For capital gains tax purposes, residential property gains have their own, harsher, rules. Not only are taxed charged at a higher rate, but taxpayers also have a shorter window in which to report the gain and pay the corresponding tax over to HMRC. In the 2024 Spring Budget, the Chancellor announced that the higher rate […]
Reduction in higher rate of capital gains tax on residential property gains Read More »
Just the thought of an HMRC investigation can send shivers down the spine of any business owner, but fear not! We’ve got precautions and strategies to share with you that can significantly reduce the likelihood of finding yourself under HMRC’s microscope. They will also help guide you through an investigation smoothly. What is an investigation
How to protect your business from an HMRC investigation Read More »
Companies House have updated all their fees from 1 May 2024. Details of the new tariffs can be found here https://changestoukcompanylaw.campaign.gov.uk/changes-to-companies-house-fees/ Most notably the annual confirmation statement fee will increase from £13 to £34. An annual cost for all companies.
Companies House Fees Increase from 1 May 2024 Read More »
In the vibrant early days of your business, managing finances in-house feels like a badge of honour. It’s intimate, direct, and appears to cut costs. Plus, you feel in control as you see the money going in and out of your bank accounts. Yet, as your business scales, this once straightforward task morphs into an
Reasons it’s time to outsource your finance department Read More »
When running a business, keeping on top of things like tax submissions and regulatory changes isn’t just smart; it’s crucial. So, since it’s the end of the financial year, and we’re accountants, we thought we’d help you out with this. To help you prepare for the financial year of 2024, here are the key financial
Financial year 2024 – important dates to remember for the coming year! Read More »
In the dynamic landscape of business, keeping skills sharp and knowledge up-to-date is crucial for staying competitive. Fortunately, tax relief on training expenses provided by HM Revenue and Customs (HMRC) can offer a significant incentive for individuals and businesses alike to invest in learning and development. Understanding what expenses qualify for tax relief under HMRC
Navigating HMRC Allowable Expenses: A Guide to Training Costs Read More »
Employers can opt to deal with taxable benefits in kind through the payroll (known as ‘payrolling’) rather than reporting them to HMRC after the end of the tax year on the employee’s P11D. However, this is only possible if the employer is registered to payroll the benefits. This must be done before the start of
Register to payroll benefits in kind Read More »
As the end of the tax year approaches, it is prudent to review your pension contributions for the year and consider whether it is worth making further contributions before 6 April 2024. Remember, any annual allowances brought forward from 2020/21 will be lost if not used by this date. The amount of tax-relieved contributions that
Making pension contributions before 6 April 2024 Read More »
As the end of the tax year approaches, it is prudent for those operating their business as a personal or family company to review the profits extracted so far in the tax year and to consider whether it is beneficial to take further profits before the end of the tax year. There are various ways
Extracting Further Profits As The 2023/24 Tax Year Draws To A Close Read More »
Diving into self-employment and starting your own business is by no means an easy feat. With that being said, however, it does come with many benefits! If, like many aspiring business owners, you are motivated by being your own boss but are being held back by the “where do I start?” fears, this mini-guide is
Starting a New Business? Here Are 5 Crucial Areas You Can’t Afford to Overlook Read More »
