Business & Tax News & developments – October 2024 Welcome to the latest edition of Business & Tax news and developments round up presented by Naail & Co. HMRC Call Response Issues in August In August, 2.4 million calls were made to HMRC, with 1.7 million requesting assistance from an adviser. However, fewer than 75%…
Budget impact on CGT & landlords Impact of the Autumn Budget 2024 on CGT & Property Landlords On October 30, 2024, Chancellor Rachel Reeves presented the Autumn Budget, introducing significant amendments to the Capital Gains Tax (CGT) framework, including adjustments to Business Asset Disposal Relief (BADR). These changes aim to enhance tax revenues and…
Fraud: Convictions and sentences October 2024 Company Director Imprisoned for Unpaid £220,000 Tax Debt A director from Bury has been sentenced to prison for failing to maintain accounting records and leaving more than £220,000 in unpaid tax. When his company, a limited electrical firm, was liquidated in 2019, he failed to provide current records to…
Table of Contents On October 30, 2024, Chancellor Rachel Reeves presented her inaugural Autumn Budget 2024, setting ambitious goals to address the projected £22 billion deficit in public finances, restore economic stability, and strengthen public services. This autumn Budget 2024, described as both “bold” and “focused on resilience,” seeks to navigate the UK through challenging…
27% of Businesses That Claimed COVID Grants Weren’t in Financial Need A recent government report indicates that over 27% of small businesses in the UK claimed COVID-19 support grants even though they may not have been in immediate financial distress. While the program helped prevent the closure of up to 21,000 businesses by late 2022…
100 days to go: The Countdown to Filing Your Self-Assessment Tax Return Online 100 Days to Go: The Countdown to Filing Your Self-Assessment Tax Return Online As the days tick down, a sense of urgency grows among many UK taxpayers. With only 100 days left until the deadline to file your Self-Assessment tax return online,…
Tax relief on charitable donations Tax relief on charitable donations As the tax season approaches, many taxpayers have already submitted information to their accountants to prepare their self-assessment tax return for 2023/24. For some individuals, the combination of various income types can place them in a tax bracket with particularly high marginal rates. These impacts…
VAT and property conversion Inns & outs VAT Treatment for Construction, Renovation, and Conversion Projects While construction work typically defaults to the standard VAT rate, certain property construction, renovation, or conversion projects may qualify for preferential VAT treatment. This article focuses on those specific scenarios. It’s important to note that a ‘building’ can refer to…
New legislation: Workers to keep 100% tips New law – Workers to keep 100% tips Effective from 1 October 2024, the Employment (Allocation of Tips) Act 2023 requires employers to distribute all tips, gratuities, and service charges to their workers without any deductions. This legislation aims to ensure that employees receive the entirety of tips…
New Companies House penalties for non-compliance Understanding New Companies House Penalties: New Rules and Compliance Obligations for UK Directors Companies House has introduced stricter penalties, with fines of up to £2,000 for repeat offenders, targeting businesses that fail to comply with mandatory registration requirements. This crackdown is part of the Economic Crime and Corporate Transparency…
Why employers must comply with sexual harassment law All businesses are now required to establish a formal policy to comply with the new mandatory sexual harassment law, set to take effect later this month. This requirement, outlined in the Worker Protection Act 2023—an amendment to the Equality Act 2010—places an anticipatory duty on employers to…
Tax filing deadline October 2024 to December 2024 In our handy guide to tax filing deadlines, we provide an at-a-glance guide of filing/submission obligations and payment deadlines. October 1 October Corporation tax due for accounting periods ended 31 December 2023 where not payable by instalments 5 October Deadline for registering for…
