Minimum wage rates will see substantial increases from 1 April 2024 – welcome news for younger workers and apprentices, but not so much for those employers struggling in the current economic climate. Eligibility for the…
WANTED: Insolvency litigation support
I am reaching out to my LinkedIn connection for some direct networking - I have seen an increase in the volume of insolvency work (rescissions, WUP, validation orders) coming through my pipeline in recent months…
Cash basis to become default
From 2024/25, restrictions to the cash basis will be removed, making it the default method for calculating trading profit for the self-employed and most partnerships. The accruals basis is currently the default, with a business…
R&D tax relief schemes set to merge, but concerns remain
The two existing research and development (R&D) tax relief schemes are set to merge, although the newly created scheme will be similar to the R&D expenditure credit currently claimed mainly by large companies. Although the…
Incoming NIC reforms for the self-employed
National insurance contribution (NIC) changes for the self-employed announced in the Autumn Statement come in from 6 April 2024 and will be welcome news. But the reforms don’t go far enough to offset the continuing…
Are we witnessing the decline of trusts?
The number of trusts filing self-assessment tax returns for 2021/22 was 37% lower than for 2003/04. The decline comes as no real surprise given the eroding advantages of using a trust and the recent requirement…
Updated tax guidance for electric company car charging
HMRC has updated its guidance to clarify that there is no taxable benefit when an employer reimburses employees who charge their electric company cars at home. Previously, HMRC maintained that the relevant exemption did not…
Powers of attorney move one step closer to the digital age
The administration of lasting powers of attorney (LPA) is on its way to becoming fully online. In an ideal world, you should have an LPA (or its Scottish or Northern Ireland equivalent) sitting beside your…
VAT registration goes online only
HMRC is moving ahead with its ‘digital by default’ ambition by pushing VAT registration to online only. Any business unable to use the online registration service will have to call HMRC’s VAT helpline to obtain…
Handy hints ahead of self-assessment
The 31 January 2024 deadline for submitting a 2022/23 self-assessment tax return is not far off, especially for those not yet registered. Anyone who has not previously registered for self-assessment – but needs to submit…