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Exporting goods? Prepare for new customs platform

2 minutes to readThose exporting goods need to be aware of HMRC’s new Customs Declaration Service (CDS). Originally planned to become mandatory on 30 November 2023, there has been an extension to the deadline for some businesses. Now – 1. Between now and 30 November 2023, high-volume exporters will be supported to move to the new platform. 2. …

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Claiming R&D tax relief? New process from 8 August 23

4 minutes to readChanges to the process for claiming R&D tax reliefs and allowances, and what they mean for your business need careful attention right now. From 8 August all R&D claims must be made electronically through HMRC’s portal, alongside detailed information regarding the claim. R&D tax relief R&D tax relief supports companies that work on innovative projects …

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Gaps in NIC records? New extension to 5 April 2025

< 1 minute to readOn 12 June 23, the government announced a further extension for those wishing to make retrospective payments to their National Insurance record. The new deadline for those wishing to fill gaps in their National Insurance Contributions (NIC), for the period from April 2006 to April 2016, is being put back to 5 April 2025. The …

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Sole trader or partnership? Trading profits tax reform

4 minutes to readThe 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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2023-2024 Tax cards

< 1 minute to readOur 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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