Treasury confirms extension of the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) tax reliefs to April 2035
Treasury confirms extension of the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) tax reliefs to April 2035 The above-mentioned schemes will now run until 5 April 2035 and are designed to encourage investment into new or young companies through tax-relief incentives, encouraging innovation, creating jobs and stimulating economic growth. The schemes offer incentives…
Read MoreCompanies House is replacing Government Gateway Access
Companies House is replacing Government Gateway Access The government’s new single sign-in service, Gov.uk One Login will need to be used by businesses to access Companies House accounts instead of the Government Gateway process. Companies House has confirmed that from autumn 2024, it will start to move to the new system which will have to…
Read MoreNearly half of all invoices are being paid late
Nearly half of all invoices are being paid late Small business owners and freelancers continue to struggle with their own cashflow due to receiving late payments with stats showing that 49% of all invoices are being paid late, which is a 6% increase on the previous year. It also seems that where the business is…
Read MoreGetting to grips with Research and Development (R&D) – which now seems to have 5 schemes
Getting to grips with Research and Development (R&D) – which now seems to have 5 schemes The changes which came into effect for R&D in April 2024, as per our previous blogs, saw the introduction of a new merged and enhanced research and development intensive scheme (ERIS). This was on top of the R&D intensive…
Read MoreDomestic Reverse Charge VAT
Domestic Reverse Charge VAT VAT reverse charge rules came into effect on 1st March 2021, which altered the way businesses operating the Construction Industry Scheme (CIS) and are VAT registered complete their invoices. These rules can feel complex, and you need to be aware of what they may mean for your business sales invoices and…
Read MoreHMRC to hire extra compliance staff
HMRC to hire extra compliance staff The Treasury has announced plans for HMRC to hire an additional 5,000 staff to clamp down on tax cheats and set aside more investment for IT infrastructure. The newly appointed minister responsible for HMRC, James Murray, Exchequer secretary to the Treasury has set out a brief overview of plans…
Read MoreStudent Loans and PAYE Payroll
Student Loans and PAYE Payroll HMRC has issued an update to employers which clarifies how to deal with student loan or postgraduate loan start notices, called SL1 or PGL1. It is important to check and use the ‘correct loan or plan type’ on the start notice, and the start date shown on the notice to…
Read MoreFurnished holiday lettings (FHL) tax regime will be changing from April 2025
Furnished holiday lettings (FHL) tax regime will be changing from April 2025 The tax advantages that landlords who offer short-term holiday lets have over those who provide standard residential properties, such as buy to let long-term tenancies is coming to an end. From April 2025 income and gains from a FHL will form part of…
Read MoreChanges to the registered office addresses rules
Changes to the registered office addresses rules There have been a number of changes made in recent months, one of which means that companies must have an ‘appropriate address’ as their registered office, or face fines of up to £1,000 – but what does this mean? It has to in effect pass the following tests…..…
Read MoreHMRC late payment interest cut by 0.25%
HMRC late payment interest cut by 0.25% The Bank of England cut the base rate to 5.0% on 1 August, which was the first reduction for over four years. This has triggered a cut in HMRC interest rates which are linked to the base rate, although this will take a few days to filter through…
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