Business & Tax News & developments – March 2024 Welcome to the latest edition of Business & Tax news and developments round up presented by Naail & Co. Hairdresser inflated turnover to secure £50k loan A unisex hairdresser in north London inaccurately claimed a £50,000 bounce back loan by inflating reported turnover, stating it was…
Non-Dom status abolished The ins & outs What constitutes non-domicile status? For over two centuries, the non-domicile regime has been an integral part of the UK’s tax framework. When specific conditions are met, this regime allows UK-resident individuals whose permanent residence lies outside the UK to utilize the ‘remittance basis.’ This effectively exempts their foreign…
Things to do before 5 April 2024 (Tax tips) Introduction As we approach the end of the tax year, it’s crucial for individuals and businesses alike to review their finances and take advantage of any tax planning opportunities available. In this blog post, we’ll explore some essential tax planning tips to help you minimize your…
Largest increase toMinimum Wage rate 2024 The Government has announced its acceptance of the Low Pay Commission’s recommendations on minimum wage rates to apply from April 2024. This will be the largest ever increase in the minimum wage in cash terms and the first time it has increased by more than £1. The size of…
Tax filing deadline: March to July 2024 In our handy guide to tax filing deadlines, we provide an at-a-glance guide of filing/submission obligations and payment deadlines. March 7 March VAT returns and payments due for month or quarter ended 31 January 2024 14 March Corporation tax instalment payments due for large companies as follows:…
Transferring shares to family members(Business strategies series) Introduction The transfer of shares can occur for a variety of reasons, typically when the owner opts for retirement or seeks to lessen their engagement in the business. Conversely, parents might desire their children to possess a portion of the company’s shares to receive dividends, potentially aiding in…
Advisory Fuel Rates (AFR) for company car users from 1st March 2024 When are Advisory Fuel rates (AFR) applied? The rates only apply in the following circumstances: reimburse employees for business travel in their company cars; or require employees to repay the cost of fuel used for private travel. These rates cannot be used…
What are the tax implications of making overpayments to my mortgage? Question: “I would like to understand the tax consequences of making regular and lump sum payments to pay off the capital on a ‘buy to let’ interest-only mortgage. Will I be required to pay extra tax when using the ‘excess monthly rent’ as monthly…
Holiday pay for irregular hours staff(Zero hour contracts) As of April 1, 2024, amendments to the Working Time Regulations 1998 will significantly alter holiday entitlement for irregular hours staff and part-year staff. It is imperative that you take appropriate action in response to these changes. Introduction The landscape of employment law regarding holiday pay entitlement…
Is the UK officially in recession? As the economic landscape continues to evolve, recent data released by the UK’s Office for National Statistics (ONS) prompts a crucial question: Is the UK officially in recession? Today’s announcement sheds light on the current state of the nation’s economy, providing insights into key indicators and trends that shape…
Valentine’s Day – Tax tips Managing taxes efficiently as a couple can lead to significant savings and financial stability. Understanding the intricacies of the UK tax system and employing effective strategies can help couples maximize their allowances and minimize their tax liabilities. Understanding your tax status is crucial for determining how much tax you’re liable…
HMRC warns taxpayers to settle tax on share sale Overview Taxpayers are cautioned to address any outstanding tax liabilities related to capital gains on share sales that were omitted from self-assessment tax returns. Failure to settle these liabilities promptly may result in HM Revenue & Customs (HMRC) initiating enquiries into taxpayers’ affairs. Letter Campaign HMRC…
