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The UK government has announced the extension of first-year allowances (FYAs) for businesses investing in zero-emission cars and electric vehicle (EV) charging points. These allowances enable businesses to deduct 100% of the cost of qualifying investments from their taxable profits in the year of purchase.
The UK government is changing the game for double cab pick-ups with new tax rules coming into force on 6 April 2025. Historically, these vehicles have been treated as vans if they could carry a payload of 1,000kg or more, giving businesses favourable tax benefits. But this approach is shifting, following a landmark court case.
The government published the Employment Rights Bill in October, which is intended to help deliver economic security and growth to businesses, workers and communities across the UK.
As part of a series of announcements made in recent weeks by the Chancellor, the government is making a push for greater use of electronic invoicing (e-invoicing).
On 30th October 2024, Rachel Reeves made history as the first female Chancellor of the Exchequer to deliver a Budget speech. The occasion was significant on many levels, but as the speech concluded, it left mixed feelings among business owners. While the Budget had its silver linings for workers, many businesses will face new financial challenges.
In the lead-up to Labour’s first Budget, the new Chancellor introduced sweeping reforms. Though these measures may bring challenges for some, they reflect a bold approach to addressing the UK’s critical need for infrastructure and essential services funding. Recent Budgets have relied heavily on band freezes – a subtle but effective tax rise. While IHT bands remain frozen, income tax bands will finally unfreeze, though not without a few more years of stealth tax revenues added by previous policies.
If you have a business where your staff receive tips, gratuities and service charges (“tips”) there are important changes in force from 1 October 2024.
With potential Capital Gains Tax (CGT) changes on the horizon, many investors are thinking about realising gains on their investments before the budget announcement on 30 October 2024. However, if you plan
The current State Pension is £11,502 per year and is expected to rise to around £12,000 for the 2025/26 tax year. To put this into perspective, at today’s annuity rates, it would cost over £300,000 to purchase an index-linked annuity starting at £12,000 a year
Under the current pension rules, many people over the age of 55 can withdraw up to 25% of their pension savings tax-free.
With the October Budget fast approaching, there are strong rumours that pension tax relief could be a key focus for potential changes. These adjustments could raise more tax revenue than both Capital Gains Tax (CGT) and Inheritance Tax (IHT) reforms combined.
With potential changes to Capital Gains Tax (CGT) on the horizon, many taxpayers are considering bringing forward their asset disposals to take advantage of the current rates.
With the October budget approaching, many are speculating about potential changes to Capital Gains Tax (CGT), which could have a significant impact on business owners, entrepreneurs, and investors alike
At A&C Chartered Accountants, we’re more than just numbers. We believe in driving business growth responsibly, which is why we’re thrilled to announce our accreditation by the Good Business Charter. We are incredibly proud to be
A&C Chartered Accountants is proud to support Manchester SMEs on their sustainability journey, and one of the key initiatives driving change in the region is Bee Net Zero.
The table below sets out the HMRC advisory fuel rates from 1 September 2024. These are the suggested reimbursement rates for employees’ private mileage using their company car.
When a holding company sells shares in a subsidiary, the VAT incurred on the professional fees involved would normally be irrecoverable, on the basis that a sale of shares is an exempt supply.
If you have children under 12 who attend a nursery, after school club, playscheme or childminder, or you are considering sending them
The conditions for a company car to be treated as a pool car are set out in the employment income legislation:
Please find below our diary of main tax events for July/August 2024. If you have any questions we are here to help.
HMRC have announced that the official rate of interest will remain at 2.25% for 2024/25, despite the Bank of England Base Rate currently standing at 5.25%. The official rate of interest
Please sell below for our diary of main tax events for June/July 2024. As always, we are here to make sure you meet these deadlines.
Where a company car is provided for use by an employee or director there is a benefit in kind taxable on the employee based on the original list price of the vehicle multiplied by the CO2 emissions percentage for that vehicle.
The deadline for reporting shares and securities and share options issued to employees for 2023/24 is 6 July 2024. This is the same as the deadline for reporting expenses and benefits provided to employees on form P11d for 2023/24.