Tax planning is a strategic approach to managing your business’ financial affairs, with the aim of legally minimising your tax liability. In other words, you plan ahead to make sure you pay the taxes you should be paying, but not a penny more. Working with your tax adviser, you can look for deductions, credits, exemptions and tax-saving strategies that will help to optimise your company’s overall tax position. How does tax planning affect your business? The primary goal of tax planning is to reduce the amount of taxes your business owes. But it’s also about making sure you stay compliant with ..read more

In the 2024 Spring Budget unveiled by Chancellor Jeremy Hunt on March 6th, the government outlined its ‘Budget for Long-Term Growth’ strategy. This plan includes a wide range of initiatives designed to stimulate investment, increase employment, enhance public services, and reduce taxes. Key updates in taxation, pensions, and investments were announced, strategically positioned to promote economic development and cater to the diverse needs of the UK economy. National Insurance A significant aspect of the budget is the reduction in National Insurance Contribution (NIC) rates, which stands to ben ..read more

If you’re planning to found a new business, you’ll need enough startup capital to get this venture off the ground. And once you’re up and running, you’ll need additional business finance and investment at each stage of your growth and expansion along the business journey. But where does this business funding come from? And what are the best routes for accessing the finance you need to bring your business plans to life? Five way to access the right funding There are multiple routes to funding, and many specialist types of finance that cater to a specific industry or a particular business type ..read more

In a significant development for businesses and individuals utilising double cab pickups, the UK government has announced a U-turn on the tax treatment of Double Cab Pickups (DCPUs). This change, detailed in a recent update from HM Treasury and HM Revenue & Customs, marks a departure from previous guidance that had implications for both capital allowances and benefit-in-kind purposes. Background of the Change Initially, following a 2020 Court of Appeal judgement, HMRC updated its guidance to state that from 1 July 2024, DCPUs with a payload of one tonne or more would be classified as cars ..read more

HMRC’s Updated Guidance on Double-Cab Pick-Up Trucks: What You Need to Know From 1st July 2024, the UK’s HM Revenue and Customs (HMRC) will change how double-cab pick-up trucks are classified for tax purposes, marking a significant shift from the existing rules. This update, detailed on the HMRC website, follows a decision by the Court of Appeal in the case of Payne & Ors (Coca-Cola) v R & C Commrs (2020), which has led to a reevaluation of the vehicle classification system under the tax code. Key Changes Explained Previously, the classification of a vehicle as a car or a van for tax p ..read more

Turning a profit will be high on your list of goals as a business owner. And if you want to generate the best margins, that means keeping an eye on the money that’s going out of the business, as well as what’s coming in. So, how can your accountant help with this? The days where your accountant just did the bookkeeping, compiled your accounts and filed your tax return are well and truly over. Modern accounting firms are far more interested in helping you with your financial performance, your business strategy and offering flexible value-add services that put you in better control of your finan ..read more

As a diligent saver, you’re likely contributing to a company pension scheme to secure your future. But if you’re a higher rate taxpayer, there’s a crucial piece of the puzzle you might be missing—additional tax relief on your pension contributions. At Holden Associates, we understand the intricacies of tax planning and are here to ensure you’re not leaving money on the table. The Basics of Pension Tax Relief When you contribute to a pension scheme, the government rewards you by giving you tax relief on your contributions. For most, this process is automatic; 20% tax relief is claimed directly ..read more

Happy Christmas! We wish you a very happy Christmas and well deserved end-of-year break. We are grateful for the opportunity to work with you and be a part of your continued prosperity. It has been another year of hard work for our clients. We hope you will be able to take some time at Christmas to connect with family and friends to recharge and relax. Our office will be closing on Friday 22nd December 2023 and reopening on Tuesday 2nd January 2024. From your partners at Holden Associates. The post Happy Christmas appeared first on Holden Associates ..read more

The 2023 Autumn Statement was presented against a background of inflation falling from recent peaks. Annual inflation for the last quarter of 2023 is now expected to be 4.8%, against a previously anticipated 2.9%. With recent large price increases now baked in, the government’s 2% target is now forecast to be hit in the first half of 2025, a year later than previously thought. GDP growth is now forecast to be 0.6% for 2023, compared with the projection last March of a negative 0.2%. For the next four years, it is expected to average 1.6%, so about 0.5% less than previously thought. Cumulative ..read more

Getting to grips with the basics of accounting, financial management and business strategy can be a challenge. To make things easier, we’re starting a new Plain English guide to business. This time, we’ll be looking at Value-Added Tax, or VAT as it’s generally known. What is Value-Added Tax (VAT)? Value-added tax (VAT) is a consumption tax. VAT is imposed on the value added at each stage of the production and distribution of many goods and services. Registered businesses charge VAT on their sales and can reclaim VAT paid on their purchases. The standard VAT rate in the UK is currently 20%, wit ..read more