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…
In the Spring Budget on 6th March, one of the headline announcements by Chancellor Jeremy Hunt was a the further reduction to National Insurance. In this ‘Insight’ we take a look at what this means for Employees, Employers and the Self-Employed, with a look at the new National Living Wage…
Are you eligible for a £252 saving on your tax bill? With the tax year ending on 5th April, March is a good month to check whether sharing unused tax allowances with your partner could save you some money. HMRC says that March is the most popular month for Marriage…
In an announcement made on 19th February, the Government confirmed that twin-cab pickup vehicles with payloads of 1 tonne or more will continue to be treated as goods vehicles for both capital allowances and benefit-in-kind purposes. On 12th February, HM Revenue & Customs (HMRC) had updated its guidance on the…
In this ‘Insight’ we take a look at changes to the National Living Wage and National Insurance that come into effect in 2024. Are you getting National Living Wage payments right? Recently, the Government named and shamed 524 businesses for failing to pay the minimum wage to their staff. These…