Finance News - Studholme Bell

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30-11-2023
NIC changes for the self-employed

NIC changes for the self-employed

In the recent Autumn Statement, the Chancellor announced two important changes to National Insurance contributions (NIC) for the self-employed. The first change concerns the removal of Class 2 NICs ... read more

30-11-2023
NIC changes for employees from 6 January 2024

NIC changes for employees from 6 January 2024

In the recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions (NIC) for employees. There will be a cut in the main rate of Employee National ... read more

30-11-2023
Corporation Tax marginal rate

Corporation Tax marginal rate

The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023. A Small Profits Rate (SPR) of 19% was also introduced from the same date for companies ... read more

30-11-2023
Enterprise Investment Scheme investee businesses

Enterprise Investment Scheme investee businesses

The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs to investors who purchase new shares in those ... read more

30-11-2023
Tax relief for R&D intensive SMEs

Tax relief for R&D intensive SMEs

In the Autumn Statement it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme will be merged from April 2024. It was also confirmed that there will be ... read more

30-11-2023
Summary of Companies House changes

Summary of Companies House changes

The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023. The new Act provides Companies House with more power to reduce the abuse of corporate structures whilst at ... read more

30-11-2023
What now, following the Autumn Statement

What now, following the Autumn Statement

In some respects, the Chancellor’s predicament is deserving of a sympathetic ear; its as if he has a long journey ahead but has one foot firmly nailed to the floor. Stagnant growth in the UK and ... read more

28-11-2023
Directors’ duties and responsibilities

Directors’ duties and responsibilities

To be a director, you must be over 16 and not currently disqualified. As a director your responsibilities include: filing your company’s annual accounts and reports or appoint an accountant to do ... read more

23-11-2023
IHT – Giving away your home before you die

IHT – Giving away your home before you die

The majority of gifts made during a person's life, including gifting a home, are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or ... read more

23-11-2023
CGT - Lettings relief

CGT - Lettings relief

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief from CGT is commonly known as Private Residence Relief or PRR. However, ... read more

23-11-2023
Income Tax - £5,000 savings zero rate band

Income Tax - £5,000 savings zero rate band

If you have taxable income of less than £17,570 in 2023-24 tax year you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings ... read more

23-11-2023
The badges of trade

The badges of trade

The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic trade / business activity or merely a money-making by-product of a ... read more

23-11-2023
What counts as holiday accommodation?

What counts as holiday accommodation?

HMRC’s VAT Notice 709/3 entitled 'Hotels and holiday accommodation' explains how supplies by hotels and similar establishments such as motels, guesthouses and B&Bs should be treated for VAT ... read more

23-11-2023
Gifts of shares to minor (under 18s) children

Gifts of shares to minor (under 18s) children

The settlement legislation seeks to ensure that, where a settlor has retained an interest in property in a settlement, the income arising is treated as the settlor’s income for all tax purposes. A ... read more

22-11-2023
Autumn Statement Summary

Autumn Statement Summary

The Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons. The government continues to be faced with challenging economic conditions as the cost of ... read more

21-11-2023
£4.5bn for British manufacturing from 2025

£4.5bn for British manufacturing from 2025

The government has announced £4.5 billion in funding for British manufacturing to increase investment in eight sectors across the UK. The funding will be available from 2025 for five years, providing ... read more

21-11-2023
Fuel price watchdog sharpens its teeth

Fuel price watchdog sharpens its teeth

UK motorists will be protected at the pumps under tough new powers that will shine a light on any attempt from retailers to unfairly hike up fuel prices. Under new amendments tabled on 15 November ... read more

16-11-2023
Tax credits top-up

Tax credits top-up

The Cost of Living support package has been designed to help over 8 million households in receipt of mean tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year were ... read more

16-11-2023
Marriage allowance entitlement

Marriage allowance entitlement

The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or pay tax above the basic rate threshold for Income Tax (i.e., one ... read more

16-11-2023
Tax relief on pension contributions

Tax relief on pension contributions

Taxpayers can usually claim tax relief for their private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual ... read more

16-11-2023
Full expensing

Full expensing

The full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into effect on 1 April 2023. To qualify for full expensing, expenditure must be incurred on the ... read more

16-11-2023
Hold-over gifts relief

Hold-over gifts relief

Gifts Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT) that may arise on a relevant gift. The relief can be claimed when assets are given away (including certain ... read more

16-11-2023
Time to Pay tax

Time to Pay tax

If you are having trouble paying your tax on time you may be eligible to receive support from HMRC. An online payment plan for Self-Assessment tax bills can be used to set up instalment arrangements ... read more

14-11-2023
Closing the door on tax planning

Closing the door on tax planning

When the end of a tax year passes, the 5 April 2024 for the current year, or the end of an accounting year if a company, any opportunity to take advantage of tax planning strategies closes. For ... read more

14-11-2023
Why breakeven analysis can be illuminating

Why breakeven analysis can be illuminating

If you focus your energy on sales, there is a chance that your efforts will produce losses. Which is why we always encourage our business clients to keep their accounting records using software that ... read more

14-11-2023
Tax Diary December 2023/ January 2024

Tax Diary December 2023/ January 2024

1 December 2023 - Due date for Corporation Tax payable for the year ended 28 February 2023. 19 December 2023 - PAYE and NIC deductions due for month ended 5 December 2023. (If you pay your tax ... read more

09-11-2023
Help to Save bonus payments

Help to Save bonus payments

The Help to Save scheme is intended to help those on low incomes to boost their savings. Eligible users of the scheme can save between £1 and £50 every calendar month and receive a 50% government ... read more

09-11-2023
Childcare support from HMRC

Childcare support from HMRC

Parents may be eligible to receive childcare support from HMRC using the Tax-Free Childcare (TFC) scheme. The TFC scheme can help parents of children aged up to 11 years old (17 for those with certain ... read more

09-11-2023
Due a student loan refund?

Due a student loan refund?

Student Loans are part of the government's financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying, and it ... read more

09-11-2023
Company tax return obligations

Company tax return obligations

After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. In most cases a company’s tax return must be submitted within 12 months from ... read more

09-11-2023
Reminder of not-so-trivial tax-free benefits

Reminder of not-so-trivial tax-free benefits

There is a benefit-in-kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, or a bouquet of flowers given occasionally to employees or any other BiK classed as ... read more

09-11-2023
What is a business repair?

What is a business repair?

HMRC’s internal manuals provide some useful information on the definition of a business repair. This is important because it is required to identify the asset on which work has been carried out. This ... read more

06-11-2023
Cost of living payments

Cost of living payments

You may have been entitled to a Cost of Living Payments of £301 (paid April/May 2023) and should be about to receive £300 (payable early November 2023) and a further £299 due spring 2024. Payments are ... read more

02-11-2023
Paying tax by direct debit

Paying tax by direct debit

One of the many ways that payments can be made to HMRC is by using a direct debit. The direct debit can be set up online. You can pay your tax bill using direct debit if you have an online account ... read more

02-11-2023
Filling gaps in National Insurance record

Filling gaps in National Insurance record

National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the number of qualifying years of National Insurance ... read more

02-11-2023
Current State Pension age

Current State Pension age

The second review of the State Pension age has been published by the Department for Work and Pensions. The State Pension age is currently 66. The review has stated that a further increase in the State ... read more

02-11-2023
Do you need to pay tax when you sell your home?

Do you need to pay tax when you sell your home?

In general, there is no Capital Gains Tax (CGT) when you sell your home. This applies to a property which has been used as the main family residence. An investment property which has never been used ... read more

02-11-2023
Trusts and Income Tax

Trusts and Income Tax

A trust is an obligation that binds a trustee, an individual or a company to deal with the trust assets, such as land, money and shares, and which form part of the trust. The person who places assets ... read more

02-11-2023
Taxable gains on gifts

Taxable gains on gifts

Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for less than they are ... read more

01-11-2023
Back of an envelope

Back of an envelope

If you run a business and manage your planning by scribbling notes on the back of an envelope, you might be advised to read the contents of this article. When the economy is vibrant, effectively when ... read more

01-11-2023
Cash flow v supplier credit limits

Cash flow v supplier credit limits

In a recent article we explained how granting lengthy credit limits to customers was as good as letting them keep your money in their bank account. In this post we describe the opposite situation, ... read more

25-10-2023
Countdown to Self-Assessment filing deadline

Countdown to Self-Assessment filing deadline

There are now less than 100 days to file your 2022-23 Self-Assessment tax return online. The deadline is 31 January 2024. The deadline for paper returns ended on 31 October 2023. You should also be ... read more

25-10-2023
Scottish council tax frozen

Scottish council tax frozen

Humza Yousaf, Scotland's First Minister, has announced that council tax rates will be frozen in the next financial year to support people struggling with the effects of high inflation. First ... read more

25-10-2023
Self-Assessment scam warning

Self-Assessment scam warning

Fraudsters are continuing to target taxpayers with scam emails in advance of the deadline for the submission of Self-Assessment returns for the 2022-23 tax year. In the 12 months to September 2023, ... read more

25-10-2023
Tax free annual party

Tax free annual party

The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the various criteria outlined below, then there is no requirement to report ... read more

25-10-2023
Replacement of domestic items relief

Replacement of domestic items relief

The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and kitchenware in a rental property. The ... read more

25-10-2023
Loss of personal tax allowance

Loss of personal tax allowance

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt ... read more

23-10-2023
New company reporting regulation withdrawn

New company reporting regulation withdrawn

The Government has withdrawn draft regulations after consultation with companies raised concerns about imposing additional reporting requirements. Instead, the Government will pursue options to ... read more