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Managing A Restructure

Whether times are good or bad, sometimes a business needs to restructure in order to move forwards. A restructure of any business requires careful planning, transparent communication, and thoughtful implementation to ensure a smooth transition and minimise disruption. To begin with, you and your management team should define the objectives and rationale behind the restructure. […]

Read more August 23rd, 2024

HMRC Interest Rates To Be Reduced

The Bank of England’s decision to reduce the base rate to 5% means that HM Revenue & Customs (HMRC) will also reduce their interest rates. The interest rates charged by HM Revenue and Customs on late tax payments, as well as the rates they pay on repayments are linked to the Bank of England’s base […]

Read more August 22nd, 2024

New ICO Tool Available To Help Create Privacy Notices

The Information Commissioner’s Office (ICO) has launched a new tool that can help small businesses create a bespoke privacy notice that protects people’s information rights. By law, businesses must explain why they hold people’s information and what they do with it. This allows customers, suppliers, staff and volunteers to know what will be done with […]

Read more August 21st, 2024

VAT On Amazon Fees From 1 August 2024

From 1 August 2024, selling fees charged by Amazon to UK vendors will be subject to VAT at 20%. This is because of a change in the legal entity that charges the fees. Previously, fees were charged by Amazon Service Europe S.a.r.l (ASE), which did not have a UK establishment, so the fees were subject […]

Read more August 20th, 2024

Updated Interest Rates Repayment Thresholds For Student Loans

The latest annual update to Student Loan interest rates was made this month by the Department for Education. Different rates and thresholds apply depending on the type of student loan and the new rates will apply from 1 September 2024 to 31 August 2025. Those running payroll may want to be aware that the rates […]

Read more August 20th, 2024

Insolvency Service Continues To Tackle Covid Loan Abuse

The recently released Insolvency Service’s 2023-24 Annual Report and Accounts provides some interesting information on how the Service is doing in tackling Covid loan abuse. The report identifies that 831 directors have been disqualified for abusing Covid loans. 22 criminal prosecutions have been carried out, and efforts have been made towards recovering nearly £3 million […]

Read more August 19th, 2024

Beware The 60% Income Tax Trap

It has recently been reported over half a million taxpayers paid a marginal income tax rate of 60% in 2022/23, up by 23% from the number in 2021/22. This marginal rate applies where an individual’s adjusted net income falls between £100,000 and £125,140, where every £2 income over £100,000 reduces the £12,570 personal allowance by […]

Read more August 15th, 2024

Changes To Non-Domiciled Tax Status To Go Ahead

The previous government included plans to end non-domiciled tax status at the Spring Budget and replace it with a 4-year foreign income and gains (FIG) regime. The new government have now announced their intention to continue with these plans, while ending some advantages for existing non-domiciled individuals. What the change in tax status will mean […]

Read more August 12th, 2024

Chancellor’s Speech Paving The Way To A Potentially Difficult Autumn Budget

The Chancellor of the Exchequer, Rachel Reeves, addressed the House of Commons last week to detail the results of a Treasury spending audit. She has alluded to this in previous comments when referring to making assessments of the public spending inheritance. She claimed that the audit revealed £22 billion of unfunded pledges that have been […]

Read more August 8th, 2024

Proposed Repeal Of The Special Tax Treatment Of Furnished Holiday Lettings

The government has now issued the draft legislation to abolish the special tax treatment of furnished holiday lettings (FHL) with effect from 6 April 2025 for individuals (1 April 2025 for corporation tax). This change will remove the tax advantages that current FHL landlords have received over other property businesses in 4 key areas by: […]

Read more August 6th, 2024

HMRC Conducting Business Asset Disposal Relief Checks

The Institute of Chartered Accountants in England and Wales (ICAEW) have reported that HM Revenue and Customs (HMRC) are contacting taxpayers they believe may have overclaimed Business Asset Disposal Relief. What is Business Asset Disposal Relief (BADR)? BADR, which was formerly known as entrepreneur’s relief, is a tax relief that’s designed to encourage business owners […]

Read more August 5th, 2024

Chancellor Launches Landmark Review To Boost Pensions And Investment

The Chancellor, Rachel Reeves, has announced a significant review aimed at enhancing pension investments, increasing pension pots, and reducing waste in the pensions system. The review was highlighted in the King’s Speech, confirming a new Pensions Bill that could significantly benefit UK pensioners and the broader economy. Here’s an analysis of what the review could […]

Read more August 2nd, 2024