January 2024 - Page 2 of 4

18 Jan 24

Full expensing of capital purchases

A reminder to readers that the full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into effect last April. To qualify for full

18 Jan 24

Reminder to claim the Marriage Allowance

The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate

18 Jan 24

Bed and breakfast share sales

The term bed and breakfasting (sale and repurchase) of shares refers to transactions where shares are sold and bought back the next morning. This used to have Capital Gains Tax

18 Jan 24

IHT gifts – 7 year limit

Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts

18 Jan 24

Using the VAT Flat Rate Scheme

The VAT Flat Rate scheme allows businesses to pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme

18 Jan 24

Year end payroll reporting

It is not that long until the current 2023-24 tax year comes to an end and there are a number of year end payroll chores that must be completed. This includes sending a final PAYE

16 Jan 24

A reminder to protect your business capital

The beginning of a new year is an opportune time to undertake basic business planning. One aspect that needs continuous management is to protect your business capital. The

11 Jan 24

National Insurance and tax after State Pension Age

If you have reached the State Pension age and continue to work, in most cases, you no longer need to pay National Insurance Contributions (NICs). At State Pension age, the

11 Jan 24

Business Asset Disposal Relief

Business Asset Disposal Relief (BADR) is available on the sale of a business, disposal of shares in a trading company or an individual’s interest in a trading partnership. Where

11 Jan 24

VAT on period products scrapped

Before Brexit, the UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items were subject to 5% VAT. Following the end of the transition period the

Month: January 2024

Full expensing of capital purchases

Reminder to claim the Marriage Allowance

Bed and breakfast share sales

IHT gifts – 7 year limit

Using the VAT Flat Rate Scheme

Year end payroll reporting

A reminder to protect your business capital

National Insurance and tax after State Pension Age

Business Asset Disposal Relief

VAT on period products scrapped

Definition of R&D for tax purposes

Tax treatment of income after cessation

Tax refunds for dissolved companies

SJPR