In a recent announcement to parliament, the Chancellor confirmed the current year deficit in the government finances of £22bn. She set out some of the reductions in public expenditure to close the deficit but hinted that there may be tax increases required to balance the books. Specific measures announced Aside from requesting budget savings from […]
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Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. When the relief is available, Capital Gains Tax (CGT) of 10% is payable in place of the standard rate. This can mean a substantial CGT saving for someone looking to […]
The weekly child benefit rates for the only or eldest child in a family is currently £25.60 and the rate for all other children is £16.95. Taxpayers entitled to child benefit should be aware that HMRC usually stops paying child benefit on 31 August following a child’s 16th Birthday. Under qualifying circumstances, the child benefit […]
It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations. After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. The deadline for filing the first set of accounts with Companies House […]
Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business assets including goodwill. This could give rise to a chargeable gain based on the difference between the […]
1 August 2024 – Due date for corporation tax due for the year ended 31 October 2023. 19 August 2024 – PAYE and NIC deductions due for month ended 5 August 2024. (If you pay your tax electronically the due date is 22 August 2024) 19 August 2024 – Filing deadline for the CIS300 monthly […]
According to the competition and Markets Authority, certain UK banks are not meeting their obligations to keep customers informed about their products and services. HSBC, Lloyds, TSB and AIB all failed to make available correct data on their products or services and have breached the Order in the following ways: HSBC failed to keep information […]
According to the pundits, there are a number of issues that the new government will have to tackle if it wants to increase government revenues by achieving higher economic growth. They include: Encouraging investment Reduce unemployment, and Improve productivity Encouraging investment There are already generous tax reliefs that allow businesses to write off the full […]
Trader recommendation sites are websites and apps often used by people to find and connect to traders from a wide range of specialisms, such as building and home improvements, plumbing, and home heating. Working in partnership with four key consumer organisations – National Trading Standards (NTS), Trading Standards Scotland (TSS), The Society of Chief Officers […]