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 of high oil prices. The Chancellor acknowledged that the
Spring Budget 2024 – Fuel Duty rates
read more
blog
Budget summary 6 March 2024
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 of taxation. Not an unfamiliar tactic for a
Pension fund reforms
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 requirements for Defined Contribution
Companies House rolls-out new powers
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:
greater powers to query information
Contractors and CIS
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 the construction industry are known as
Advise HMRC if company is dormant
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 is usually dormant for Corporation Tax if it:
has
Companies House filing fees increase
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 fees have been calculated on a ‘cost recovery’ basis meaning that
Update on the tax status of Double Cab Pick Ups
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 judgment. The update announced that effective from 1 July 2024,
Holiday Lets averaging election
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 order to qualify as a furnished holiday letting,
Appeals against tax penalties
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 number of different options open to taxpayers seeking to use the
Crack down on ‘fire and rehire’ practices
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:
“Action against unscrupulous employers
A new champion for small businesses appointed
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 the Procurement Act.
Shirley Cooper OBE, former
Are you self-employed?
Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be officially notified by 5 October following the end of the tax year so that a
Cost of living final payment 2023-24
The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details of Cost of Living Payments due in the 2023-24 tax year were
Types of limited companies
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 limited by shares company is a separate legal
Small Business - Smart Thinking - because YOUR ACCOUNTS MATTER
