Reset for successHow to keep your business afloat through challenging times? Over one in five UK businesses say the current economic uncertainty is negatively affecting their turnover, a recent report from the Office of National Statistics reveals. Resetting your business finances in challenging times basically lets you take stock of where you’re at, review your cash…
Non-Doms: Current, New & Transitional Rules The new regulations hinge on the intricate statutory residency test, yet non-doms have a four-year planning opportunity under the foreign income and gains (FIG) regime. In the United Kingdom, a specialized tax system applies to non-doms – individuals who are UK tax residents but not UK domiciled or deemed…
Tax filing deadline: May 2024 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. May 2024 1 May Corporation tax due for accounting periods ended 31 July 2023 where not payable by instalments New VAT fuel scale charge rate for VAT periods…
Child benefit full claim registration deadline The revisions to the high-income child benefit charge present an opportunity for certain couples to reduce their tax burden. However, for others to capitalize on these changes, proactive steps are necessary. What specific actions are needed and when should they be taken? Let’s delve into the details. Recap:…
Crypto investors at tax risk Staying on top of transaction records is crucial for anyone involved in cryptocurrency trading to ensure compliance with capital gains tax regulations. Given that gains must now be disclosed in tax returns, maintaining accurate records is essential to avoid potential tax discrepancies. With the reduction of the capital gains tax…
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…
