The Cost of Living support package has been designed to help over 8 million households in receipt of mean tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year were published earlier this year and have recently been updated. Eligible recipients will receive up to three Cost of Living Payments of £301, £300
More...Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced in 2003 to keep retired people out of poverty. Pension Credit can top up: your weekly income to £201.05 if you are single; or your joint weekly income to £306.85 if you have a partner. If your income is
More...The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of the scheme can save between £1 and £50 every calendar month and receive a 50% government bonus. The 50% bonus is payable at the end of the second and fourth years and is based on how much account holders have saved. The bonus is paid
More...The normal filing deadline for filing the accounts of a private limited company is nine months after the company’s financial year end. Known as the accounting reference date. For example, many companies have a year-end date of 31 March and are therefore required to file their accounts by the following 31 December. For public companies,
More...The government published the Autumn Finance Bill 2023 on 29 November 2023. The Bill is officially known as Finance Bill 2023-24. The Bill contains the legislation for many of the tax measures announced in the recent Autumn Statement. The Autumn Finance Bill will likely be followed by the main Spring Finance Bill 2024 which will be
More...Employees who working from home may be able to claim tax relief for some of the bills they pay that are related to your work. Employers may reimburse employees for the additional household expenses incurred if regularly working at home. The relief covers expenses such as business telephone calls or heating and lighting costs for the
More...It’s the directors’ responsibility to file their company’s accounts, and make sure they’re filed on time. It’s important to understand your role and how late filing could affect your company. Missing your filing deadline could affect your credit score or access to finance. It can affect how others view your company and whether they want
More...Most dictionaries define “bottom line” as “the most important thing to consider”. In financial circles it’s taken to mean a focus on profitability (the last line on a P&L accounts) or net worth (the bottom line of your Balance Sheet) rather than an obsession with sales (the top line on a profit
More...In some respects, the Chancellor’s predicament is deserving of a sympathetic ear; its as if he has a long journey ahead but has one foot firmly nailed to the floor. Stagnant growth in the UK and global economy has driven up taxation in order to meet the goals set to reduce borrowing as a percentage of GDP. Inflation is reducing but is
More...In the recent Autumn Statement, the Chancellor announced two important changes to National Insurance contributions (NIC) for the self-employed. The first change concerns the removal of Class 2 NICs for the self-employed. This means that self-employed people with profits above £12,570 will no longer be required to pay Class 2 NICs from 6
More...In the recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions (NIC) for employees. There will be a cut in the main rate of Employee National Insurance from 6 January 2024. This will see Class 1 NICs reduced by 2%, from 12% to 10%, in a change set to benefit some 27 million
More...The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023. A Small Profits Rate (SPR) of 19% was also introduced from the same date for companies with profits of up to £50,000 ensuring these companies continue to pay Corporation Tax at the same rate as was previously the case. Where a
More...The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies. To claim investor EIS tax reliefs, the company which issues the shares has to meet a number of rules regarding the kind of company
More...In the Autumn Statement it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme will be merged from April 2024. It was also confirmed that there will be an enhanced regime for R&D intensive SMEs. The rate at which loss-making companies are taxed within the merged scheme will be reduced
More...The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023. The new Act provides Companies House with more power to reduce the abuse of corporate structures whilst at the same time tackling economic crime. As part of the measures that will be introduced, Companies House will be streamlining the accounts
More...To be a director, you must be over 16 and not currently disqualified. As a director your responsibilities include: filing your company’s annual accounts and reports or appoint an accountant to do it for you reporting changes in you or your company’s situation including changes of address sending a confirmation statement every year
More...The majority of gifts made during a person's life, including gifting a home, are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming exempt from Inheritance Tax (IHT) if the taxpayer survives for more than
More...In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief from CGT is commonly known as Private Residence Relief or PRR. However, where part of the home has been let out the entitlement to relief may be affected. Homeowners that let out part of their house may not benefit
More...If you have taxable income of less than £17,570 in 2023-24 tax year you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,570 personal allowance. However, it is important to note that if your total
More...The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic trade / business activity or merely a money-making by-product of a hobby. Careful consideration needs to be given to deciding whether a hobby has become a taxable trading activity. The approach by the courts in
More...HMRC’s VAT Notice 709/3 entitled 'Hotels and holiday accommodation' explains how supplies by hotels and similar establishments such as motels, guesthouses and B&Bs should be treated for VAT purposes. In addition, the notice covers the VAT treatment of holiday accommodation such as caravans and camping facilities. Holiday
More...The settlement legislation seeks to ensure that, where a settlor has retained an interest in property in a settlement, the income arising is treated as the settlor’s income for all tax purposes. A settlor can be said to have retained an interest if the property or income may be applied for the benefit of the settlor, a spouse or civil
More...The Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons. The government continues to be faced with challenging economic conditions as the cost of living crisis continues to affect many families across the UK. The Chancellor, however, had some good news with inflation falling to 4.6% in
More...The government has announced £4.5 billion in funding for British manufacturing to increase investment in eight sectors across the UK. The funding will be available from 2025 for five years, providing industry with longer term certainty about their investments. Over £2 billion has been earmarked for the automotive industry and £975
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