HMRC is targeting online sellers – what do you need to know?

HMRC is targeting online sellers – what do you need to know? As mentioned in our previous blog – https://kennedysaccounting.uk/selling-online-is-changing-are-you-falling-into-the-tax-trap-insights/ in January 2024, it seems that HMRC have already started compliance checks on the highest reported earners. Following the UK’s agreement to the Organisation for Economic Cooperation and Development’s (OECD) global data sharing which is…

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Small and medium-sized enterprises (SME) are being ‘debanked’

Small and medium-sized enterprises (SME) are being ‘debanked’ The Treasury Committee has ‘condemned unfair de-banking of legitimate businesses’ and are highly critical of ‘substandard processes’ taken by banks. A recent report has advised that in the last year more than 140,000 SMEs have been ‘debanked’ with the majority advising that they received no warning. Subsequently…

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New Rules for Company Names

New Rules for Company Names As Companies House continues to introduce new practices as a result of the implementation of Economic Crime and Corporate Transparency Act, the latest is the new rules for company names. Companies House have advised that they are ‘running stronger checks on company names which may give a false or misleading…

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HMRC freezes director’s loan interest at 2.25%!

HMRC freezes director’s loan interest at 2.25%! Surprisingly, the official rate of interest (ORI) for beneficial loan arrangements like director’s loans will be frozen at 2.25% for the second year running. HMRC has confirmed that the official rate will not be increased for director’s loans outstanding throughout the tax year 2024/25 using the normal averaging…

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Essential tax rates and thresholds for 2024/2025

Essential tax rates and thresholds for 2024/2025 Please find below a guide to the main tax rates and allowances updated in the Spring Budget, showing the main changes that will come in from 6 April 2024.  Tax rates for dividend income Dividends within 2024/25 2023/24 Basic rate band 8.75% 8.75% Dividend allowance £500 £1,000 Higher rate…

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Changes to tax benefits for furnished holiday lettings

Changes to tax benefits for furnished holiday lettings The 2024 budget included the announcement of tax benefit changes for those with furnished holiday lettings (FHL) which will mean that individuals operating FHL businesses will lose a number of tax benefits. Currently, interest incurred on loans for the purpose of a furnished holiday letting business are…

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Government AI tool is focused on dormant companies

Government AI tool is focused on dormant companies The government’s artificial intelligence (AI) fraud detection tool has been upgraded to include new data on thousands of dormant companies. In a new bid to clamp down on fraud, the government also plans to use AI to identify entities registering and bankrupting successive companies to avoid paying…

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Director’s salary and dividends for 2024/25

Director’s salary and dividends for 2024/25 As business owners of a limited company, typically, the best way to pay yourself via your limited company is to take a low director’s salary and then top up your earnings with regular dividend payments. As tax thresholds and allowances often change at the start of a new tax…

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Crypto Investors – tax crackdown announced in 2024 Spring budget

Crypto Investors – tax crackdown announced in 2024 Spring budget HMRC has announced it is consulting on the implementation of ‘global transparency rules’ which will mean crypto platforms will have to share client data with HMRC. The new rules are designed to ensure that in future, crypto investors will find it much harder to avoid…

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