The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year were published earlier this year and have recently been
The taxable turnover threshold, which determines whether businesses should be registered for VAT, is currently £85,000. The taxable turnover threshold that determines whether businesses can apply for deregistration is £83,000.
Businesses are
These legal agreements enable a person to grant decision making powers about their care, treatment or financial affairs to another person if they lose mental capacity.
The Powers of Attorney Act fires the starting gun on bringing the existing
Your eligible deposits with all High Street bank are covered by the Financial Services Compensation Scheme (FSCS).
The present limit of this FSCS guarantee is £85,000 and this applies to total deposits held at a bank, not per account with a
There is an interesting anomaly that can affect taxpayers with homes in Scotland and other parts of the UK. Where this is the case, the question arises as to whether or not the taxpayer is liable to pay Income Tax in Scotland or elsewhere.
As a
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do not exceed £7,500. The tax
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 ‘contractors’ and ‘subcontractors’ and should be
The basis of assessment reforms will change the way trading income is allocated to tax years. The changes will affect sole traders and partnerships that use an accounting date between 6 April and 30 March. There is no change to the rule for
The Certificate of Tax Deposit scheme allowed users to deposit money with HMRC and use it later to pay tax liabilities. The date that the certificate was purchased was known as the effective date of payment. The scheme closed for new purchases on 23
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent, such as children or grandchildren, after their death.
Most smaller businesses will have spent time chasing customers for payment beyond their agreed payment terms.
These demands take entrepreneurs away from their core tasks of business building and place unnecessary pressures on cashflow.
To assist,
The government looks likely to accept the recommendations of the Low Pay Commission with a boost to the National Living Wage rate.
In summary:
National Living Wage will rise to two-thirds of average earnings.
Chancellor commits to Low Pay
The furnished holiday lettings (FHL) rules allow holiday letting of properties that meet certain conditions to be treated as a trade for specific tax purposes.
In order to qualify as an FHL, the following criteria need to be met:
The property
HMRC has published their latest statistics on Child Trust Funds (CTFs) that reveal that whilst around 500,000 accounts have now matured, there remains some 430,000 funds that have matured but remain unclaimed.
If you turned 18 on or after 1
The Community Investment Tax Relief (CITR) scheme is designed to encourage investment in accredited Community Development Finance Institutions (CDFIs). The tax relief under the scheme is available to both individuals and companies.
CDFIs may take a
Whether you're starting from scratch or have been in business for years you'll benefit from working with D.R.E. & Co. advice on how to take you to the next level.
We work closely with our clients and act for a broad range of business....
Simple way to contact us. Just fill in a simple form.
Find out details about what we can do
for you.