Basis period reform: additional profits
From 6 April 2024 all unincorporated businesses (sole traders and partners in a partnership) are required to report profits or losses in line with the tax year. Businesses with an accounting period end other than 5 April or 31 March will need to report pro-rated...
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.
Sunak announces extra funding at NFU Conference
Prime Minster Rishi Sunak mounted a charm offensive at this year’s NFU Conference, telling farmers he was determined to ensure they are ‘treated fairly’ and acknowledging their ‘central role’ in British life.
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