Chancellor pushes for e-invoicing
As part of a series of announcements made in recent weeks by the Chancellor, the government is making a push for greater use of electronic invoicing (e-invoicing).
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As part of a series of announcements made in recent weeks by the Chancellor, the government is making a push for greater use of electronic invoicing (e-invoicing).
On 30th October 2024, Rachel Reeves made history as the first female Chancellor of the Exchequer to deliver a Budget speech. The occasion was significant on many levels, but as the speech concluded, it left mixed feelings among business owners. While the Budget had its silver linings for workers, many businesses will face new financial challenges.
In the lead-up to Labour’s first Budget, the new Chancellor introduced sweeping reforms. Though these measures may bring challenges for some, they reflect a bold approach to addressing the UK’s critical need for infrastructure and essential services funding. Recent Budgets have relied heavily on band freezes – a subtle but effective tax rise. While IHT bands remain frozen, income tax bands will finally unfreeze, though not without a few more years of stealth tax revenues added by previous policies.
If you have a business where your staff receive tips, gratuities and service charges (“tips”) there are important changes in force from 1 October 2024.
With potential Capital Gains Tax (CGT) changes on the horizon, many investors are thinking about realising gains on their investments before the budget announcement on 30 October 2024. However, if you plan
The current State Pension is £11,502 per year and is expected to rise to around £12,000 for the 2025/26 tax year. To put this into perspective, at today’s annuity rates, it would cost over £300,000 to purchase an index-linked annuity starting at £12,000 a year
Under the current pension rules, many people over the age of 55 can withdraw up to 25% of their pension savings tax-free.
With the October Budget fast approaching, there are strong rumours that pension tax relief could be a key focus for potential changes. These adjustments could raise more tax revenue than both Capital Gains Tax (CGT) and Inheritance Tax (IHT) reforms combined.
With potential changes to Capital Gains Tax (CGT) on the horizon, many taxpayers are considering bringing forward their asset disposals to take advantage of the current rates.
With the October budget approaching, many are speculating about potential changes to Capital Gains Tax (CGT), which could have a significant impact on business owners, entrepreneurs, and investors alike
At A&C Chartered Accountants, we’re more than just numbers. We believe in driving business growth responsibly, which is why we’re thrilled to announce our accreditation by the Good Business Charter. We are incredibly proud to be
A&C Chartered Accountants is proud to support Manchester SMEs on their sustainability journey, and one of the key initiatives driving change in the region is Bee Net Zero.
When a holding company sells shares in a subsidiary, the VAT incurred on the professional fees involved would normally be irrecoverable, on the basis that a sale of shares is an exempt supply.
The conditions for a company car to be treated as a pool car are set out in the employment income legislation:
HMRC have announced that the official rate of interest will remain at 2.25% for 2024/25, despite the Bank of England Base Rate currently standing at 5.25%. The official rate of interest
Where a company car is provided for use by an employee or director there is a benefit in kind taxable on the employee based on the original list price of the vehicle multiplied by the CO2 emissions percentage for that vehicle.
The deadline for reporting shares and securities and share options issued to employees for 2023/24 is 6 July 2024. This is the same as the deadline for reporting expenses and benefits provided to employees on form P11d for 2023/24.
P11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24 need to be submitted by 6 July 2024. Note that paper forms are no longer acceptable; the return must be made online using PAYE Online for employers or commercial software.
Where the company qualifies under the Enterprise Investment Scheme (EIS) or Seed EIS, the subscribers potentially qualify for even more generous tax reliefs. Where the investor is not connected with the company,
HMRC have confirmed that the official rate of interest for employee and directors’ beneficial loans remains at 2.25% for 2024/25, despite a Bank of England base interest rate of 5.25%
Payments by the employer for taxis to take employees home late or at night are exempt from tax if: the failure of car sharing arrangements conditions are satisfied (see below); or
Travelling from home to an employee’s normal workplace does not qualify for tax relief. This is referred to as “ordinary commuting and, furthermore, if the costs of the journey are reimbursed by the employer, those costs are taxable. There are exceptions to this rule, in particular where the employer pays for the employee to travel home in a taxi safely late at night.
On top of the major changes to research and development (R&D) tax relief that took effect from 1 April 2023 there are yet more changes that take effect from 1 April 2024.
Making Tax Digital for income tax self-assessment is scheduled to commence in 2026/27 for sole traders and property landlords with gross income of £50,000 or more, and the threshold then reduces to £30,000 from 2027/28.