News

What are the implications of MTD for ITSA for SMEs?
22 March 2024

The introduction of Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) is going to create some upheaval within the SME sector. No doubt, some of you are already using MTD-compliant software to file your taxes or your accountant is doing it for you. However, if you are yet to make this change, you should be aware that this will soon become the standard for ITSA. It is best, therefore, to make the necessary changes to your processes now, rather than having to scramble to remain compliant when MTD for ITSA comes in.
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The Employment (Allocation of Tips) Act 2023 – Understanding the impact on pay in the hospitality sector
22 March 2024

In a significant development for the hospitality industry, the Employment (Allocation of Tips) Act 2023 (the Act), which received Royal Assent on May 2, 2023, is set to revolutionize tipping payment practices across the UK. Due to come into force on 1 July 2024, and affecting approximately two million workers in the sector, this new Act presents substantial implications for employers’ cash flow and payroll processes.
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Economic Crime and Corporate Transparency Act 2023 – Companies House changes now in effect
22 March 2024

The initial provisions of the Economic Crime and Corporate Transparency Act 2023 came into effect on 4 March 2024. These updates mandate that from 5 March 2024, every company must, when submitting their next Confirmation Statement (form CS01): utilise this email for correspondence with the company, though it won’t appear on the public record; and
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Run your business from home? Get to know your VAT entitlement
22 March 2024

If you are a business owner and work or run your business from home, then you may be entitled to reclaim VAT on certain costs. In practice, this means that you can reduce the amount of VAT you have to pay on business income against the amount of VAT you have had to pay on services rendered to your business.
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Holiday accrual to come in for zero-hours workers
22 March 2024

Following changes to the Working Time Regulations 1998 in January 2024, further amendments are set to come into force on 1 April 2024 relating to leave entitlement for workers on irregular hours. Upcoming changes will apply to workers on zero-hours or irregular hours contracts, as well as those who are on ‘part-year’ contracts, such as those who work seasonally.
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Overhaul of non-dom tax status – What does it mean for those affected?
22 March 2024

You may have already heard that the Chancellor, Jeremy Hunt, has announced an end to the preferential tax treatment that non-domiciled individuals (non-doms) currently receive. At the moment, a non-dom – someone living in the UK but domiciled in another country – has two options when it comes to taxation.
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Spring Budget ushers in property tax shake-up
22 March 2024

The Chancellor delivered his 2024 ‘Budget for long-term growth’ in the face of an upcoming general election. Although the headlines have been dominated by the news that employee National Insurance Contributions will be cut further to eight per cent, Mr Hunt also announced several measures, which changed how certain property taxes will be applied.
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Spring Budget 2024
06 March 2024

The latest Budget was an important speech for the Chancellor, Jeremy Hunt, and his Government, as he laid out key measures likely to affect his party’s success at the ballot box later this year. Although a date for the next general election is still yet to be set, this is likely to be the last time that Mr. Hunt will have a chance...
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Tax Planning Checklist
19 February 2024

As the current tax year begins to wind down and another one commences from April, now is the time to be thinking about how to make the most of the tax reliefs and allowances that are available to you. To help, we have compiled the following checklist of the key investment and tax planning ideas that you should be considering.
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Tax basis – Getting ready for the end of the transitional year
19 February 2024

Are you a sole trader or a member of a partnership? Here is what you need to know about the upcoming tax basis period reforms. HM Revenue & Customs (HMRC) is introducing changes to how it assesses and collects business taxes relating to the basis period. At the end of the 2023/24 financial year, these changes will come...
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