£4.5bn for British manufacturing from 2025
The government has announced £4.5 billion in funding for British manufacturing to increase investment in eight sectors across the UK. The funding will be available from 2025 for five years, providing industry with longer term certainty about their investments.
Over £2 billion has been earmarked for
Fuel price watchdog sharpens its teeth
UK motorists will be protected at the pumps under tough new powers that will shine a light on any attempt from retailers to unfairly hike up fuel prices.
Under new amendments tabled on 15 November 2023, to the Digital Markets, Competition & Consumers Bill, the CMA will become the body
Tax credits top-up
The Cost of Living support package has been designed to help over 8 million households in receipt of mean tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year were published earlier this year and have recently been updated.
Eligible recipients will receive up to
Marriage allowance entitlement
The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn less than the £12,570 personal allowance for 2023-24).
The
Tax relief on pension contributions
Taxpayers can usually claim tax relief for their private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23.
There is a three year carry forward rule that allows you to carry forward
Full expensing
The full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into effect on 1 April 2023. To qualify for full expensing, expenditure must be incurred on the provision of “main rate” plant or machinery. It should be noted that full expensing is only
Hold-over gifts relief
Gifts Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT) that may arise on a relevant gift. The relief can be claimed when assets are given away (including certain shares) or sold for less than they are worth to help benefit the buyer. The relief means that any gain on
Time to Pay tax
If you are having trouble paying your tax on time you may be eligible to receive support from HMRC. An online payment plan for Self-Assessment tax bills can be used to set up instalment arrangements for paying tax liabilities of up to £30,000.
Taxpayers that want to use the online option must have
Closing the door on tax planning
When the end of a tax year passes, the 5 April 2024 for the current year, or the end of an accounting year if a company, any opportunity to take advantage of tax planning strategies closes.
For example, if the purchase of plant or other qualifying equipment is made the day before the cut-off date,
Why breakeven analysis can be illuminating
If you focus your energy on sales, there is a chance that your efforts will produce losses. Which is why we always encourage our business clients to keep their accounting records using software that automatically produces monthly management accounts that reveal profitability as well as turnover and