Client Newsletter

Payroll changes are coming – are you ready?

Posted on

Beginning on 6 April 2024, the 2024/25 tax year is set to bring about a number of changes to the way employees are paid in the UK. If you are an employer, you should be prepared to meet new requirements and ensure that your payroll is up to date to avoid breaching new regulations. Changing […]

Specialist Tax News

Happy new tax year

Posted on

In this April issue we highlight some of the key tax changes that take effect from the start of the new tax year. Unfortunately, most of the income tax and national insurance thresholds continue to be frozen, resulting in an increasing number of higher rate taxpayers. The major exception is the welcome increase in the […]

Specialist Tax News

Should you use cash accounting?

Posted on

Cash accounting was introduced as a measure to make it simpler for small businesses to prepare their accounts for tax purposes. It previously only applied to businesses with turnover up to £300,000 but, from 2024, will be the default method for sole traders and partnerships. It will not apply to partnerships with corporate members or […]

Specialist Tax News

Changes to the basis of assessment

Posted on

The method of taxing the profits of unincorporated businesses changed significantly in 2023/24 and will also change from 2024/25 onwards. This was originally intended to align with the introduction of Making Tax Digital for Income Tax Self-Assessment (MTDITSA), which will now start to be phased in from 2026/27. Under the old basis of taxing profits, […]

Specialist Tax News

HMRC publish more details of MTD for income tax reports

Posted on

Making Tax Digital for income tax self-assessment is scheduled to commence in 2026/27 for sole traders and property landlords with gross income of £50,000 or more, and the threshold then reduces to £30,000 from 2027/28. The government have now confirmed that the four quarterly returns that will need to be submitted will report cumulative income […]

Specialist Tax News

Changes to furnished holiday lettings from 6 April 2025

Posted on

As announced in the Spring Budget, the beneficial tax treatment of furnished holiday lettings (FHLs) will be abolished from 6 April 2025, when the business will start being taxed in the same way as other residential property businesses. Owners of properties that currently qualify as FHL might wish to consider increasing their expenditure on equipment […]

Specialist Tax News

Camping pods may qualify for capital allowances

Posted on

A recent case before the First Tier Tribunal will be of interest to businesses operating campsites and also farmers who have diversified into “glamping” by installing camping pods on their land. The capital allowances legislation states that caravans provided mainly for holiday lettings and buildings intended to be moved for the purposes of the qualifying […]

Specialist Tax News

Get ready for more R&D changes

Posted on

On top of the major changes to research and development (R&D) tax relief that took effect from 1 April 2023 there are yet more changes that take effect from 1 April 2024. For accounting periods commencing on or after 1 April 2024, companies carrying out qualifying R&D will be entitled to a 20% expenditure credit. […]

Specialist Tax News

Diary of main tax events April/ May 2024

Posted on

Date What’s Due 1/04 Corporation tax payment for year to 30/6/23 (unless quarterly instalments apply) 5/04 End of 2023/24 tax year. 2024/25 tax year starts on 6 April 19/04 PAYE & NIC deductions, and CIS return and tax, for month to 5/04/24 (due 22/04 if you pay electronically)   1/05 Corporation tax payment for year […]