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April 2025 – Changes to Company accounts thresholds
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…
Read MoreClaims for R&D tax relief have slumped for SME’s
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…
Read MoreHow did you spend your Christmas?
How did you spend your Christmas? On Christmas Day, an impressive 4,400 people filed their tax return. On Christmas Eve, another 23,730 filed their tax return… Then on Boxing Day another 11,930 decided to file their tax return, with over 1,100 filing between 4 and 5pm. This means that over these 3 days, HMRC received…
Read MoreRecord amount paid out in film and TV tax breaks
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…
Read MoreMarriage Allowance for Self-Assessment Tax Returns
Marriage Allowance for Self-Assessment Tax Returns As the deadline for self-assessment tax returns edges closer, the complicated process for anyone who claims marriage allowance to follow, related to timings, is proving difficult for many. Here at Kennedys Accounting, we are experienced in complex self-assessments and are happy to assist with your return, the following information…
Read MoreVAT penalties when payments are 31 days late or more!
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.…
Read MoreTax Code changes in the Scottish Budget
Tax Code changes in the Scottish Budget The finance minister for the Scottish government, has set out her tax and spending plans for Scotland for 2025-26 with a commitment to a 3.5% rise in the two key tax thresholds, affecting the majority of taxpayers. The Scottish government advised that the decision to increase thresholds was…
Read MoreData sharing between HMRC and online platforms from HMRC is NOT a new tax!
Data sharing between HMRC and online platforms from HMRC is NOT a new tax! Despite a supposed ‘uproar’ earlier this year after the mandatory requirement for online platforms to share data with HMRC about their users’ sales, there will be no new tax changes for influencers, and those selling online. HMRC are launching a publicity…
Read MoreOver 100,000 people have been ‘dragged’ into the 60% tax trap!
Over 100,000 people have been ‘dragged’ into the 60% tax trap! The number of people that have been pulled into 60% tax has increased by 18% to around 634,000 in the last 12 months, while over four million now pay higher rate tax. The reported figure, which is up from 537,000 in 2023, shows the…
Read MoreLess than 50 days to go to file your personal Self Assessment Tax return for 2023/24
Less than 50 days to go to file your personal Self Assessment Tax return for 2023/24 With Christmas and New Year celebrations on the horizon, getting stuck into paperwork is likely one of the last things you are wanting to do and if you have a personal self assessment tax return to complete – you…
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