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Tax Diary April/May 2024
March 14, 2024
Tax Diary
1 April 2024 - Due date for corporation tax due for the year ended 30 June 2023. 19 April 2024 - PAYE and NIC deductions ...
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Eligibility for replacement of domestic items relief
March 14, 2024
Income Tax
The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and kitchenware in a rental ...
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Changing a company’s accounting year end
March 14, 2024
Corporate Governance & Regulation
There are special rules which limit the ability to change your company’s accounting year end date. A company’s year end date is also known as ...
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Register of Overseas Entities
March 14, 2024
Corporate Governance & Regulation
The Register of Overseas Entities came into force in the UK on 1 August 2022. The register is held by Companies House and requires overseas ...
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Tax on savings interest
March 14, 2024
Income Tax
If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest received. This figure is calculated ...
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Still time to register for the Marriage Allowance
March 14, 2024
Income Tax
There is still time to register for the marriage allowance before the current tax year ends on 5 April 2024. The marriage allowance applies to ...
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Company confirmation statement changes
March 14, 2024
Corporate Governance & Regulation
As well as filing accounts with Companies House, there is an important requirement to check that the information Companies House has about your company is ...
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Tech companies assist with fuel price transparency
March 12, 2024
General
Leaders from top comparison sites, RAC and The AA will be among those meeting the Energy Affordability Minister to help share new fuel price data ...
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Public sector productivity
March 12, 2024
Business Support
In a recent announcement by the Treasury, it was announced that plans are afoot to deliver up to £1.8bn of productivity benefits by 2029. The ...
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Spring Budget 2024 – Fuel Duty rates
March 7, 2024
Duties
In the Spring Budget, the Chancellor extended the fuel duty cut for a further 12 months to help support households and businesses at a time ...
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Spring Budget 2024 – non-dom changes
March 7, 2024
Income Tax
In a move that may partly have been prompted by seeking to mirror a longstanding policy of the Labour party, the Chancellor has announced that ...
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Spring Budget 2024 – CGT on disposals of residential property
March 7, 2024
Capital Gains Tax
A higher rate of Capital Gains Tax (CGT) applies to gains on the disposal of residential property if the gain falls into the higher rate ...
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Spring Budget 2024 – Alcohol and Tobacco Duty
March 7, 2024
Excise duties
As part of the Spring Budget measures, the Chancellor announced that the duty rates on beer, cider, wine and spirits would be frozen at the ...
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Spring Budget 2024 – High Income Child Benefit Charge
March 7, 2024
Income Tax
The High Income Child Benefit Charge (HICBC) came into force January 2013 and has applied to taxpayers whose income exceeds £50,000 in a tax year ...
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Spring Budget 2024 – VAT registration threshold changes
March 7, 2024
Value Added Tax
The taxable turnover threshold that determines whether businesses should be registered for VAT will increase from £85,000 to £90,000 from 1 April 2024. The taxable ...
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Spring Budget 2024 – NIC changes
March 7, 2024
National Insurance
As had been widely expected, the Chancellor announced further changes to National Insurance contributions (NIC) rates for employees and the self-employed. There will be a ...
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Budget summary 6 March 2024
March 6, 2024
Budget Summary
As expected, the Chancellor has found wriggle room in his fiscal rules that have allowed him to please his fellow Conservatives by reducing the impact ...
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Companies House rolls-out new powers
March 4, 2024
Business Support
The first measures under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on Monday 4 March 2024. Changes introduced include: ...
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Pension fund reforms
March 4, 2024
NIC & Pensions
The Chancellor announced pension fund reforms as a further step in the government’s plan to boost British business and increase returns for savers. This includes ...
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Holiday Lets averaging election
February 29, 2024
HMRC notices
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In ...
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Appeals against tax penalties
February 29, 2024
General
It is not unusual for taxpayers to find themselves in a position where they disagree with a tax decision issued by HMRC. There are a ...
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Advise HMRC if company is dormant
February 29, 2024
Corporate Governance & Regulation
If a company has stopped trading and has no other income, then the company is usually classed as dormant for Corporation Tax purposes. A company ...
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Contractors and CIS
February 29, 2024
Construction Industry Scheme
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in ...
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Companies House filing fees increase
February 29, 2024
Corporate Governance & Regulation
Companies House has announced that some of their fees will be changing from 1 May 2024. The last change in fees was April 2016. The ...
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Update on the tax status of Double Cab Pick Ups
February 29, 2024
Business
HMRC had published an update, on 12 February 2024, on the tax status of Double Cab Pick Ups (DCPUs), following a 2020 Court of Appeal ...
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A new champion for small businesses appointed
February 28, 2024
Business Support
An experienced entrepreneur has taken up a key role to promote the needs of small businesses to government and ensure suppliers seize the benefits of ...
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Crack down on ‘fire and rehire’ practices
February 28, 2024
Business Support
The Government has announced action to tackle the use of controversial 'fire and rehire' practices. In a press release issued 19 February 2024 they said: ...
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Letting part of your home
February 22, 2024
Capital Gains Tax
In general, there is no Capital Gains Tax (CGT) on a property which has been used as the family's main residence. This relief from CGT ...
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Entitlement to Business asset disposal relief
February 22, 2024
Capital Gains Tax
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. ...
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Types of limited companies
February 22, 2024
Corporate Governance & Regulation
A limited company is a company ‘limited by shares’ or ‘limited by guarantee’. Limited by shares This is the most common limited company structure. A ...
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