With the start of the new tax year, taxpayers can expect significant changes that will directly impact their finances in the next tax year (2024/25). If you haven’t already, it’s time to closely examine your financial planning, including savings, investments, and tax compliance. So, what changes should you be aware Read more…
The Chancellor delivered his 2024 ‘Budget for long-term growth’ in the face of an upcoming general election. Although the headlines have been dominated by the news that employee National Insurance Contributions will be cut further to eight per cent, Mr Hunt also announced several measures, which changed how certain property Read more…
You may have already heard that the Chancellor, Jeremy Hunt, has announced an end to the preferential tax treatment that non-domiciled individuals (non-doms) currently receive. At the moment, a non-dom – someone living in the UK but domiciled in another country – has two options when it comes to taxation. Read more…
Following changes to the Working Time Regulations 1998 in January 2024, further amendments are set to come into force on 1 April 2024 relating to leave entitlement for workers on irregular hours. Upcoming changes will apply to workers on zero-hours or irregular hours contracts, as well as those who are Read more…
If you are a business owner and work or run your business from home, then you may be entitled to reclaim VAT on certain costs. In practice, this means that you can reduce the amount of VAT you have to pay on business income against the amount of VAT you Read more…
The initial provisions of the Economic Crime and Corporate Transparency Act 2023 came into effect on 4 March 2024. These updates mandate that from 5 March 2024, every company must, when submitting their next Confirmation Statement (form CS01): Provide a registered email address for communications – Companies House will utilise Read more…
In a significant development for the hospitality industry, the Employment (Allocation of Tips) Act 2023 (the Act), which received Royal Assent on May 2, 2023, is set to revolutionize tipping payment practices across the UK. Due to come into force on 1 July 2024, and affecting approximately two million workers Read more…
The introduction of Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) is going to create some upheaval within the SME sector. No doubt, some of you are already using MTD-compliant software to file your taxes or your accountant is doing it for you. However, if you are yet Read more…
Are you a sole trader or a member of a partnership? Here is what you need to know about the upcoming tax basis period reforms. HM Revenue & Customs (HMRC) is introducing changes to how it assesses and collects business taxes relating to the basis period. At the end of Read more…
