On top of the major changes to research and development (R&D) tax relief that took effect from 1 April 2023, there are yet more changes that take effect from 1 April 2024. The main change from 1 April 2024 is that most companies carrying out qualifying R&D will be entitled to a 20% expenditure credit. […]
DIARY OF MAIN TAX EVENTS FEBRUARY/MARCH 2024 Date What’s Due 1 February Corporation tax for year to 30/4/2023 unless quarterly instalments apply. 19 February PAYE & NIC deductions, and CIS return and tax, for month to 5/2/24 (due 22/2 if you pay electronically). 29 February 5% penalty imposed on 2022/23 income tax, CGT, class 2 […]
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 money I make from selling […]
Business valuation serves as a comprehensive assessment of your business’s worth. It goes beyond financial metrics and encompasses various factors that contribute to the overall worth of your business. Being aware of the value of your business and the factors that influence this can then inform and influence your decisions in crucial areas like attracting […]
In the dynamic world of managing a business, one of the most critical elements to success is effective cash flow management. Cash flow forecasting is a fundamental tool for business owners to navigate financial challenges and ensure sustained growth. In this article, we will delve into the importance of cash flow forecasting and talk about […]
Many of us make resolutions in January to try and reduce work-related stress and improve our wellbeing. But they can quickly fall by the wayside once we get back into the swing of work and running our business. Are there any simple practical steps you could take to improve your wellbeing and that of your […]
Coming into force from 1 January 2024, the Working Time Regulations, as amended by The Employment Rights (Amendment, Revocation and Transitional Provision) Regulations 2023, introduced reforms that simplify holiday pay and entitlements. Following Brexit, any European laws that were retained in the UK automatically expired on December 31 unless legislation was brought in to keep […]
Employers should be aware that all minimum wage rates increase on 1 April of each year. For 2024, these increases are substantial. The increases apply to all National Minimum Wage rates and the National Living Wage rate. Another change that comes with the new rates is that the National Living Wage is being extended to […]
HMRC recently launched a new campaign targeted at crypto investors as part of a crackdown on tax evasion. They have introduced a new disclosure and payment service for taxpayers to voluntarily disclose and pay any unpaid taxes associated with cryptoassets. Cryptoassets (also known as tokens or cryptocurrencies) include exchange tokens (for example, bitcoin), non-fungible tokens […]
Recent tax changes have made it even more important to consider whether it is best to trade as a limited company. We are regularly asked, ‘should I incorporate my business?’. The reality is that there is no easy answer. Each situation has to be judged individually. As well as the obvious issues of tax and […]
