July 2024 - Page 3 of 4

11 Jul 24

Business VAT responsibilities

The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. Businesses with turnover below this level can also apply for a

11 Jul 24

Restarting a dormant company

HMRC must be informed when a non-trading or dormant company restarts trading and becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the

11 Jul 24

Company filing obligations

It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations. After the end of its financial year, a

11 Jul 24

Inheritance and tax

As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid

11 Jul 24

Labour win landslide election result

As had been widely predicted, the results at the polls have seen the Labour Party back in power after 14 years in opposition. Labour have swept into power with their second-largest

08 Jul 24

Exit plans

Exit can be seen as quitting, especially if the exit discussed is your business interests. But actually, business exit planning is an essential part of general business planning.

08 Jul 24

New government

Our new government, and in particular, Rachel Reeves, the new Chancellor, will be responsible for raising the funds that our new government requires to finance its activities. The

04 Jul 24

Claim full expensing or 50% FYA

Full expensing allows for a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full expensing, expenditure

04 Jul 24

Late night taxi for an employee

There is no specific requirement for employers to provide employees with transport home. Nevertheless, an employer has a duty of care to their employees, which means that they

04 Jul 24

Income Tax in Scotland

The Scottish rate of income tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. The definition of a Scottish taxpayer is based

Month: July 2024

Business VAT responsibilities

Restarting a dormant company

Company filing obligations

Inheritance and tax

Labour win landslide election result

Exit plans

New government

Claim full expensing or 50% FYA

Late night taxi for an employee

Income Tax in Scotland

Definition of R&D for tax purposes

Tax treatment of income after cessation

Tax refunds for dissolved companies

SJPR