Monthly Focus
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MONTHLY FOCUS: PROFIT EXTRACTION FOR 2024/25
The 2024/25 tax year has been a reprieve from the fiddly tinkering which has plagued profit extraction in recent years. There have been no in-year changes to NI rates or corporation tax rates etc. to deal with. As a result, you can focus on your remuneration strategy with more clarity. This is a welcome relief - especially as the 2024 Autumn Budget means 2025/26 will be a different story! This Monthly Focus will help you to form a profit extraction strategy that will keep more of your profit in your bank account and not HMRC’s.
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MONTHLY FOCUS: INTRODUCING MAKING TAX DIGITAL FOR INCOME TAX SELF ASSESSMENT (MTD ITSA)
The move to MTD ITSA involves many changes regarding digital record keeping, plus new reporting and admin requirements for all businesses to which it applies. This month's focus guides you through what to expect from MTD ITSA and how to tackle the issues it will throw up.
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MONTHLY FOCUS: RESEARCH AND DEVELOPMENT TAX CREDITS
Corporation tax incentives for expenditure on qualifying research and development (R&D) have been very generous historically, particularly for small and medium enterprises (SMEs). However, the rules are complex and have been subject to a multitude of changes in recent years. In this Monthly Focus we will look at the way relief for SMEs is accessed, especially with the 2024 introduction of a "merged" scheme.
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MONTHLY FOCUS: CORPORATION TAX AND TRADING LOSSES
The ongoing high levels of running costs mean that more companies have (or will be) reporting trading losses. How can these be relieved efficiently and when may losses be restricted?
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SPECIAL FOCUS – 2024 AUTUMN BUDGET
The first Labour budget speech since 2010 took place on 30 October 2024, with a headline figure of £40 billion in tax rises. In this special Monthly Focus we summarise all of the key announcements.
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MONTHLY FOCUS – EMPLOYER COMPLIANCE REVIEWS
HMRC carries out employer compliance reviews to ensure that employers and contactors are meeting their obligations in relation to PAYE and NI contributions. If a business receives notice that it is to undergo one of these, what can it expect?