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Archive:December 2023

Please find below all the articles from December 2023.

Tax-deductible training costs

As a business owner or as a self-employed person, you may have costs from time to time
for training. It may be for yourself or for an employee. Some businesses may have found it hard to understand the current guidance on which training
costs are tax-deductible. So, you may be pleased to know further guidance is set to come in this area. HMRC has said it will be coming forward with
HMRC says the new guidance will help businesses to be “confident that updating existing skills or maintaining pace…

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Cash basis changes

As with many new measures when they are first announced
by HMRC or the Treasury, it takes some time for these to trickle through to come into effect. The government announced
at Spring Budget 2023 that it would consult on expanding the cash basis. A formal consultation on proposals was
launched on 15 March this year and ran until 7 June. And now the measure has taken the next step, having been announced
in the Autumn Statement.
HMRC stated: “This measure changes how the cash basis operates for trading income….

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Autumn Statement – what happens now?

Many of you will have watched the Chancellor Jeremy Hunt delivering
his Autumn Statement a few weeks ago. You may have watched the whole speech or just seen clips on news programmes later in the day.
As always, many announcements were made and there was plenty to digest.
The actual statement is the bit most people are familiar with, but what happens next? What’s the process? Which announcements are set
to become reality and how soon?
Whenever a government announces new taxation in a Budget or Spring or Autumn Statement,…

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Self-Employment Tax Returns deadline looms

We’re reaching that familiar point of the year again when the deadline for Self-Employment
Tax Returns begins to loom.
The best advice we can always offer to our clients is to collect all the relevant information and documents and share these with us as soon as possible.
Of course, the key date everyone focuses on each year is January 31 – the HMRC deadline for submissions.
However, it’s wise to provide your tax return information to us before the new year to ensure there are no last-minute rushes and to…

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