Tax Diary September/October 2024
1 September 2024 - Due date for corporation tax due for the year ended 30 November 2022. 19 September 2024 - PAYE and NIC deductions due for month ended 5 September 2024. (If you pay your tax
Labour market stats not encouraging
The number of people classed as economically inactive has spiraled to 9.4 million. Data published by the Office for National Statistics (ONS) shows the percentage of people employed has fallen to
AI expert to lead action plan
New UK Science Secretary, Peter Kyle, has put Artificial Intelligence or AI at the heart of the government’s agenda to deliver change, sustained economic growth and improved public services. The
Register for VAT One Stop Shop Scheme
The VAT Import One Stop Shop (IOSS) Scheme applies to goods imported in consignments with a value of £135 or less (known as low value goods) from countries outside the EU and Northern Ireland, to
Let Property Campaign
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any
The marginal rate of Corporation Tax
The Corporation Tax Main Rate applies to companies with profits in excess of £250,000. The applicable rate is currently 25%. A Small Profit Rate (SPR) of 19% applies to companies with profits of up to
Current CGT rates
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and make a small capital
Considering a significant gift?
There are special rules concerning the liability to IHT of a transfer made during one’s lifetime. For example, most gifts made during a person's life are not subject to tax at the time of the gift.
Thinking of selling your business?
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. When the relief if available, Capital Gains
Your stake in your business
Ever wondered how your stake in your business is represented in your accounts? The answer can be found at the bottom of your balance sheet. Simply put it is the value of your physical business assets