Tax E-news – March 2024
Welcome to the March edition of our Tax newsletter Budget Special Edition. We hope that you find this informative. Please contact us if you wish to discuss in more detail any of the points highlighted. BUDGET 2024 On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. In the knowledge that […]
Dividend tax
Currently, £1,000 can be taken as tax free dividend income in the current tax year 2023-24. It was £2,000 prior to that. However, come 6 April, the £1,000 is cut again and the tax-free amount will be £500 only. This is estimated to affect nearly £4.5m people and raise significant sums for the treasury. […]
Inclusive leadership
Modern businesses are expected to be diverse and inclusive,and managers must lead the way on this. Inclusive leadership is the combination of working inclusively towards a common goal, making decisions collaboratively, and ensuring that both managers and those being managed understand the wider framework and support structures of inclusivity in the firm. Diversity and inclusion […]
March year end approaching?
Tax planning in arrears when the accounting date has passed is severely limited; please consider the opportunities that arise within the accounting period. There are many areas to consider, which can impact both your business and personal circumstances. A few of the areas which are worthy of consideration are highlighted below: Directors/staff bonuses/dividends? Capital expenditure […]
Setting objectives for 2024
Set your firm up for success in the year ahead. The beginning of the year is a natural point in time to take a step back from the day-to-day aspects of running your business and spend some time thinking about what success looks like in 12 months’ time. What do you want your business to […]
Borrowing from your company – Beware the tax traps!
Whilst it may be “your” company, it is a separate legal entity from you, and you cannot just “help yourself” to the cash without considering the tax ramifications. A director, employee or shareholder can borrow up to £10,000 interest free without any tax or NI charges applying. If the borrowing goes above that the whole […]
Global mega trends to navigate this year
The world is constantly evolving, and this creates opportunities and challenges. Some of the key trends that businesses will have to navigate this year include economic volatility, the continued importance of environmental sustainability, geopolitical uncertainty and AI moving into the mainstream. Economic volatility will remain a risk in 2024. The higher interest rate environment […]
Charging electric cars at home
HMRC have recently clarified their view of the tax treatment for the reimbursement of electricity costs where employees charge their electric company cars at home. HMRC now accepts that reimbursing part of a domestic energy bill, which is used to charge a company car or van, is exempt from income tax. Their previous view was that […]
2024 Budget – 6 March 2024
The Chancellor of the Exchequer, Jeremy Hunt, has announced a Budget on 6 March 2024. There will obviously be at least one eye on the forthcoming general election, and there may be tax changes afoot to try to win votes. As usual, there will be lots of speculation in the media over the coming weeks […]
The benefits of building an internal search engine using AI
AI can help businesses become more efficient by simplifying searches. As businesses big and small grapple with ever larger sets of data, they have begun to utilise artificial intelligence (AI) tools to sift through and make sense of the information they have on file. Employees often have a large number of data sources they […]