Please find below all the articles from August 2024.
The time for debate and conjecture is now over. The General Election was settled on 4 July and we now know we have a new Labour Government, giving us a more solid picture of what tax is likely to look like in the near future.
The new Chancellor Rachel Reeves wasted little time in getting started, announcing a Spending Audit in Parliament on 29 July.
In that speech, she reiterated the message that Labour delivered throughout the election that it will not be making major changes on the…
Read MoreWill one of the tax-raising measures many expect to see at the next Budget surround pensions and IHT?
It may do, if the Government follows the recommendations of The Institute for Fiscal Studies. One of the IFS’ latest suggestions revolves around Inheritance Tax. We often see the issue of IHT popping up at election time – usually with suggestions the Conservatives might scrap it.
In this case, the IFS has floated the idea that the Government should close what it calls IHT ‘loopholes’ connected to pensions and AIM…
Read MoreWe regularly remind our self-employed clients of their obligations for filing to HMRC and the deadlines for sending in their Self-Assessment Tax Return, not least because of the significant penalties they can incur for failing to do so.
And there was a story in the media this month that highlighted the fact that people can still get hit with a fine, even if they don’t owe HMRC any tax.
Anyone earning under £12,570 – the Personal Allowance – doesn’t need to pay tax. But 95,000 people who fall…
Read MoreDo you own or work for a business that needs to register for VAT?
If so, you might find it of interest to learn that there’s a new digital tool available to use online.
Launched by HMRC, the VAT Registration Estimator can help a business “to see what registering for VAT could mean”, officials said. It was designed, following suggestions by small businesses, to help show a company when its turnover could require businesses to register for VAT and its effect on profits.
A business must register…
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