New rules in relation to subcontracted R&D and the impact on claims
The merged scheme has introduced new rules and changes to be aware of. A significant one for those companies that have previously claimed under the SME scheme is changes to contracted out R&D, more commonly referred to as the subcontractor rules. Under the previous rules, Small and Medium sized Enterprises (SMEs), were able to claim […]
Inheritance Tax – Budget 2024
No longer is the default advice to leave all assets to a spouse or to maximise pension contributions. In this article we detail the biggest announced changes and consider some implications. PENSIONS What’s changing? Undrawn pensions are currently exempt from IHT. From April 2027 that is set to change when pensions become fully chargeable […]
Changes to Employers’ National Insurance – April 2025
These changes include the increase in rate of employers’ national insurance from 13.8% to 15% and the reduction of the secondary threshold from the current level of £9,100 to £5,000. The table below highlights the impact of the reduction to the secondary threshold: Pay Frequency Current Threshold Threshold from 6 April 2025 Weekly £175.00 £96.00 […]
Unwrapping the tax benefits of Christmas parties and festive gifts
Trivial Benefits: Small Perks, Big Impact Employers can provide qualifying trivial benefits tax-free without the hassle of reporting requirements. Here’s what you need to know: Annual Cap: Directors and office-holders in close companies can receive up to £300 in trivial benefits per tax year: there is no limit for employees. Cost Limit: Each benefit must […]
Promotions and appointments as firm celebrates successful year
Abi Cornford and Phoebe Hughes, who specialise in audit services for private businesses, SMEs and UK subsidiaries of overseas groups, have been promoted to become managers. Joining Abi and Phoebe in the business services team, which encompasses audit, accountancy and payroll services, are manager Ben Hinton, senior Tomos Hill, assistant Oliver Sims and trainees Tiffany […]
Autumn Budget 2024 – A Budget for growth? The proof will be in the pumpkin
Most of what was said was expected but there will be disappointment from business owners that they will need to stump up more than had been trailed. As well as the rate of employers’ NICs increasing from 13.8% to 15%, the threshold at which the NICs become payable has been reduced from £9,100 to £5,000 […]
PAYE – references and deadlines
For employers paying electronically, the deadline for payments to reach HMRC is the 22nd of each month following the end of the tax month on the 5th. However, if the 22nd falls on a weekend or bank holiday, the payment deadline is brought forward to the previous working day. It is therefore essential to schedule […]
Furnished Holiday Lets – Update
Draft legislation was released in July 2024 that answers some questions on the tax changes for Furnished Holiday Let properties from April 2025. The proposed changes were discussed in our previous article. As anticipated, properties previously qualifying as Furnished Holiday Lets (FHL) will be taxed in line with long-term residential let properties from April 2025, […]
Cryptocurrency and Your Taxes: A Quick Guide
Cryptocurrency—it’s the buzzword that has been popping up everywhere, but what is it exactly? And more importantly, how does it affect your taxes? Think of cryptocurrency like digital cash that exists only online. Unlike regular money, cryptocurrencies like Bitcoin and Ethereum run on a decentralised network called blockchain, which keeps everything secure and transparent. It […]
The importance of the P46 (Car) Form
A P46 (Car) form must be submitted to HMRC under the following circumstances: A company car has been provided A company car has been withdrawn An additional car has been provided Reporting This form can be submitted to HMRC via: Online form to be printed and posted to HM Revenue and Customs, PAYE and SA, […]
