Pension contributions and their advantages


A look at pension contributions and their advantages by Aida Dragan and Adam Nettleship at Bigmore Associates A pension is one of the most tax efficient ways to save. IFA firm Bigmore Associates, one of our trusted business partners, have written a useful article for LKA clients outlining the ways to optimise the [...]

Pension contributions and their advantages2021-12-06T16:47:27+00:00

Corporation Tax Super Deduction


Corporation Tax Super-Deduction A tax relief you mustn’t miss In the 2021 Spring Budget the UK government announced two new temporary tax reliefs to support the UK economy. The super deduction and special rate capital allowance, aims to stimulate business investment and promote economic recovery as society moves out of lockdown. What is [...]

Corporation Tax Super Deduction2021-12-06T16:52:32+00:00

Limited Company V’s Sole Trader


Ltd Company v's Sole Trader Every business, no matter how big or small needs a business structure. When starting a business, one of the first decisions will be to decide whether to run your business as a Sole Trader or a Limited Company. What are the main differences?What is a Sole Trader?A Sole Trader [...]

Limited Company V’s Sole Trader2021-12-07T10:47:22+00:00

Christmas Parties – Tax Rules


Is your company’s Christmas party tax deductible? As a limited company owner, you may feel that the tax system does you few favours. However, the favourable tax treatment of your annual Christmas party is one benefit available to businesses every year. There is no specific allowance for a 'Christmas party' but HMRC does [...]

Christmas Parties – Tax Rules2021-12-06T16:55:41+00:00

US Tax Myths


US TAX DOESN’T HAVE TO BE TAXING… Nicola Dunn, Senior Tax Advisor, and resident US/UK Tax Specialist at LK & Associates, outlines the TOP 5 COMMON MISCONCEPTIONS about US Tax. “I am a US citizen and have left the US, so I don’t need to file US tax returns anymore” False – all [...]

US Tax Myths2021-12-09T13:20:17+00:00

Autumn Budget 2021


Autumn Budget 2021 The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. Main Budget proposals Tax measures include: a new temporary business rates relief in England for eligible retail, hospitality [...]

Autumn Budget 20212021-11-02T10:28:43+00:00

Social Care Levy


Social Care Levy  The Prime Minister has confirmed the launch of a new social care levy from 2022 which will see almost all taxpayers facing a 1.25% increase in costs – breaking the Conservative’s manifesto pledge on raising taxes. What’s happening? From 1 April 2022 there will be a temporary 1.25% increase in [...]

Social Care Levy2021-09-22T09:54:44+01:00

VAT reduced rate – ending 30th September 2021 – are you ready?


VAT reduced rate - ending 30th September 2021 - are you ready? The reduced rate of 5% which was introduced by the Chancellor in July 2020 to help support the hospitality and tourism sectors is coming to an end on 1st October 2021, when the rate will increase to 12.5%. What action do [...]

VAT reduced rate – ending 30th September 2021 – are you ready?2021-09-06T10:20:40+01:00

Exiting your business


Exiting your business – The importance of forward planning Establishing an exit strategy from your business can start at any time and is an essential element of your long-term financial strategy. Planning allows you to remain in control of the process and ultimately achieve the best possible deal. When planning your own exit [...]

Exiting your business2021-09-06T10:20:26+01:00

Tax on sale of second properties


Tax on sale of second properties – what you need to know If you are considering selling your second home or buy-to-let property, you will need to pay capital gains tax (CGT) on the profits you make. New rules which came into force from 6 April 2020 reduced the available tax reliefs and [...]

Tax on sale of second properties2021-09-06T10:20:15+01:00

What happens after the furlough scheme ends?


What happens after the furlough scheme ends? From 1 August 2021 until the scheme ends, the Government’s grant reduced a final time to 60% of furloughed employees’ wages for their unworked hours at a cap of £1,875.  Employers need to contribute 20% to staff wages up to £625 and this will remain the [...]

What happens after the furlough scheme ends?2021-09-06T10:19:59+01:00
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