The Financial, Tax and Accounting considerations of starting a new business. With this handy reference guide to starting a business, you should be able to successfully handle many of the problems encountered in starting and running a business.
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Throughout 2021/22, COVID-19 has continued to dominate. Millions of employees and directors on payroll were furloughed, and the self-employed continued to rely on grants available via the income support schemes. Arranging your financial affairs as tax-efficiently as possible before the start of the new tax year on 6 April 2022 is arguably more important than ever – particularly with rising inflation expected to put household finances under even more pressure in 2022/23. Ask yourself, have you maximised all of your tax-free allowances? Have you claimed all reliefs available? This guide will help you to answer these questions and more, with summaries of the tax rates, allowances and reliefs that apply to businesses and individuals for the remainder of 2021/22. Each section comes with a set of planning points, too, which you can use as a checklist to ensure you consider all of the key areas. And, of course, contact us if you have any questions or want to discuss your tax planning further.
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Chancellor Rishi Sunak resisted temptation to raise taxes to start paying for the emergency support schemes that kept so many businesses afloat during the pandemic in 2020/21. Instead, Sunak continues to bask in the warm glow reserved for generous chancellors following his latest Autumn Budget speech, thanks largely to cutting the Universal Credit taper rate by 8%, bringing it down from 63% to 55%, from 1 December 2021 at the latest.
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