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Businesses will need to consider some key changes in 2024 which need to go in their diaries… For small businesses, companies and employers there are a number of areas to watch out for which were listed in the Autumn Statement, the key ones of which are listed below; Wages and salaries  Employers with younger workers…

Buy to Let Landlords property income continues to increase The total property income declared by unincorporated landlords in 2021-22 was £48.8bn, up from £46.3bn the previous year according to HMRC figures. The data also showed that 2.79m landlords filed self assessment tax returns, with the overwhelming majority having just one buy to let property. There…

Over 50% of businesses are paying suppliers late! Over 50% of businesses have confirmed that they have been paying invoices late due to cashflow problems. External research has confirmed that the average payment has been 22 days late while up to 21% of businesses are paying suppliers over a month late. Delays in payments are…

Less than 60 days to go until the self assessment tax return deadline With less than 60 days to go until the self assessment tax return deadline, a recent survey has recognised that around 75% of the self employed do not know when higher rate tax starts. The survey found that 75% of the self…

Research and Development (R&D) Changes due in 2024 are already causing confusion Changes to R&D relief are causing confusion for companies and the importance of using an experienced accountant to complete R&D claims is becoming more important than ever as processes change. The government is planning to merge the existing R&D schemes into a single…

Tax treatment for charging company vehicles at home HMRC have amended their guidance on the tax treatment of charging electric company cars and vans at residential properties. The costs incurred of charging company cars and vans are now treated as a tax-free benefit, whereas in the past HMRC said that where an employer reimburses their…

The importance of using your accountant to do your R&D claim Accountants are warning that UK companies are at risk of falling foul to new regulation for the submission of tax relief claims for research and development (R&D). Nearly 50% of claims have been declared invalid by HMRC since new documentation requirements came into effect…

Profit and Loss to be reported for Small Companies The government has announced it is going ahead with tightening the accounts filing framework for small companies, by making it mandatory to report the profit and loss figures for small companies, but has not yet said when this will be implemented as time needs to be…

Less than 80 days to go!! Do you need to file a Self Assessment tax return and keep putting it off to another day! Do you need some assistance as you are not sure how to do it? Then let us at Kennedys Accounting help! – with less than 80 days to go until the…

HMRC has changed its process for late VAT returns HMRC is changing the assessment process for late VAT returns, making it even more important to ensure you have detailed records and that all returns are submitted on time. If you (your business) fails to file a VAT return by the due date, HMRC will apply…