Business

Key Tax changes for businesses in 2025 As we move ahead into 2025, we seem to be greeted by a rapidly shifting tax landscape. Businesses are needing to get to grips with significant changes on the horizon, from adjustments to business asset disposal relief (BADR), the phased implementation of Making Tax Digital (MTD) and increases…

Another reason to pay your tax on time! The Chartered Institute of Taxation (CIOT) is lobbying the government to address unfair tax rules as HMRC interest rates on late payments are due to rise by a further 1.5% in April to 9%, with no equivalent increase in interest on overpaid tax. The CIOT is urging…

April 2025 – Changes to Company accounts thresholds The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 have now been passed into legislation, which are designed to reduce reporting burdens on companies and address stakeholder concerns. The effective date is 6 April 2025 with transition measures to allow companies to compare prior years…

Claims for R&D tax relief have slumped for SME’s The amount paid out to SMEs in research & development (R&D) relief has been declining since 2021/22 as less companies have attempted to claim. Back in 2021-22 £4.7bn was claimed by SME’s with an estimated total of claims in the region of 74,000. Since then, the…

Record amount paid out in film and TV tax breaks As we all watch more films over the Christmas period than any other time of the year, it’s interesting to know how the arts are supported to provide our entertainment. In 2023 the most amount paid out in creatives tax relief ever was made with…

VAT penalties when payments are 31 days late or more! HMRC have updated the guidance about how to settle VAT payments which are overdue by 31 days or more when penalties come into play. Since the VAT accounting periods starting on or after 1 January 2023, late payment penalties have applied to late VAT payments.…