Expansion of Cash Basis for Unincorporated Businesses
Commencing from the tax year 2024/25, a change is set occur for eligible unincorporated businesses. The default method for calculating profits will transition to the cash basis, providing unincorporated businesses the option to choose the accruals basis if preferred. This shift is poised to simplify accounting procedures, offering increased flexibility for unincorporated businesses in managing […]
Autumn Statement 2023 – Main Highlights
The Autumn Statement provided personal tax cuts, a State Pension triple-lock guarantee for April 2024, greater ISA freedoms and consultations around a new lifetime pension. Yesterday afternoon, Chancellor Jermey Hunt laid out his plan to help ease the cost-of-living squeeze and ‘turbo-charge’ UK economic growth. If you didn’t manage to watch or hear the Statement […]
Extension of MTD Requirements
From 6th April 2026, businesses, self-employed individuals, and landlords with an income of more than £50,000 will be required to keep digital records and provide digital quarterly updates on their income and expenditure to HMRC through MTD compatible software. For those with income between £30,000 and £50,000 will be required to do this by April […]
Juggling Christmas Festivities and the Self-Assessment Tax Return Deadline
As the festive season draws near, the excitement of Christmas is palpable across the country, particularly here in Wigan. With the streets of Standish bedecked in twinkling lights, the scent of spiced mulled wine wafting through the air in Scholes, and the melodies of carols echoing in bustling market squares of the town centre, it’s […]
Has having an electric company car just got even better?
HM Revenue & Customs (HMRC) have now confirmed the position for employees being reimbursed by their employer in relation to home electricity costs. There was always some confusion as to whether this would trigger a Benefit in Kind (BIK). However, HMRC have now made the treatment clearer, and its good news for the employee (if […]
HMRC Release Online Tax Code Tool
Struggling to understand what your tax code means? Have you ever understood your tax code? Do you know what a tax code is? HMRC have released a new online tool to help taxpayers understand what their tax code means. The online tool is designed to help, assist and explain your tax code and why your […]
Small Self-Administered Schemes (SSAS) and their benefits
Small Self-Administered Schemes (SSAS) have become an increasingly popular option for UK pension schemes, and one of the investment options available to SSASs is purchasing a commercial property. However, buying a commercial property within an SSAS can offer both benefits and risks. The main benefit of investing in commercial property through an SSAS is tax […]
Research and Development (R&D) Updates
How HMRC are tightening up on Research & Development claims HMRC are tightening up on the Research & Development (R&D) claims process in order to tackle errors and suspected abuse of the regime. They have therefore introduced what they feel will be a more robust process to enable them to monitor the whole claims process […]
Spring Budget 2023 – The Highlights
The long-awaited Budget was delivered by Jeremy Hunt earlier today, his first as Chancellor of the Exchequer. Being billed by the Government as one that will encourage people back to the workforce and boost the UK’s economy growth, the Chancellor opened his budget speech with “today we deliver the next part of the plan, a […]
HMRC introduce New VAT Penalty Regime
HMRC have introduced changes to the way VAT registered businesses will be penalised if they don’t submit their VAT Returns and/or pay VAT liabilities owed, on time. The new regime will kick in for accounting periods starting on or after 1 January 2023 and these changes aim to simplify and separate penalties and interest charged. […]
