Corporation tax changes from April 2023 – how does this affect your PSC?
The government has “U-turned” over it’s previous announcement to retain a flat 19% corporation tax charge on company profits – and has announced that a main rate of corporation tax of 25% from 1st April 2023 will go ahead.
Can the company claim for repairs, tools and equipment and capital expenditure used in the performance of your work?
Generally, capital items are those items that will have enduring benefit to your limited company. Examples are computers, tools, office furniture and motor vehicles. If the items purchased are owned by the business, capital allowances will be claimed rather than the full cost being an allowable expense in the year of purchase.
What expenses can I claim when working from home?
Your company can reimburse you for a flat rate weekly payment of £6 ( £312 per year) – if you meet the criteria for working from costs.
How will Brexit impact how I operate in my small company?
If you work only in the UK for UK customers, then there are no significant business Brexit implications that could affect your working arrangements.
VAT reverse charge for building & construction services
The VAT reverse charge shifts the liability for accounting VAT away from the supplier to the customer. The reverse charge is already in place for certain services and goods, such as mobile phones and computer chips. From 1st March 2021, this will apply to VAT registered businesses providing certain construction services.
How is my P11d benefit in kind calculated for my car?
If your company car (owned, leased or hired by the company) is available to you for personal use, then a benefit in kind arises and is taxed on your personally.