Industry leaders have welcomed the Government’s new Critical Imports and Supply Chain Strategy, safeguarding UK supplies of critical goods such as medicines, minerals and semiconductors. In a press release issued 17 January 2024, The Department for Business and Trade said: “More than 100 top UK firms, including pharmaceutical and manufacturing leaders and business representative bodies

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take your donation and, provided all the qualifying conditions are met, reclaim the basic rate tax allowing for an extra 25p of tax relief on every pound donated to charity. If you are a higher

The VAT Flat Rate scheme allows businesses to pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the

The beginning of a new year is an opportune time to undertake basic business planning. One aspect that needs continuous management is to protect your business capital. The downturn in global trade continues to be affected by the war in Ukraine, the situation in the Middle East and now the disruption to movement of goods

1 February 2024 – Due date for Corporation Tax payable for the year ended 30 April 2023. 19 February 2024 – PAYE and NIC deductions due for month ended 5 February 2024. (If you pay your tax electronically the due date is 22 February 2024) 19 February 2024 – Filing deadline for the CIS300 monthly

HMRC’s Code of Practice 8 (COP8) explains how the Fraud Investigation Service (FIS) at HMRC carry out civil investigations. The COP8 applies to all investigations where the Contract Disclosure Facilities (Code of Practice 9) are not used. COP8 is commonly used where HMRC has suspicions that the wrong amount of tax has been paid for example

If you use your car or other vehicle to undertake business journeys on behalf of your employer, and your employer does not: Fully reimburse you for the business use, or Reimburses you but at a lower rate per mile than the approved HMRC rates (see below). Then you may be able to make a claim

The Welsh draft Budget for 2024-25 was published on 19 December 2023. The Budget sets out the Welsh government’s revenue and capital spending proposals, including detailed portfolio spending plans. There have been no changes announced to the Welsh rates of Income Tax (WRIT) which will continue to be set at 10p for 2024-25. This means

The Register of Overseas Entities came into force in the UK on 1 August 2022. The register is held at Companies House and requires overseas entities that own land or property in the UK to declare their beneficial owners and / or managing officers. Companies House has recently confirmed that there had been more than 30,000

The government Valuation Office Agency have issued the following warning to business owners who may have received unprompted approaches by an agent offering to negotiate a reduction in their business rates bill. The Valuation Office Agency (VOA) is urging businesses to protect themselves from rogue business rates agents. New rateable values for business properties came