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Sole trader or partnership? Trading profits tax reform

4 minutes to read The procedure for assessing when trading profits are taxed is changing radically. The change is called basis period reform.  Essentially, means there’s a different time period underpinning the tax assessment. Using the new tax year basis, tax calculations will apportion accounting profits to the tax year (unless the accounting year ends between 31 March and …

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Car or van?

< 1 minute to read Classification of company cars and vans for benefit in kind purposes As the 6 July deadline approaches for reporting year end 5 April 2023 benefits in kind, here’s a useful update on how vehicles should be classified for benefit in kind purposes. HMRC say that the correct approach is to determine what a vehicle is …

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2023-2024 Tax cards

< 1 minute to read Our latest tax cards are a concise summary of the tax rates, allowances and bands for the tax year 2023-2024. Useful to refer to if you want to check – Income Tax Income Tax reliefs Individual Savings Accounts Capital Gains Tax Inheritance Tax Car, van and fuel benefits National Insurance Tax reliefs for individuals Follow …

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Charity and not-for-profit accounting

< 1 minute to read We are specialist charity accountants, auditors, and examiners. Our latest Charity News report includes the accountancy support available for the not-for-profit sector after the autumn budget. We consider the impact of recent legislative, reporting and tax developments to give you the latest guidance. Charities and the cost of living crisis Maintaining income levels is a …

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