Many people delay creating or updating their Wills. We are unsure why, but we mortals do not like discussing our own mortality. We encounter this situation often. But maybe now is the time to make a new will or review an old one. It’s really important that you review your Will regularly because certain personal circumstances […]
Author Archives: Priya Raja-Motala
Accounting Tips, Business Tips, HM Revenue & Customs
Chancellor wants businesses to move to “e-invoicing”
01
Oct
Oct
The government has unveiled a proposal to expand electronic invoicing across the UK and hinted at a forthcoming ‘Digital Transformation Roadmap’ for HM Revenue & Customs (HMRC). However, the details about both plans are currently limited. The chancellor wants businesses to move to “e-invoicing” as part of the process. In her first speech as Chancellor […]
25
Sep
Sep
This week is Labour Party conference week. Rachel Reeves made her debut speech on Monday as the Chancellor of the Exchequer. She said there was no return to austerity but instead a time for “iron discipline” and “relentless focus.” With this in mind, we explore what’s expected in the budget. When is the Budget? The […]
18
Sep
Sep
The revised Renters’ Rights Bill proposes the most significant change for landlords in years. The original proposal by the Conservative Government aimed to improve housing standards and implement reforms in the private sector was mentioned in this year’s King’s Speech. The bill has had its first reading in the House of Commons and is set […]
11
Sep
Sep
Did you have a great summer? It wouldn’t be very British not to discuss the weather, but quite frankly, there was nothing noteworthy to discuss about the weather. It was what it was. But what about our economy? We have seen a new government come in, a cut in interest rates, some growth during the […]
self employed, Tax Planning, Tax Tips, VAT
Can you avoid VAT Registration by conducting business through two entities?
04
Sep
Sep
In the Spring 2024 Budget, the previous government raised the VAT threshold from £85,000 to £90,000, having frozen it at £85,000 for six years. This means a business must register for VAT if its taxable sales have exceeded £90,000 in any rolling twelve-month period. Furthermore, you must register if the sales will exceed £90,000 in […]
28
Aug
Aug
As expected, the new Labour government has published draft legislation subjecting private school fees to VAT from 1 January 2025. VAT on private school fees is here. The draft measures have been published for technical consultation before they are included in the Finance Bill for 2024-25. The background The current VAT legislation includes a VAT […]
14
Aug
Aug
In today’s challenging economic environment, small businesses must be prepared to navigate potential financial and logistical challenges. As accountants, we bring a wealth of expertise and can play a crucial role in ensuring your business success by reminding you why financial information matters when it comes to running your business. Last year, 25,158 corporate insolvencies […]
07
Aug
Aug
The Capital Gains Tax (CGT) tax free allowance has now fallen to £3,000 (2024/2025). The policy was announced in the former Chancellor Jeremy Hunt’s first Autumn Statement in 2022. This reduction in the tax free allowance will result in more individuals being subject to the CGT regime. Additionally, most landlords selling their properties are also […]
31
Jul
Jul
In 2022, the Supreme Court ruled that the old 12.07% calculation for casual workers, which had been used for years, was no longer relevant. Due to these changes to holiday pay for irregular hours, many businesses have had to rethink their policies. The ruling stated that employees with irregular hours, including those on zero-hour contracts, […]