to income tax bands, the personal allowance, National Insurance thresholds and the rate of corporation tax should be considered when looking at how best to extract profits from your personal or family company. From 1 April 2017 the rate of corporation tax reduced from 20% to 19%. […]
The Flat Rate Scheme (FRS) aims to simplify VAT accounting for small businesses by allowing them to work out how much VAT they pay to HMRC by applying a flat rate percentage (depending on the trade category) to their turnover rather than work out the difference between their input and output VAT. However some businesses […]
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