VAT Registration changes

The recent changes to the compulsory turnover registration limits offer opportunities for small traders to either register or deregister according to their individual circumstances. Business owners with turnover up to £90,000 may like to…

Why tax planning is a worthwhile investment 2024-25

Most of us would rather avoid the word “tax” and yet tax planning offers a unique opportunity to reduce the amount of tax that you pay and make a positive contribution to your efforts to outpace the current economic downturn and emerge financially…

Tax breaks if working from home 2024-25

If you are choosing, or required to work from home, you may be able to benefit from several tax breaks. The nature of the available tax breaks varies depending on whether you are an employee, self-employed, or operate your own limited company. Separate…

Furnished holiday lettings-Abolition of special tax regime

Landlords letting furnished holiday lettings (FHLs) benefit from tax advantages not available to landlords letting residential property on longer lets. However, at the Spring Budget, the Chancellor announced that the FHLs tax regime will be…

High-Income Child Benefit Charge 2024/25 Changes

The High-Income Child Benefit Charge (HICBC) is a tax charge that claws back child benefit where the claimant and/or their partner has adjusted net income over £50,000. As announced in the Spring Budget, the trigger threshold is to be increased…

National Minimum and Living Wage - Changes

The changes from 1st April 2024 Employers are required to pay workers at least the National Living Wage (NLW) or National Minimum Wage (NMW) for their age. The rates are increased from 1st April 2024. The NLW is extended to workers aged 21…

March 2024 Budget - Key announcements

With an election looming, Chancellor, Jeremy Hunt, delivered his Spring Budget on 6th March 2024, billing it as a ‘Budget for growth’. As widely predicted, there were further changes and cuts to National Insurance, taking effect from the…

Companies House Reforms - March 2024 changes

The Economic Crime and Corporate Transparency Act 2023 introduced significant Companies House reforms. These include new rules for registered offices, a requirement to provide a registered email address, and the need to make a statement of lawful…

Undeclared dividends - HMRC targets company owners

HMRC’s latest one-to-many letter targets company owners who they believe may have failed to declare dividend income. The letters have been sent where the company accounts show a large drop in reserves, but the shareholders have failed to declare…

Reduce your tax bill Year-End tax planning

As the end of the 2023/24 tax year approaches, it is prudent to review your tax affairs and consider whether you can reduce your tax bill by taking advantage of allowances and exemptions that would otherwise be wasted. Key dates For individuals,…
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