Autumn Budget 2024 and Planning Implications for Business Owners

by Jessica Garbett | Nov 18, 2024 | Tax News

Autumn Budget 2024 brought various changes to Capital Gains Tax (CGT) and Inheritance Tax (IHT).  Let’s look at what they were, and how they change the landscape for business owners looking to sell, retire or pass assets on.   CGT Budget Changes From 30th...

Tax Implications of Incorporation and Director Salary Levels for Small Businesses – Changes from Autumn Budget 2024

by Jessica Garbett | Nov 17, 2024 | Tax News

Earlier this year we published two articles looking at how cumulative changes to small business taxation in recent budgets, notably NI changes and increases in Corporation Tax, impacted taxation for small businesses, The first of these articles looked at the tax...

Making Tax Digital – Changes in Autumn Budget 2024

by Jessica Garbett | Nov 5, 2024 | Tax News

Autumn Budget 2024 brought a further announcement regarding Making Tax Digital for Income Tax Self Assessment: “The government is committed to delivering Making Tax Digital (MTD) for income tax Self Assessment. The government will expand the rollout of MTD to...

High Income Child Benefit Charge – Changes in Autumn Budget 2024

by Jessica Garbett | Nov 4, 2024 | Tax News

In the small print of the Autumn Budget 2024 were some changes to HIBC: “The government will not proceed with the reform to base the HICBC on household incomes. This is because it would have come at a significant fiscal cost of £1.4 billion by 2029-30 if setting...

ACCA – All change for employees expenses claims

by Jessica Garbett | Nov 4, 2024 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA Claiming PAYE expenses? HMRC’s updated guidance on the evidence required  From 14 October 2024, HMRC has introduced new requirements for...

Autumn 2024 Budget – A First Look

by Susan Albest | Oct 30, 2024 | Business News, Tax News

It is sometime since a Budget was as hotly anticipated as today’s – the first under a Labour Government in 14 years, and against a backdrop of what is claimed to be a large “black hole” in the nations finances, of £22bn or £40bn depending which report you read....

Scam Letters from Companies House

by Jessica Garbett | Oct 23, 2024 | Business News

Recently we had a batch of scam letters arrive at our office for a selection of clients, sent to us as their Registered Office. These letters were purportedly from Companies House and referred to a “Payment Code Number”. At first glance they looked...

Second Class Retirement

by Jessica Garbett | Oct 21, 2024 | Business News

This report via Accounting Web and Interactive Investor caught our eye recently: Under pensioned, under-prepared and under pressure: new interactive investor report (Summary via Accounting Web) Second-class retirement: the self-employed experience (full report) Its...

ACCA – HMRC’s One to Many letters for non-submission of tax returns

by Jessica Garbett | Oct 16, 2024 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA HMRC’s One to Many (OTM) letters for non-submission of tax returns are a key tool in the tax authority’s communication strategy....

ACCA – Allocation of Tips Act 2023

by Jessica Garbett | Oct 9, 2024 | Business News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA What UK businesses need to know Hospitality or service-sector business owners understand the hard work their staff put in and how much...

ACCA – HMRC debunks five common self-assessment myths

by Jessica Garbett | Oct 2, 2024 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA HMRC has clarified the rules about five common misconceptions around registering for self-assessment and paying tax as a self-employed worker...

Assessing HMRC’s performance against its charter

by Jessica Garbett | Aug 28, 2024 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA HMRC’s Charter Stakeholder Group shares its latest assessment on how well the organisation is performing ACCA sits on HMRC’s Charter...

Navigating the basis reform maze

by Jessica Garbett | Aug 26, 2024 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA How to complete the self-assessment tax return for the 2023/24 transitional year under basis period reform For guidance on how the...

Introducing HMRC’s new VAT Registration Estimator

by Jessica Garbett | Aug 23, 2024 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA What does the new assessment tool mean? Every business in the UK that is providing taxable supplies must register for VAT if: their total VAT...

Furnished holiday lettings tax regime abolition

by Jessica Garbett | Aug 21, 2024 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA Draft legislation and new policy paper set out As announced in the Spring Budget, the furnished holiday lettings tax regime is due to be...