Unlocking the value of your business Cornwall Insight predicts a decrease in domestic energy prices this April, potentially followed by a Summer dip. This welcome news could ease inflation, a major contributor to the UK’s economic woes. Lower energy costs might lead to reduced interest rates, fostering a more optimistic…
Unlock an extra £3,600 in State Pension Did you know grandparents, aunts, uncles and other family members can claim extra National Insurance (NI) credits for helping care for children? These credits can add up to £3,600 per year on your state pension! Who qualifies? Parents who don’t live with the…
Finance Bill 2023-24, which is currently making its way through Parliament, includes a clause that will change the Construction Industry Scheme (CIS) Gross Payment Status Tests from 6th April 2024. Having Gross Payment Status means that a subcontractor can receive gross payments from contractors, as opposed to payments that have…
Parents of toddlers could save up to £6,500 a Year! Good news, parents! Starting in April 2024, more families can save on nursery fees with the Government’s expanded free childcare scheme. Here’s the main points: Who benefits? Families with two-year-olds, earning between £8,670 and £100,000 per year. That’s 285,000 families eligible! How much…
Welcome to our February Tax Update In this edition we take a look at year-end tax planning, ISAs, pensions, CGT, more R&D changes on the horizon and paying your personal tax bill. YEAR-END TAX PLANNING It’s not too late to undertake some end-of-year tax planning. If you have some spare…
Government Launches Pilot Program for Bounce Back Loan Scheme. In a bid to tackle potential fraudulent applications under the Bounce Back Loan Scheme (BBLS), the Department for Business (DBT), the Cabinet Office, and HM Revenue & Customs (HMRC) have joined forces to launch a groundbreaking pilot program. This initiative focuses…
In recent weeks there has been a flurry of online activity discussing the new law that will require online marketplaces to report information about income made by their users to HMRC. The discussion has led to many people asking questions such as “Will I have to pay tax on the…
HMRC approve tax bill payment plans for 44,800 taxpayers HM Revenue and Customs have announced that nearly 44,800 people have sorted their upcoming 31st January tax bill by setting up a payment plan. HMRC provide the option of a monthly payment called Time to Pay (see link below). Provided taxpayers…
A Comparison for Buyers and Sellers In the UK, prospective business buyers can opt for either an asset sale or a share sale, each with distinct differences and implications. The choice between the two depends on individual circumstances and objectives. Asset Sale vs. Share Sale Comparison: Asset Sale: Involves purchasing…
The Economic Crime and Corporate Transparency Act received Royal Assent on 26th October 2023 and will introduce a number of changes over the next few years. The act gives Companies House the power to play a more significant role in tackling economic crime and supporting economic growth. Over time, the…