Industry News Archives - Page 3 of 16

11th February 202511th February 2025

Cash basis accounting: who is affected?

2 minutes to readMost unincorporated businesses have now fallen into the cash basis method for calculating their profit and loss rather than the traditional accruals basis. The change took effect on 6 April 2024, so the cash basis becomes the default method for the 2024/2025 tax year. Why does this matter? The basis on which accounts are taxed …

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28th January 202529th January 2025

UK company size thresholds change from April 2025

2 minutes to readNew legislation published by the government will increase the monetary size thresholds for micro, small and large-sized entities. This follows an update from the Department for Business and Trade in October 2024. It confirmed the new government will proceed with most of the proposals (announced by the Conservative government in March 2024) on company sizes, …

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13th January 202513th January 2025

Animal breeders: income declaration

< 1 minute to readIn autumn 2024, HMRC sent letters to cat and dog breeders. These calls for action followed information the authorities had found on gross income earned of £1000 or more, on the sale of animals. The full disclosure of this income to HMRC should have been made by 10 November 2024 with the letter reference. After …

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4th December 202413th January 2025

Tax and Property Owned Jointly

3 minutes to readSpouses or civil partners who own joint rental properties must ensure they are aware of the rules regarding the reporting of income to HMRC. This need-to-read case for married couples with jointly-owned property recently came before the Tax Tribunal. In the case a taxpayer, Mr Bevan, appealed against penalties for a failure to notify HMRC …

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21st October 202426th November 2024

Autumn budget 2024

7 minutes to read‘Difficult choices’ was the phrase repeated at regular intervals by Chancellor Rachel Reeves in the first Labour Budget for 14 years, to ‘fix the foundations’ and ‘deliver change’. At 77 minutes, Ms Reeves’s speech was the longest we have heard for a while and contained a vast array of announcements on tax and spending. The …

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23rd September 202423rd September 2024

Furnished Holiday Lets: Tax treatment changes for owners

4 minutes to readDuring the spring budget 2024, the (then) Chancellor announced that there would be an abolishment of the furnished holiday lets (FHL) tax regime from 6 April 2025. Despite the change to a Labour government in early July, the abolition of the FHL regime is still set to go ahead, and the policy papers and draft …

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14th August 202415th July 2025

Do you receive savings interest?

2 minutes to readWith interest rates at a historic high over the last year, savers should check their bank or building society interest income for 2023/24. Some people are now falling into the Self Assessment tax return bracket due to the extra interest savings accounts have been paying. You may pay tax on a salary through Pay As …

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13th August 202413th August 2024

Using cash basis accounting

2 minutes to readThere are important changes to the rules on cash basis accounting, aimed at driving many more businesses into using the scheme. As a result, most unincorporated businesses will need to decide what to do next. We look at the factors involved, and what moving to the cash basis might mean for you. Our publication gives the …

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5th August 20245th August 2024

VAT and private school fees

2 minutes to readIt was confirmed last week that VAT will be charged on private school fees across the UK. This will take place from 1 January 2025. In addition, business rates charitable relief for private schools in England will cease. The tax changes will also enable private schools to recover VAT they have incurred on their expenditure. …

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24th July 202413th August 2024

Changes to VAT registration details? Update online only

< 1 minute to readHMRC is withdrawing the paper form VAT 484 used to notify changes to a trader’s VAT registration information. From 5 August 2024, changes will need to be made either: – by a trader’s agent through their Agent Services Account, or – through a trader’s own business VAT online (gateway) account. However, changes to bank details …

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