Amidst uncertainty around the Budget announcements, one change that has been confirmed is the Government’s intention to repeal the special tax rules relating to the commercial letting of Furnished Holiday Lets.
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Author: Frost Wiltshire
The Times They Are A-Changin’
Following Labour's victory in the general election, we take a look at some of the main pledges from the manifesto and Chancellor's speech which impact tax and business.
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Ooh aah .… just a little bit
Have you noticed your employment income go up this month?
This may well be because the National Insurance rates have fallen, which although small changes, could mean some tax planning is required.
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Never miss a beat
Do you think your company might be eligible for Research and Development tax relief?
If so, it’s more important than ever to be communicating with your accountant and making sure that you aren’t caught out by the new rules in place and subsequently prevented from submitting a claim.
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Tick tock
The deadline for filing a self-assessment tax return is 31 January 2024.
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Everything changes
If you have your own business and are self-employed rather than operating through a company, you may find a substantial change in the coming years. This is because the timing of when profit is recognised on your tax return is changing.
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All rise
From 1 April 2023, the rate of Corporation tax has gone up. This won’t hit all companies but will have an impact on many businesses so now is a great time to think about some tax planning.
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I don’t want to miss a thing
There have been some significant changes around the administrative side of research and Development (R&D) for companies.
One change is that from 8 August 2023, it is necessary to complete and submit an additional information form (AIF) in advance of submitting the actual claim and corresponding corporation tax return. If this is not done, the claim will get rejected.
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It’s beginning to look a lot like Christmas
The tree is up in the office at our lovely country base and looking fantastic!
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All the leaves are brown
The Autumn statement has been announced and perhaps the most surprising part for many was the fall in Employee National Insurance. It was anticipated that this would fall, but it has been cut more than some predicted; by 2% (from 12% to 10%).
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