Does your business use cryptocurrencies and non-fungible tokens (NFTs)? Greater scrutiny is now on reporting all crypto transactions. HM Revenue & Customs (HMRC) confirmed from 2024-25 self-assessment tax return forms will feature a new segment to declare any gains from crypto assets for individuals and trusts.  Greater security The heightened scrutiny of crypto-asset holders becomes […]

The Chancellor introduces the full expensing scheme, a partial replacement for the Super Deduction, allowing companies to write off 100% of the investment cost in one go. Announced in the Spring 2023 budget, the full expensing scheme helps businesses that invest in IT equipment and machinery to claim back 100% of the cost by writing

Announced in the Spring Budget, the Lifetime Allowance (LTA) abolition releases people to save as much as they like in their pension schemes.  The LTA limits how much people can build up their pension pots over a lifetime whilst benefiting from tax incentives.  The previous threshold was £1,073,100. Anything over that was subject to a

After months of pressure, Chancellor Jeremy Hunt announced a partial reversal to the SME Research & Development (R&D) tax credit cuts in the recent Spring Budget. Startups had warned that the cuts announced in the last Autumn Statement would hinder growth for early-stage and research-intensive tech companies. The R&D tax credits and relief scheme was

From 1 March 2023, company car drivers will see changes to the amount they can claim back for fuel costs from their employer. HM Revenue & Customs (HMRC) has also confirmed that calculating advisory electricity rates (AER) is changing to better reflect energy prices, particularly with soaring electricity costs, when reviewed quarterly. Previously it has

UK workers will receive a pay rise as we see higher National Minimum Wage (NMW) rates from April 2023. According to the Government, around two million of the UK’s lowest-paid workers will benefit from the rise in the National Living Wage (NLW) and NMW rates. From April 2023, the NLW will increase by £0.92 per

Businesses must plan for the rise in Corporation Tax (CT), coming into force from 1 April 2023, and sees the top rate of tax rising from 19% to 25% The tax applies to all profitable limited companies – from trading income or the sale of investments or assets. The new approach to Corporation Tax After

In his Autumn Budget, Chancellor Jeremy Hunt announced many R&D tax relief changes, including funding allocation, which we will see implemented in April. The rates paid by the Research and Development Expenditure Credit (RDEC) for larger firms and small to medium (SME) R&D relief schemes are changing.  Under these changes, from 1 April, the RDEC

You must check your National Insurance (NI) records to identify any payment history shortfalls if you plan to claim the UK state pension.  NI contributions, or lack thereof, can affect a person’s entitlement to the state pension in later life. A temporary window allowing people to voluntarily top up their NI contributions as far back

With the payroll year-end fast approaching on 5 April, clashing with the tax year-end, many businesses find this time of year particularly stressful.  The deadline for submitting details to HM Revenue & Customs (HMRC) is 31 May. You must be aware of the critical dates when you prepare the payroll year-end, including: 5 April –