By Mel Hackney

If you have your own business and are self-employed rather than operating through a company, you may find a substantial change in the coming years. This is because the timing of when profit is recognised on your tax return is changing.

The new rules start from 2024/25, but we are already in the ‘transitional year’ to start making changes, so you may need to think about this soon. We are already in discussions with our clients affected by this and preparing projections for tax increases where applicable, plus putting measures in place from 2023/24.

It’s a really important time to be proactive, so if you have a business year end other than 31 March (where the new rules will not impact you) then get in touch with us for more information. It may help you avoid an unexpectedly high tax bill soon.

By Mel Hackney

From 1 April 2023, the rate of Corporation tax has gone up. This won’t hit all companies – if your company’s taxable profits are less than £50,000 and not part of a group, the business will still pay 19%.

However, this will have an impact on many businesses and so now is a great time to be thinking about mitigating corporation tax as far as possible and considering all tax planning and saving measures available.

If you would like to have a chat about how we can help, just give us a call! We have a wide range of different sizes of client, but many are smaller companies that, with a bit of tax planning, could potentially remain in the 19% bracket.  

By Mel Hackney

There have been some significant changes around the administrative side of research and Development (R&D) for companies.

R&D is a tax relief which allows companies (not sole traders) to claim extra tax deductions from their taxable profits (or increase a loss), and, depending on the scheme used, if loss making turn a loss into payable tax credit.

From 8 August 2023, it is necessary to complete and submit an additional information form (AIF) in advance of submitting the actual claim and corresponding corporation tax return. If this is not done, the claim will get rejected. 

Another important new change is that, for accounting periods beginning on or after 1 April 2023, you must submit a claim notification form to HMRC if you are claiming R&D for the first time, or your last claim was made more than 3 years before the last date of the claim notification period. This must be done within 6 months after the end of the accounting period.

We have much experience in preparing and submitting successful R&D claims. We can also explore the option of applying for advance assurance if you prefer.  If you are not sure whether your company will qualify, please just get in touch and we would be happy to have a chat. We have a 100% success rate of claims being approved, and so we only work with clients in this area where we believe a claim is appropriate.

By Mel Hackney

The tree is up in the office at our lovely country base and looking fantastic! 

Office parties are starting, and gifts being given. If you aren’t up to date on the rules around employee benefits for Christmas and the rest of the year, we can help.

If  you have a December year end, it’s also worth considering whether there are any tax planning opportunities available to you before your new accounting period starts.

And of course, don’t forget that the personal tax return deadline is also fast approaching (31 January 2024).

Get in touch and we’d be happy to have a chat with you.