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New R&D tax relief guidance available For accounting periods beginning on or after 1st April 2024, a new merged scheme for research and development tax credit comes into force. The new merged scheme replaces the old RDEC and small and medium-sized enterprise (SME) schemes. The new scheme reduces the amount…
The Health and Safety Executive (HSE), via its Working Minds campaign, has declared April Stress Awareness Month. Work-related stress is an important consideration for businesses since all employers have a legal duty to prevent work-related stress to support good mental health in the workplace. Managing work-related stress doesn’t just help…
Are training costs tax deductible for the self-employed? HM Revenue & Customs has recently updated and clarified its guidance on training costs paid by the self-employed. The general rule for whether the cost of a training course can be deducted from your self-employed profits is that it must be incurred…
Keeping your accounting records up-to-date can feel like a chore, but when your bookkeeping is kept up-to-date, you and your business can gain some significant benefits. Let’s review a few: Financial clarity Regular bookkeeping ensures that your business’ financial transactions are accurately recorded, categorised, and updated regularly. Having up-to-date information…
Welcome to our April Tax Update In this edition we take a look at the changes for the new tax year, child benefit claims, cash accounting, changes to the Basis of Assessment, Making Tax Digital, holiday lettings, capital allowances and R&D. HAPPY NEW TAX YEAR! In this April issue we…
The Prime Minister, Rishi Sunak, has announced reforms to apprenticeships that will enable up to 20,000 more apprenticeships and could be especially welcome news to small businesses. With effect from April 1st, the Government will pay the full cost of training for anyone up to the age of 21. If…
What you need to know When there are several shareholders, a new company is being formed, a shareholder wants to pass their shares or pass them to their children, someone is nearing retirement, or the company has borrowed money from a shareholder, issues can easily arise that jeopardise the continued…
New powers for Companies House based on the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on 4th March 2024. The new measures allow Companies House to combat the criminal acts and money laundering being carried by criminals abusing the company registration system. These abuses have…
Are you or your employees making good use of Tax-Free Childcare? Tax-Free Childcare is available to working families to help them save on their childcare costs. However, many may not be making use of this provision and with the Easter break soon upon us, HMRC is encouraging families who have…
New policy paper published on Making Tax Digital A new policy paper has been released by HM Revenue and Customs (HMRC) on Making Tax Digital for Income Tax Self Assessment for sole traders and landlords. The new tax information and impact note supersedes the previous one and incorporates the changes…