Tax Planning for Directors
Given the changes to national insurance thresholds, income tax rates and thresholds and the reduction in the tax free dividend allowance may require a review of remuneration strategy for company directors.
Making Tax Digital for Income Tax
MTD for Income Tax was due to be implemented from April 2024 but this has thankfully been delayed and a phased approach set out.
Accounting Basis Periods & Taxation
The 2023/24 tax year is a year of transition as the basis period approach for unincorporated businesses is overhauled. We summarise the tax implications and what this means moving forwards.
Important changes to the VAT rules for penalties and interest were introduced on 1 January 2023 to overhaul the system and make it fairer and more proportionate.
Research and Development Tax Relief
Driven by government fears around abuse within the SME scheme, the R&D reliefs available to companies undertaking qualifying R&D has been reconfigured to increase the relief available under the large company RDEC scheme and scale back the relief available under the SME scheme.
Venture Capital Tax Relief
Due to end in 2025, the EIS and VCT schemes have instead been extended and a new online service introduced to speed up the advance assurance process.
HMRC Compliance - More data, more questions
HMRC’s ability to gather and analyse data is extensive, and with every piece of information it acquires, its ability to target compliance activity increases. We're seeing more and more nudge letters issued as a result of third party information received by HMRC.