Accounting Minds

12/03/2024

The recent powers introduced by the Charities Act 2022 continue the trend of simplifying processes for charities wherever feasible. Trustees are advised to review the changes applicable to their charity and utilize our updated guidance to navigate the new procedures.

The recent powers introduced by the Charities Act 2022 continue the trend of simplifying processes for charities wherever feasible. Trustees are advised to review the changes applicable to their charity and utilize our updated guidance to navigate the new procedures. For those who have already submi...

28/11/2023

Tax deductions cannot be claimed on the cost of capital assets. Instead, deductions are typically allowed for revenue costs, such as the expenses associated with running an office or factory, and the cost of goods and materials purchased for resale. However, there are numerous allowances for capital...

27/11/2023

Typically, for owners, selling their company represents the culmination of years dedicated to hard work and building value. However, prospective buyers might not be interested in acquiring all of a company's assets, necessitating some pre-sale restructuring. There are many options to consider. depen...

23/11/2023

The key notes from the 2023 Autumn Statement

The revamp of R&D relief will commence from April 2024, combining the two systems and lowering the intensity threshold from 40% to 30% for SMEs with a soft landing. The Chancellor has decided to eliminate Class 2 National Insurance contributions for self-employed individuals and reduce the rate of C...

20/11/2023

As the self-assessment tax return deadline looms within the next 100 days, a concerning revelation emerges: 75% of self-employed individuals lack clarity on the point at which higher rate tax obligations kick in. We need to remind our clients about the importance of gaining control over finances, in...

17/11/2023

The OECD's newly established Crypto-Asset Reporting Framework (CARF) mandates that crypto platforms share taxpayer data with tax authorities, a practice they currently do not follow. The objective is to grant tax authorities access to cross-border information, aiding in the enforcement of tax compli...

17/11/2023

Raising threshold to £500,000 would cost £1.4bn a year in lost tax