Millions of new taxpayers will be created by the extended freeze on the income tax thresholds. In the Autumn Statement, the Government froze the thresholds until 2028 – two additional years on its original plans. The income tax thresholds for basic (20 per cent) and higher rate (40 per cent) taxpayers will remain unchanged, while…
Planning for the future is essential when running a business and, ideally, you should have a perspective of where you want to be in three to five years. Goals or targets provide a sense of direction, focus, and motivation. But how do you set aims effectively? You could try the SMART method. This relies on five…
Chancellor Jeremy Hunt has announced a series of changes to the UK research and development (R&D) tax credit regime, including a cut to the deduction and credit rates for the SME scheme. The R&D SME scheme enhanced deduction rate will be cut to 86 per cent from the current 130 per cent, and the payable…
Companies House has gone fully digital after the announcement of the closure of its office in London and all filing being transferred online. It has also permanently shut the public counters in Cardiff, Belfast and Edinburgh. Online services will be available 24 hours a day, seven days a week. Changes have taken place with improved…
The exemption for paying Capital Gains Tax (CGT) is changing. The CGT annual exemption will fall from £12,300 to £6,000 from April 2023, before being cut in half again to £3,000 from April 2024. CGT is what you pay on any gains that you make when you come to sell an asset, such as a…
