
Reporting 2023-24 taxable benefits - Reminder to deal with any reporting to HMRC before the July deadline
Employers need to report taxable expenses and other benefits that they provide to their employees before the July 2024 filing deadline. They also need to calculate, file, and pay any Class 1A NIC due.
See the notes below for more information.
What…

Why business planning is imperative 2024/25
2024 has seen the advent of continuing inflation, high energy costs, falling profits, and hard-pressed businesses across multiple sectors calling it a day.
And later this year, we will have to deal with the consequences of a possible change…

Company dividends - Tax consequences 2024-25
Directors who run their own limited company will be well versed in the NIC saving strategy of taking their remuneration as a small salary and the majority of their earnings as dividends.
What are dividends?
Dividends are a distribution…

Making Tax Digital – the transition to quarterly tax returns for Self Assessment
Recognising that business owners are under pressure during current economic uncertainties, the dates from which Making Tax Digital (MTD) will be implemented for income tax and corporation tax have been deferred.
MTD is the Government’s…

Changes to Paternity Leave & Pay - More flexibility from April 2024
HM Government has amended how Paternity Leave and Pay can be claimed and taken. The new arrangement will make it more flexible for fathers and partners to access. These changes came into effect for fathers and partners on 6th April 2024.
More…

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…



