HAPPY NEW

TAX YEAR!

In this April issue, we highlight some of the key tax changes that take effect from the start of the new tax year.  

Our hot topic this month is 'Keeping up with changes to the National Living Wage'.  We look at the new rates & what to do to make sure you comply.

Should You Use

Cash Accounting?

Cash accounting was introduced as a measure to make it simpler for small businesses to prepare their accounts for tax purposes. It previously only applied to businesses with turnover up to £300,000 but..

More Details on

MTD for Income Tax

The government have now confirmed that the four quarterly returns that will need to be submitted will report cumulative income and expenses and that there will be no longer be an end of period statement.

Changes to the

Basis of Assessment

The method of taxing the profits of unincorporated businesses changed significantly in 2023/24 and will also change from 2024/25 onwards...

Get Ready for

More R&D Changes

On top of the major changes to Research & Development (R&D) tax relief that took effect from 1 April 2023 there are yet more changes that take effect from 1 April 2024.

The Transitional

Year 2023/2024

Here Liz explains with examples - A further complication with the change in the basis of assessment is the calculation of profits in 2023/24, the “transitional year”, which seeks to transition from the old ‘current year’ basis to the new tax year basis.