A number of reforms to tax reliefs for the creative sectors came into effect from 1 January 2024. Under the reformed system, a children’s TV production, animated TV production or film with £1 million of qualifying expenditure will receive an
Readers are reminded that if the dividends they draw from their company, when added to their other income, exceeds the basic rate Income Tax Band, then much higher rates of dividend tax will apply.
The tax rates for dividends received (in excess of
Business Asset Disposal Relief (BADR) is available on the sale of a business, disposal of shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available sellers can benefit from a 10% tax charge on
If you use your car or other vehicle to undertake business journeys on behalf of your employer, and your employer does not:
Fully reimburse you for the business use, or
Reimburses you but at a lower rate per mile than the approved HMRC rates (see
The 31st of January is a key date for those of us who are registered for self-assessment. There are three deadlines:
The closing date to file your 2022-23 tax return without incurring an initial £100 late filing penalty.
The date by which any
Scotland’s Deputy First Minister and Finance Secretary, Shona Robison delivered her first Budget statement to the Scottish parliament on 19 December 2023.
The Finance Secretary said that the ‘Managing the cumulative impacts of the UK Government’s
The Chancellor of the Exchequer, Jeremy Hunt has confirmed that the next UK Budget will take place on Wednesday, 6 March 2024. This will be the Chancellor’s second Budget and will include the government’s tax and spending plans as well as new growth
We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current 2023-24 tax year that will end on 5 April 2024.
You can give away up to £3,000 worth of gifts each tax year. This is known as your annual
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that takes your income over £100,000 will result
The taxable turnover threshold that 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 required
If using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to simplify the way a business accounts for VAT and
The Welsh draft Budget for 2024-25 was published on 19 December 2023. The Budget sets out the Welsh government’s revenue and capital spending proposals, including detailed portfolio spending plans.
There have been no changes announced to the Welsh
The government Valuation Office Agency have issued the following warning to business owners who may have received unprompted approaches by an agent offering to negotiate a reduction in their business rates bill.
The Valuation Office Agency (VOA) is
If your employer has reimbursed you in full for any work related expenses you will obviously be unable to make a claim for tax relief for those same expenses.
But if you have only received part of your expenses or none at all, then you can make a
HMRC’s self-assessment (SA) helpline will focus on priority queries from 11 December until 31 January. Whilst the helpline is focusing on priority calls in the run-up to the filing deadline, other enquiries will be directed to HMRC’s online digital
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