Cash basis by default
From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and...
New R&D Tax Relief regulations could leave thousands of businesses at risk of missing out
Thousands of UK businesses could lose out on critical Research and Development (R&D) tax relief due to new pre-registration requirements by HMRC. Companies must now register their intention to claim within six months of their financial year-end, or risk missing out on valuable tax relief, sometimes exceeding 20% of R&D spend.
When do glamping pods qualify for capital allowances?
Glamping pods qualified for capital allowances under the annual investment allowance (AIA) in a recent test case. This makes them even more attractive as diversification options
Experts urge businesses to beware of latest VAT changes
Business owners registered for VAT are being reminded to make sure they file their returns and pay on time or face falling foul of new penalties introduced by HMRC.
Making Tax Digital: quarterly update returns
HMRC has confirmed the mandation dates for making tax digital for income tax self assessment (MTD ITSA) as announced in the Autumn Statement 2023.