HMRC has announced that the official interest rate will remain at 2.25% for 2024/25, despite the Bank of England Base Rate currently standing at 5.25%. This official rate is used…
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HMRC has relaunched the beta testing for Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) as of 22 April 2024. Although MTD ITSA will not be mandatory until at…
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On top of the major changes to research and development (R&D) tax relief that took effect from 1 April 2023 there are yet more changes that take effect from 1…
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As announced in the Spring Budget, the beneficial tax treatment of furnished holiday lettings (FHLs) will be abolished from 6 April 2025, when the business will start being taxed in…
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Making Tax Digital for income tax self-assessment is scheduled to commence in 2026/27 for sole traders and property landlords with gross income of £50,000 or more, and the threshold then…
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In a move poised to redefine the landscape of business taxation, the method for taxing profits of unincorporated businesses has undergone notable changes starting from the 2023/24 tax year, with…
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Cash accounting was introduced as a measure to make it simpler for small businesses to prepare their accounts for tax purposes. It previously only applied to businesses with turnover up…
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In the wake of the recent Spring Budget, the High-Income Child Benefit Charge (HICBC) has undergone significant updates, set to impact many families starting 6 April 2024. The Finance Bill…
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