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Reporting of Profit and Loss details when filing accounts at Companies House
Recent legislative reforms have brought significant changes to how companies report profit and loss (P&L) details when filing accounts with Companies House. These changes, introduced under the Economic Crime and Corporate Transparency Act 2023, aim to enhance...
Base rate cut to 4.75%
The Bank of England has cut its base interest rate again, this time lowering it from 5% to 4.75%. This is the second cut this year, following the reduction from 5.25% to 5% in August. With these drops, we are seeing the most significant rate reduction actions in...
Consider the HMRC app
In an attempt to popularise the use of its app, HMRC is launching a new advertising campaign aimed in particular at 18 to 34 year olds. More than 1.7 million people are already using the HMRC app every month, which enables users to access services such as making a...
Managing the increase in Employer’s National Insurance
The upcoming increase in employer National Insurance Contributions (NICs) in the UK, set to rise from 13.8% to 15% from 6 April 2025, along with the reduction of the secondary threshold from £9,100 to £5,000, will significantly impact business costs. To mitigate these...
Consequences of next year’s increases in the National Minimum and National Living Wage
The proposed increases to the UK National Minimum Wage (NMW) and National Living Wage (NLW) set for April 2025 are expected to impact employers and employees significantly. Here’s how various sectors might feel these changes: Financial Pressures on Employers: With the...
Autumn Budget 2024 – planning options
In this post we have outlined a few tax planning options that readers may want to consider following the October Budget changes. Capital Gains Tax Landlords will be relieved that the higher residential rate will remain at 24% until at least 5 April 2026. However,...
100 days to the 2023-24 self-assessment filing deadline
HMRC have kindly reminded us – their online post of 23 October refers - that there are approximately 100 days (to 31 January 2025) to prepare and file a 2023-24 self-assessment (SA) tax return. In their post they say: “More than 3.5 million taxpayers have already...
Will the Budget increase employment costs?
Employers’ NIC There is ongoing speculation about potential increases in employers’ National Insurance Contributions (NICs). While the government is under pressure to raise additional revenue to address fiscal challenges, increasing employer NICs has been floated as...
Common sources of investment funding for owner managed business
Small UK businesses have a variety of investment sources available, depending on their needs and stage of development. Here’s a look at some of the most common options. Personal Savings Many entrepreneurs start by using their own savings or money from friends and...
Main objectives of new Pensions Bill
The King’s speech earlier this year announced the creation of a new Pensions Bill. The Bill aims to increase the range of investment options for pension funds and to improve the retirement outcomes for future pensioners. Emma Reynolds, the current Minister for...