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Industry News

Pensioner Cost of Living Payment

Pensioner Cost of Living Payment

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

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Pension Credit deadline

Pension Credit deadline

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

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Help to Save scheme

Help to Save scheme

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%

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More time to file company accounts

More time to file company accounts

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,

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Autumn Finance Bill 2023 published

Autumn Finance Bill 2023 published

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

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Working from home tax relief

Working from home tax relief

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

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Company accounts filing – don’t be late…

Company accounts filing – don’t be late…

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

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Focus on bottom line

Focus on bottom line

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

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What now, following the Autumn Statement

What now, following the Autumn Statement

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

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NIC changes for the self-employed

NIC changes for the self-employed

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

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NIC changes for employees from 6 January 2024

NIC changes for employees from 6 January 2024

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

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Corporation Tax marginal rate

Corporation Tax marginal rate

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

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Enterprise Investment Scheme investee businesses

Enterprise Investment Scheme investee businesses

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

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Tax relief for R&D intensive SMEs

Tax relief for R&D intensive SMEs

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

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Summary of Companies House changes

Summary of Companies House changes

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

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Directors’ duties and responsibilities

Directors’ duties and responsibilities

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

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IHT – Giving away your home before you die

IHT – Giving away your home before you die

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

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CGT - Lettings relief

CGT - Lettings relief

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.

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Income Tax - £5,000 savings zero rate band

Income Tax - £5,000 savings zero rate band

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

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The badges of trade

The badges of trade

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

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What counts as holiday accommodation?

What counts as holiday accommodation?

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

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Gifts of shares to minor (under 18s) children

Gifts of shares to minor (under 18s) children

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

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Autumn Statement Summary

Autumn Statement Summary

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

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£4.5bn for British manufacturing from 2025

£4.5bn for British manufacturing from 2025

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,

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