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Spring Budget 2024

The latest budget was likely to be the last time for Jeremy Hunt and his Government, although a date for the next general election is yet to be set. Mr Hunt declared that this would be a “Budget for long-term growth” and outlined various measures. Tax relief for...

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Payrolling Employee Benefits

Starting in April 2026, UK employers will have to include the benefits they give to their employees, like company cars or health insurance, directly in their payroll. This means these benefits will be taxed through the payroll system, and not reported separately. To...

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UK Company Law Has Changed

There are a series of changes to UK company law as a result of the enactment of the Economic Crime and Corporate Transparency Act last year. These changes commenced on 4 March 2024 and will significantly impact the operation and compliance requirements of companies....

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Making Tax Digital Simplification

A dramatic simplification of the MTD process is to be introduced in 2026 including no EOPS; cumulative submissions each quarter; and restrictions for complex situations. Taxpayers with turnover over £50,000 will be brought into MTD ITSA from April 2026. The £50,000...

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Autumn Budget 2023

Jeremy Hunt announced 110 business-boosting measures in his "Autumn Statement for Growth". The key points: Assisting with the cost of living - A cut to the employee National Insurance rate from 12% to 10% from 6 January 2023. To assist self-employed individuals the...

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Corporation Tax

From 1 April 2023 the rate of corporation tax that a company pays depends on 2 factors The number of “associated companies” The level of company profits An "associated company" for corporation tax purposes are those under common control. The most likely situations...

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Staff Social Events

Employers may meet the cost of certain social events for staff without creating a tax liability. This used to be a concession but is now a statutory exemption provided certain conditions apply. The exemption applies to an “annual party or similar function” provided it...

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Advisory Fuel Rates for Company Cars

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...

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Can we still be paid £6 per week for working from home?

During the COVID pandemic the government relaxed the conditions to enable those working from home to be paid £6 a week tax free by their employer, or, where that was not paid by the employer, they could claim relief for £6 a week against their employment income for a...

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New VAT late filing & payment penalties

All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime. If you submit a VAT return late for a period starting on or after 1 January 2023...

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