In anticipation of the implementation of Making Tax Digital for Income Tax in April 2024, the recently published Finance Bill confirms HMRC’s proposals to change the current rules as to how profits are allocated to a tax year for self-employed individuals and partnerships (including LLPs). The proposal is to replace the existing current accounting year basis for trading income with a new tax year basis, from April 2024, with a transition year for 2023-24.

The latest edition of our Charity and Not for Profit eNews is now available to download.

The Autumn Budget revealed only a few VAT updates. Changes are limited to a handful of Brexit related amendments, an extension of an exemption and the announcement of a consultation on fund management charges.

1.43 Clamping down on promoters of tax avoidance HMRC have been piling pressure on both the users and promoters of avoidance schemes recently. They have set up specialist teams to tackle these, challenging them through the Courts, offering settlement opportunities to participants as an ‘out’ in exchange for paying the lost tax plus interest and […]

In a tax and spend Budget, the Chancellor, Rishi Sunak, set out the Government’s plans. Previously announced tax increases, including to Corporation Tax and the new Health and Social Care Levy, mean that the tax burden is now at its highest since the early 1950s, and Government spending is at its highest since the 1970s.  The Chancellor concluded his speech with a pledge to reduce taxes by the end of this Parliament.

Gareth Ogden, Partner has commented on a article for Modern Hospitality. To read the full article, click here.

Gareth Ogden, Partner has commented on a article for Modern Retail. To read the full article, click here.

The Chancellor Rishi Sunak delivered his Autumn Budget and Spending Review earlier this afternoon, setting out a new Charter for Budget Responsibility, alongside revised economic forecasts and spending plans.