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Breaking Down The Budget | Insights from the Autumn Budget 2024

Rachel Reeves delivered her first Budget as Chancellor of the Exchequer on 30 October 2024.It was a confident and inspiring presentation by the first female Chancellor of the Exchequer in British history.The Budget aims to deal with the ‘ black hole’ in public finances whilst supporting economic and fiscal stability, increasing investment and rebuilding public services.

30 Oct 2024 Read more
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Autumn Budget 2024: What are the Expected Tax Changes for the 2024 Autumn Budget

When is the budget taking Place? There is unlikely to be much to celebrate when Rachel Reeves delivers her first Budget on the 30th of October.   Speculation is rife regarding the likely targets for tax changes and increases. We have listed a few of the more persistent predictions below. But note, these are just predictions, and there will no doubt be “surprises” when the Budget details are released.

24 Oct 2024 Read more
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Verify an email from HMRC | How do I know if a message from HMRC is genuine?

How to make sure communications with HMRC are not a scam A few months ago, we posted a blog about the importance of remaining vigilant regarding HMRC Communications. Scammers often disguise themselves as HMRC.

24 Oct 2024 Read more
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How much is the Uk State pension? | Check your State Pension age

The state pension age in the UK is the earliest age you can start claiming your state pension. This age depends on when you were born. The state pension age is currently 66 for both men and women but will increase again from 6 May 2026 to 67 for those born on or after April 1960.

23 Oct 2024 Read more
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How to claim Corporation Tax Trading loss carry back? | Relief for company tax trading losses

Corporation Tax relief may be available when a company or organisation incurs a trading loss, a loss on the sale or disposal of a capital asset, or property income. The loss may reduce Corporation Tax by offsetting it against other profits or gains from the same accounting period.

23 Oct 2024 Read more
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When must you become VAT registered? | Will the VAT threshold go up in 2025?

The taxable turnover threshold for VAT registration is currently £90,000 and has applied since April 2024. This will continue to be the case for 2025.

23 Oct 2024 Read more
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Top 5 Tips for Improving Cash Flow: Essential Guide for Business Success

‘Cash flow’ refers to money entering and leaving your company. Not having sufficient cash is one of the most significant factors in companies failing, even when they are trading profitably.

23 Oct 2024 Read more
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What is service pupil premium? | How much money do schools get for Service children?

State schools, academies, and free schools in England are eligible for SPP funding. SPP helps schools provide additional support to service children who need it. The current SPP allowance is set at £340 per child.

23 Sep 2024 Read more
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What date do I have to submit my 2023-24 self assessment tax return by? | Self-assessment deadlines 2023-24

The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return is submitted late, an initial £100 penalty will be imposed, regardless of whether there is a tax liability or if any owed tax is fully paid by 31 January 2025. The penalty increases if the return is submitted more than 3 months late.

16 Sep 2024 Read more
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What is the penalty for late filing of monthly VAT return? | New penalty regime for late submission and payment of VAT

The VAT penalty regime that applies to the late submission and / or late payments of VAT returns changed for VAT return periods beginning on or after 1 January 2023. Under the new regime, there are separate penalties for late VAT returns and late submissions. Penalties for late submission apply even if there is no VAT liability or there is a repayment due.  

5 Sep 2024 Read more
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When will VAT get added to private school fees? | More details on VAT charge on private school fees

More details have been published regarding Chancellor Rachel Reeves' plans to impose a VAT charge on private school fees. The government has said that the money raised by ending the tax breaks on VAT and business rates for private schools will help secure additional funding for state education programs.  

5 Sep 2024 Read more
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What is the Residence nil-rate band 2024/25?| Inheritance tax unused Residence Nil Rate Band (RNRB)

The Inheritance Tax Residence Nil Rate Band (RNRB) is a transferable allowance available to married couples and civil partners when their main residence is inherited by direct descendants, such as their children or grandchildren.

5 Sep 2024 Read more
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