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  • IFRS 15 meets expectations despite challenges

    The International Accounting Standards Board (IASB) has completed its post-implementation review of IFRS 15, the revenue recognition standard, concluding that it works as intended and provides valuable information for investors. Issued in 2014, IFRS 15 was the first standard jointly developed with the US Financial Accounting Standards Board (FASB) to ensure consistent revenue recognition across…

    November 1, 2024
  • UK house prices near record high

    Mortgage rates boost confidence, but affordability remains an issue, with the average price reaching £293,399, just £108 short of the June 2022 peak. Halifax says house prices approached a record high in September, driven by falling mortgage rates. Halifax noted that prices have risen for three consecutive months as market conditions improve. House prices have…

    November 1, 2024
  • Private school VAT could affect 55% of parents

    The rising costs of private education, compounded by the introduction of VAT on school fees in January, are expected to impact more than half of children in private schools. According to a survey of 2,000 high-net-worth individuals (HNWIs), 993 parents with children in private education expressed concerns about the financial burden. Over half (55%) of…

    November 1, 2024
  • AUTUMN BUDGET 2024

    Boxed in by Labour’s manifesto pledges not to increase income tax, employee’s national insurance and VAT, Chancellor Rachel Reeves instead had to raid other taxes, like capital gains tax (CGT), inheritance tax (IHT), employer’s national insurance and to extend the tax threshold freeze to find the £40bn needed to balance the books. While the tax…

    October 30, 2024
  • Choosing the right business structure

    How your structure affects tax and liability. Choosing the appropriate structure for your business is one of the first and most important decisions you will make. It affects everything from your tax obligations to the level of personal liability you will face, and even how you can raise funds. If you are thinking of starting…

    October 4, 2024
  • Handling a personal tax compliance check

    How to deal with a compliance check from HMRC. Personal tax compliance checks can sound intimidating. However, with the right preparation and understanding, they don’t have to be. In this spotlight, we aim to walk you through what to expect during a tax compliance check, how to stay organised and ways to handle the process…

    October 4, 2024
  • Price of the average house increases in 2024

    Demand rises, but supply keeps growth in check. Buyer demand has surged by 20% compared to the previous year, with new sales agreements rising by nearly 25%. The average cost of a UK home reached £266,400 in July, reflecting a 1.4% rise over the first seven months of 2024. This equates to an increase of…

    October 4, 2024
  • Tax hike fears trigger asset sell-offs

    Investors brace for capital gains tax increase. This “frenzy” of activity comes as concerns mount that the Labour administration will increase taxes to address a £22 billion shortfall in public finances. Wealth managers and tax experts say fears of a capital gains tax hike in the upcoming October Budget have triggered a surge in asset…

    October 4, 2024
  • Crypto investors urged to review tax obligations

    The Chartered Institute of Taxation (CIOT) has emphasised the importance of accurate and up-to-date tax reporting for all crypto-asset owners. Crypto investors in the UK are urged to review their tax obligations as HMRC begins issuing “nudge letters” to those it suspects may have underpaid tax on their crypto gains. Gary Ashford, chair of CIOT’s…

    October 4, 2024
  • New HMRC advisory fuel rates

    Updated fuel rates impact UK company-car drivers. These rates, which apply to petrol, diesel, LPG, and electric vehicles, are used to reimburse employees for business travel or repay the cost of fuel used for private travel. HMRC has introduced new advisory fuel rates, effective 1 September 2024, impacting company-car drivers across the UK. Notably, the…

    October 4, 2024
  • Tax-efficient giving

    Strategic planning of gifts to minimise tax liabilities. Tax-efficient gift-giving is an essential aspect of estate planning that can significantly reduce your inheritance tax (IHT) liabilities while benefiting your loved ones. By carefully planning and utilising the available allowances and exemptions, you can ensure that more of your wealth passes on to your family and…

    September 2, 2024
  • Understanding R&D tax credits

    Unlock the benefits of R&D tax credits for your business. Research and development (R&D) tax credits are a crucial incentive designed to encourage businesses to innovate and invest in new technologies, processes and products. Yet, despite their significance, many businesses either aren’t aware of their potential benefits or aren’t fully utilising them. We explore what…

    September 2, 2024
  • Businesses targeted  for NMW compliance

    Enforcement will focus on 11 specific regions: Belfast, Birmingham, Bradford, Cardiff, Cornwall, Cumbria, East Anglia, Glasgow, Liverpool, the North East, and Watford. HMRC is cracking down on small and medium-sized businesses (SMEs) in 11 UK regions for potential non-compliance with the National Minimum Wage (NMW). Companies found guilty of underpaying will have to reimburse workers…

    September 2, 2024
  • HMRC cuts late payment interest rate

    0.25% reduction for late and repayment interests. The Bank of England (BoE) cut the base rate to 5.0% on 1 August, the first reduction in over four years. HMRC will lower late payment and repayment interest rates for the first time in a year. This change has prompted HMRC to adjust its rates, which are…

    September 2, 2024
  • CGT take falls by £2.5 billion

    Only 369,000 taxpayers paid CGT in 2023, resulting in a £2.5bn drop in revenue to £14.4bn. Only 369,000 taxpayers paid capital gains tax (CGT) in the last tax year, a decrease of 40,000 from the previous year. Despite the overall reduction, CGT from residential property sales rose to £1.6bn. High-income individuals had a significant impact,…

    September 2, 2024
  • Bank of England cuts interest rates

    The vote to lower the interest rate to 5.0% was close, with five members voting in favour and four against. In its first cut for four years, the Bank of England (BoE) has reduced interest rates by 0.25%. The BoE was under pressure to make this reduction as inflation had hit its 2% target for…

    September 2, 2024
  • Building an emergency fund

    Take steps to secure your future. As an accounting practice, we often stress the importance of having an emergency fund to our clients. An emergency fund is essential for financial stability, offering a safety net during unexpected situations such as job loss, medical emergencies, or significant repairs. In this guide, we will outline the steps…

    August 6, 2024
  • What to expect from a statutory audit

    A statutory audit may sound alarming, but it’s a vital process that helps ensure a company’s financial health and compliance. Whether you’re a small business owner or part of a large corporation, understanding what to expect from a statutory audit can ease any concerns and prepare you for a smooth experience. Understanding the purpose of…

    August 6, 2024
  • Labour’s landmark election victory

    Labour’s campaign pledged not to raise National Insurance, income tax, or VAT, yet it proposed significant tax reforms. Labour secured a historic landslide victory in the general election, with Sir Keir Starmer’s Government setting the stage for the introduction of several new tax measures. The party, running on a platform promising change, achieved its largest-ever…

    August 6, 2024
  • Council tax debt crisis escalates

    Debt charity StepChange reports a 50% rise in the average debt among its clients, from £1,146 in 2019 to £1,726 in 2023. As councils nationwide face financial constraints, council tax debt has surged by 9% in the past year. This represents a 71% increase since pre-pandemic levels, when the debt stood at £3.5bn, as more…

    August 6, 2024
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