Industry News Archives - Page 4 of 4

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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5th March 202422nd April 2024

Companies House changes now in force

< 1 minute to readAs part of an ongoing intention to improve the quality and reliability of Companies House information, various changes came into force on 4 March 2024. These relate to company incorporations and in the information held by Companies House. The information Companies House has about a limited company should be validated annually, this being the responsibility …

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