Self employment and Partnerships – HMRC has clarified transition profit
Self employment and Partnerships – HMRC has clarified transition profit HMRC have now issued guidance on how to work out ‘transition profit’ for the 2023 to 2024 tax year under basis period reform – but what does this actually mean? This change in reporting for the self-employed and partnerships came into effect from April 2024…
Read MoreAuto Enrolment thresholds remain at £10,000
Auto Enrolment thresholds remain at £10,000 The auto enrolment pension thresholds for 2024-25 will remain at its current levels, with the initial earnings figure of £10,000 unchanged. The lower earnings limit for qualifying earnings will remain at £6,240, and the upper earnings limit will remain at £50,270, in line with the higher rate tax band…
Read MoreHMRC advanced notification rules for R&D and the potential risks
HMRC advanced notification rules for R&D and the potential risks Since the new rules have come into play, Companies claiming research and development (R&D) tax relief now need to submit details in advance making it harder to backdate claims. In 2023 HMRC introduced a requirement which means that companies have to advise in advance if…
Read MoreUndeclared dividend payments are being targeted by HMRC
Undeclared dividend payments are being targeted by HMRC Company directors that HMRC suspect of earning dividends, which are not being declared on their self-assessment tax returns are being contacted by HMRC. If you have received a letter from HMRC regarding this, please get in touch with us here at Kennedys Accounting if you need some…
Read MoreMore changes coming at Companies House to tackle fraud!
More changes coming at Companies House to tackle fraud! As Companies House continues its rollout of ‘new powers’ to improve the quality and reliability of its data and clamp down on abuse of the companies register, details of what is coming next are below…. The companies house register, which is used an amazing 14 billion…
Read MoreHMRC 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…
Read MoreSmall 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…
Read MoreNew 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…
Read MoreGetting your Self Assessment tax return filed early!
Getting your Self Assessment tax return filed early! Did you know that nearly 300,000 people submitted their self assessment tax return in the first week of the new tax year – so why not get in touch with us here at Kennedys Accounting and get yours filed too. So….what are the advantages of getting this…
Read MoreFurnished holiday lets – changes are coming!
Furnished holiday lets – changes are coming! With effect from 6 April 2025, loan interest for holiday let businesses operated by individuals will cease to be a deduction and relief but will instead be given as a 20% tax credit from the individual’s tax liability which was announced by the Chancellor in the Budget earlier…
Read More