blog

Spring Budget 2024 – NIC changes

Spring Budget 2024 – NIC changes

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 further 2% cut in the main

read more
Budget summary 6 March 2024

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

read more
Pension fund reforms

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

read more
Companies House rolls-out new powers

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

read more
Advise HMRC if company is dormant

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

read more
Companies House filing fees increase

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

read more
Holiday Lets averaging election

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,

read more
Appeals against tax penalties

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

read more
Contractors and CIS

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

read more
Types of limited companies

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

read more
Are you self-employed?

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

read more

Small Business - Smart Thinking - because YOUR ACCOUNTS MATTER