New interactive tool for transition period profit reporting published

New interactive tool for transition period profit reporting published

New interactive tool for transition period profit reporting published If you are a sole trader, or a partner, reporting your profits could be more complicated this year due to the basis period reform. How can a new online tool help? For 2023/24, basis period reform will start to kick in – meaning unincorporated businesses that have ... Read More
 
Tax breaks for work-related training

Tax breaks for work-related training

Tax breaks for work-related training Training your employees well is generally good for your business but there are tax and NI breaks that can sweeten the pot. What are they and how can you qualify for them? Exemption for learning or training Tucked away in the dusty pages of the tax legislation is an exemption ... Read More
 
MONTHLY FOCUS: SECONDARY INCOMES

MONTHLY FOCUS: SECONDARY INCOMES

MONTHLY FOCUS: SECONDARY INCOMES In 2023 it was revealed that HMRC would enjoy new data-sharing information from online selling platforms from 1 January 2024, including eBay, Etsy, etc. This led to media speculation that innocent people selling second-hand items would soon be hearing from a tax inspector. In this monthly focus, we look at the ... Read More
 
New guidance on commuting expenses for hybrid workers

New guidance on commuting expenses for hybrid workers

New guidance on commuting expenses for hybrid workers You probably know that you can’t claim tax relief for the expenses associated with travelling to your usual place of work. However, what is the position if you’re a “hybrid” worker? The guidance on this has recently been updated for clarity, so what’s the answer? The rules ... Read More
 
Back-door company loans – is there a problem?

Back-door company loans – is there a problem?

Back-door company loans – is there a problem? You’re starting a new business in partnership with a colleague. If your existing business, which operates through a company, provides start-up cash in the form of a loan, are there tax consequences? Directors’ loan tax charge You’re probably aware of the tax charge that can apply if ... Read More
 
Guidance for merged R&D scheme published

Guidance for merged R&D scheme published

Guidance for merged R&D scheme published – Dunhams News Blogs Companies claiming tax relief for research and development (R&D) will need to use the new merged scheme for accounting periods starting on 1 April 2024. Guidance on the new scheme has now been published. What are the key changes? For accounting periods beginning before 1 ... Read More
 
Have you underclaimed your expenses?

Have you underclaimed your expenses?

Have you underclaimed your expenses? In 2022/23, HMRC sent a nudge letter to taxpayers that included a statement saying that upgrading a boiler wouldn’t be a deductible expense for tax purposes, i.e. as a deduction from rental income. It is now writing to individuals admitting that this was wrong. What action do you need to ... Read More
 
SPECIAL FOCUS: TAX UPDATE AND 2024 SPRING BUDGET

SPECIAL FOCUS: TAX UPDATE AND 2024 SPRING BUDGET

SPECIAL FOCUS: TAX UPDATE AND 2024 SPRING BUDGET The 2024/25 tax year is just days away. In this special Monthly Focus we look at the changes that you need to be aware of for the forthcoming year, as well as highlighting the key measures announced at the 2024 Spring Budget. Page Index – PERSONAL TAX ... Read More
 
MONTHLY FOCUS: CAPITAL GAINS TAX SAVINGS WITH SHARES

MONTHLY FOCUS: CAPITAL GAINS TAX SAVINGS WITH SHARES

MONTHLY FOCUS: CAPITAL GAINS TAX SAVINGS WITH SHARES Capital gains tax, or CGT for short, applies to gains made on the disposal of chargeable assets. There are a number of tax reliefs available that you can take advantage of when planning your investments. In this Monthly Focus, we look at some of those that apply ... Read More
 
Changes to Accounts

Changes to Accounts

Changes to Accounts The measures set out in the Economic Crime and Corporate Transparency Act will improve transparency by making more financial information available to the public.    Filing accounts by software only   As part of our journey to modernise and digitise our filing routes, the way you file your annual accounts with Companies House ... Read More