Watson Knipe Blog

In April 2023, corporation tax rose from 19% to 25% for companies with profits over £250,000. Businesses whose profits do not exceed £50,000 have a small profits rate of corporation tax which is 19%.

Dividends are a portion of company profit that is paid to shareholders in exchange for their investment in the business. This is calculated by distributing the company's profits after corporation tax has been applied.

A lot of people don’t realise that they can pay into a personal pension on behalf of their spouse, partner, children, or other family member. There are different groups of people who could benefit from someone paying into a personal pension for them, including:

HM Revenue and Customs (HMRC) is providing a new service to help make it easier for VAT customers to pay what they owe. Their aim is to allow customers to set up online payment arrangements to reduce the contact needed with HMRC. This should save both time and resources for Debt Management Operations.

We work with GPs and clinicians and wanted to share this latest update about the GP Tax Reforms being introduced in 2024. This reform will affect any GPs not already operating within the standard accounting year, i.e., from 31 March to 5 April.

Several schemes are available to employees that allow them to purchase shares in the company they work for if this option becomes available to them.

This update is from the Spring Budget announcement in March 2023; we wanted to highlight key points you need to know concerning pensions.

No changes to the current rates of CGT were announced in the Spring Budget in March 2023. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter.

Update following the Spring Budget in March 2023. The nil rate band has been frozen at £325,000 since 2009 and this will now continue up to 5 April 2028.

The MTD regime is based on businesses being required to maintain their accounting records in a specified digital format and submit extracts from those records regularly to HMRC.

Following the Spring Budget 2023, this article summarises three important areas for businesses: Corporation tax, Capital allowances and R&D Development.

The Spring Budget was announced on 15 March 2023, we have summarised the key aspects of the budget that relate to personal tax.

In the Spring Budget 2023, there were updates to National Insurance contributions, wages and changes to tax benefits on cars and vans. This article summarises the changes that you need to know as an employer.

Self-Assessment tax return for the last tax year (6 April to 5 April) must be submitted if any of the following apply to you:

The Chancellor announced several changes in the Autumn Statement that impacted Income Tax. We have summarised the key points below for income tax rates, income tax allowances and dividends.

The Autumn Statement gave updates on several areas that will be of interest to businesses, these include Corporation Tax Rates, Capital Allowances, R&D, Investment schemes for businesses, VAT and National Living Wage rates.

In the Autumn Budget 2022, there were some updates on Capital Gains Tax, Inheritance Tax, and Stamp Duty Land Tax. Below is a summary for each of these areas.

On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. The Chancellor laid out three core priorities of stability, growth and public services.

If you are a VAT-registered business, then you will know that by law, you must now sign up for Making Tax Digital (MTD) and use MTD-compatible software to keep your VAT records and file your VAT returns. 

We provide tax planning services for doctors and other medical professionals. There are different levels of service available depending on what your needs are, this includes personal tax planning, annual tax self-assessment returns as well as inheritance tax planning.