News
Focus on bottom line
Most dictionaries define “bottom line” as “the most important thing to consider”.
In financial circles it’s taken to mean a...
Company accounts filing – don’t be late…
It’s the directors’ responsibility to file their company’s accounts, and make sure they’re filed on time. It’s important to understand...
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...
Summary of Companies House changes
Effective October 26, 2023, the Economic Crime Act empowers Companies House to combat abuse, streamline filings, enforce identity verification, and...
Tax relief for R&D intensive SMEs
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Enterprise Investment Scheme investee businesses
The Enterprise Investment Scheme (EIS) supports smaller trading companies by offering tax reliefs to investors buying new shares. Qualifying criteria...
Corporation Tax marginal rate
As of April 1, 2023, UK Corporation Tax: 25% for profits over £250,000, 19% Small Profits Rate for up to...
NIC changes for employees from 6 January 2024
Chancellor’s Autumn Statement: Employee National Insurance cut by 2% from Jan 6, 2024, benefiting 27 million. Examples show potential savings,...
NIC changes for the self-employed
Chancellor’s Autumn changes for self-employed: Removes Class 2 NIC for profits over £12,570, and cuts Class 4 NIC by 1%...
Directors’ duties and responsibilities
Directors, aged 16 and above, handle responsibilities like filing accounts, reporting changes, and paying taxes. Follow your company’s constitution, promote...
ECOVIS rises up the Accountancy Age Top 50+50 rankings
The list of the Top 100 Accountancy Firms for 2023 has been unveiled, and we are thrilled to announce that...
Gifts of shares to minor (under 18s) children
Settlement legislation attributes a settlor’s retained interest to their income for tax purposes. Exceptions apply in common scenarios like gifts...
What counts as holiday accommodation?
HMRC’s VAT Notice 709/3 outlines VAT treatment for hotels, motels, and holiday accommodations like caravans. Properties advertised for holiday use...
The badges of trade
The ‘badges of trade’ tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a...
Income Tax – £5,000 savings zero rate band
For the 2023-24 tax year, no tax on interest if income is under £17,570. Tapered relief for income between £12,570...
CGT – Lettings relief
In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family...
IHT – Giving away your home before you die
Lifetime gifts, including homes, are often tax-free as ‘potentially exempt transfers’ (PETs). Inheritance Tax (IHT) exemption requires the donor’s seven-year...
Autumn Statement Summary
We have pleasure in sharing our summary of the Chancellor’s 2023 Autumn Statement. In this article and report we have...
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...
£4.5bn for British manufacturing from 2025
The UK government pledges £4.5 billion for British manufacturing, targeting key sectors like automotive and aerospace for the transition to...
Time to Pay tax
HMRC offers support for tax payment challenges. Use the online plan for Self-Assessment bills up to £30,000, filing within 60...