2023 - Page 4 of 18

30 Nov 23

NIC changes for employees from 6 January 2024

In the recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions (NIC) for employees. There will be a cut in the main rate of

30 Nov 23

Tax relief for R&D intensive SMEs

In the Autumn Statement it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme will be merged from April 2024. It was also confirmed

28 Nov 23

Directors’ duties and responsibilities

To be a director, you must be over 16 and not currently disqualified. As a director your responsibilities include: filing your company’s annual accounts and reports or appoint

23 Nov 23

What counts as holiday accommodation?

HMRC’s VAT Notice 709/3 entitled 'Hotels and holiday accommodation' explains how supplies by hotels and similar establishments such as motels, guesthouses and B&Bs should be

23 Nov 23

IHT – Giving away your home before you die

The majority of gifts made during a person's life, including gifting a home, are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially

23 Nov 23

Income Tax – £5,000 savings zero rate band

If you have taxable income of less than £17,570 in 2023-24 tax year you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate

23 Nov 23

The badges of trade

The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic trade / business activity or merely a money-making

23 Nov 23

Gifts of shares to minor (under 18s) children

The settlement legislation seeks to ensure that, where a settlor has retained an interest in property in a settlement, the income arising is treated as the settlor’s income for all

23 Nov 23

CGT – Lettings relief

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief from CGT is commonly known as Private Residence Relief

22 Nov 23

Autumn Statement Summary

The Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons. The government continues to be faced with challenging economic conditions

Year: 2023

NIC changes for employees from 6 January 2024

Tax relief for R&D intensive SMEs

Directors’ duties and responsibilities

What counts as holiday accommodation?

IHT – Giving away your home before you die

Income Tax – £5,000 savings zero rate band

The badges of trade

Gifts of shares to minor (under 18s) children

CGT – Lettings relief

Autumn Statement Summary

Electronic invoicing consultation

Changes to VAT on donations to charities

Income reporting threshold increased

SJPR