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The Importance Of Up To Date Profit Forecasts For Tax

In order to help predict your taxable profits and tax liabilities you need up to date profit figures and projections. One of the advantages of keeping your business accounts in a computerised form, ideally on the Cloud, is that you can review your latest financial position and prepare more reliable profit forecasts to estimate your […]

Read more October 3rd, 2023

Autumn Statement Date Announced

The Chancellor of the Exchequer, Jeremy Hunt, has confirmed that the Autumn Statement will be on 22 November 2023. The Autumn Statement can affect tax policy, benefits, and much more. The Chancellor will make his announcement to Parliament, setting out the Government’s plans on all matters fiscal and economic. Interestingly, this could be the Chancellor’s […]

Read more September 25th, 2023

Protecting Employees From Stress At Work

The Working Minds campaign has been created by the Health and Safety Executive (HSE), Britain’s national regulator for workplace health and safety that is committed to improving the health of workers. Tackling stress isn’t just the right thing to do, it’s a legal obligation. Working Minds can help you make it a routine priority for […]

Read more September 22nd, 2023

SME Climate Hub

The SME Climate Hub is here to help small businesses deliver on their climate goals and they have developed free, practical resources specifically tailored to support SMEs on their net zero journey, through strategic emission reductions and opportunities for climate leadership. Businesses can calculate their emissions with the Business Carbon Calculator, learn how to take action […]

Read more September 20th, 2023

Action Fraud Warns Of Remote Access Scams

Action Fraud has received over 30 crime reports since June 2023 relating to remote access scams targeting businesses, with victims reporting losses totalling over £3.8 million. Based on the analysis of crime reports by the National Fraud Intelligence Bureau, Action Fraud advises that scammers will generally use the following tactics to target businesses: Some victims […]

Read more September 18th, 2023

Managing Key Person Risk

Managing key person risk should be an integral part of any well-rounded business strategy. Key person risk entails the potential disruption and uncertainty that can arise when an essential team member, often possessing distinctive skills, knowledge, or influence, is suddenly incapacitated and unable to contribute to the functioning of the business. Effectively managing key person […]

Read more September 15th, 2023

Advisory Fuel Rate For Company Cars September 2023

The table below sets out the HMRC advisory fuel rates from 1 September 2023. These are the suggested reimbursement rates for employees’ private mileage using their company car. Where the employer does not pay for any fuel for the company car these are the amounts that can be reimbursed in respect of business journeys without […]

Read more September 7th, 2023

HMRC To Require More Information From Taxpayers

Draft legislation released for consultation on 18 July indicates that business and individual taxpayers will be required to provide more information to HMRC in the next few years. It is proposed that from 2025/26, employers will be required to provide more detailed information on employee hours worked via real-time information (RTI) PAYE reporting. The information […]

Read more September 7th, 2023

Income Tax On Inherited Pension Funds

Currently, where an individual pension holder dies before age 75, drawdown pensions paid to a successor can generally be received free from income tax. Where the pension holder dies over the age of 75, then the amounts drawn by the successor are taxed at their marginal income tax rate. Note also that the current tax […]

Read more September 6th, 2023

Merger Of R&D Tax Relief Schemes To Go Ahead

The government have issued draft legislation for consultation on the proposal to merge the two forms of corporation tax relief for expenditure on research and development (R&D). For expenditure incurred on or after 1 April 2024, it is proposed that the two schemes providing for R&D relief – R&D expenditure credit (RDEC) and Credit Relief […]

Read more September 5th, 2023

Child Benefit May Create A Tax Charge For Those With High Income

Parents and carers need to be aware that if either of the couple have ‘adjusted net income’ in excess of £50,000 then the one with the higher income will potentially be charged tax on some or all of the child benefit and will need to request a self-assessment tax return to report the amount of […]

Read more September 4th, 2023

Renters Reform Bill: Progress And Concerns

The Renters Reform Bill, which has been covered in previous articles, proposes sweeping reforms to the property rental sector, including banning no-fault evictions. It is considered unusual for a Bill to make such slow progress through Parliament and there are concerns that the Government may be having ‘second thoughts’. Parliament returns from summer recess on […]

Read more August 29th, 2023

Mortgage Rates & House Prices

A recent report by real estate firm Hamptons has found that almost 225,000 property owners could lose money on their rental properties when they come to renew their buy-to-let mortgages, the rates of which are approaching 7%. The report found that 226,930 rental properties (11% of all mortgaged rental properties) will not generate sufficient income […]

Read more August 29th, 2023

Wales: August Property Update

Holiday lets licensing plan is not popular The Welsh Government has published a summary of responses to its consultation on implementing a statutory licensing scheme for all visitor accommodation providers in Wales. Respondents included local authorities, visitor accommodation providers, tourism representative bodies and residents of Wales. Of the 1,595 respondents, 65% opposed the proposals, with […]

Read more August 25th, 2023

Scotland: August Property Update

Potential housing emergency Public sector membership organisation Solace Scotland, in collaboration with the Association of Local Authority Chief Housing Officers (ALACHO), have published a report ‘Housing in Scotland: Current Context and Preparing for the Future’ which details their assessment of the social housing emergency in Scotland and the steps needed to address it. The report […]

Read more August 24th, 2023