Budget 2024 – Double Cab Pick-up vehicles – new tax treatment from April 2025
Budget 2024 – Double Cab Pick-up vehicles – new tax treatment from April 2025 As the detail behind the Autumn Budget announcements continues to be scrutinised, a significant change to the treatment of double cab pick-ups (DCPU) is included in the changes – which is yet another U turn in this saga. The changes which…
Read MoreWhat is the role of the Company Secretary
What is the role of the Company Secretary Managing companies has become increasingly complex and requires skilled managers and executives to ensure that companies achieve the expectations of their shareholders. In this respect, company secretaries have an important part to play. Their knowledge of and detailed involvement in the affairs of the company mean that…
Read MoreEU to introduce e-invoicing for VAT
EU to introduce e-invoicing for VAT After two years of debate and negotiations, the European Council has reached an agreement on new measures that will modernise the EU’s VAT rules. The key changes will introduce a requirement for electronic invoices and real-time data reporting. There will also be new rules on VAT liability for bookings…
Read MoreChanges to director loan rules to stop tax avoidance for group companies
Changes to director loan rules to stop tax avoidance for group companies Anti-avoidance rules continue to be tightened up to ensure shareholders cannot extract funds untaxed from close companies with immediate effect. The measure, announced in the Budget, came into force immediately on 30 October 2024 and will amend section 455 loans to ‘participators anti-avoidance legislation’…
Read MoreKennedys Accounting are ‘here to help’ with your company start-up accounting
Kennedys Accounting are ‘here to help’ with your company start-up accounting So far in 2024, nearly 76,000 companies have been set up, with Kent, Essex and Westminster the most popular areas to start a business. In fact, with Surrey and Hampshire making up the top 5 areas, which between these 5 areas account for over…
Read More20% of tax paid by just 100,000 people
20% of tax paid by just 100,000 people The total receipts for capital gains tax (CGT) and income tax rose to £262.6bn in 2022/23, with the top 100,000 taxpayers paying one fifth of this, meaning almost £4bn being covered by just 100 people, meaning each of these taxpayers paid an average £39m, as revealed analysis…
Read MoreBudget 2024 – Hike in Capital Gains Tax and Business Asset Disposal Reliefs
Budget 2024 – Hike in Capital Gains Tax and Business Asset Disposal Reliefs The lower and higher rates of capital gains tax (CGT) were increased from 30 October 2024. Less than 1% of adults in the UK contribute to CGT, with £572m being collected in the last quarter. There are only two rates for CGT,…
Read MoreBudget 2024 – Tax thresholds to increase in 2028
Budget 2024 – Tax thresholds to increase in 2028 The chancellor announced in the budget that the personal tax thresholds for income tax and National Insurance will rise in line with inflation in 2028/29 for the first time since the 2020/21 tax year, which will finally release the fiscal drag which is pulling millions of…
Read MoreBudget 2024 – Inheritance tax reliefs removed!
Budget 2024 – Inheritance tax reliefs removed! Changes to inheritance tax has seen the Chancellor confirming reforms to business and agricultural property relief with a reduced 20% Inheritance tax (IHT) rate. The new rules which are due to come into effect from 6 April 2026 will significantly change the current regime with the chancellor looking…
Read MoreBudget 2024 – Charity Gift Aid rules changing
Budget 2024 – Charity Gift Aid rules changing HMRC is planning to clamp down on charitable tax reliefs claimed through Gift Aid, but not until 2026 to ‘give charities time to adjust to the new rules.’ Each year more than £1.6bn is claimed in Gift Aid by charities and HMRC believe it is open to…
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