Now that we have embarked on a new tax year there are some considerations sole traders and partnerships should make when it comes to tax planning over the next 12 months.
Jeremy Hunt’s Spring Budget didn’t deliver a huge amount of technical content. Unsurprisingly, given an impending election, there was a lot of political bluster and not a great deal of substance, particularly for businesses.
The Chancellor continued his support for the arts by permanently setting the rates at which losses can be surrendered in respect of expenditure qualifying for Theatre Tax Relief, Orchestra Tax Relief and Museums and Galleries Exhibitions Tax Relief at 40% for non-touring productions and 45% for touring productions and all orchestra productions.
With the Spring Budget 2024 just around the corner, there is much speculation about the tax changes and announcements that may be on the horizon. A general election is looming, and the Chancellor’s speech on Wednesday, March 6, is likely to be the last fiscal event before voters head to the polls.
Following the Government’s recent U-turn on the tax treatment of Double Cab Pick Ups (DCPU), it’s worth reminding ourselves of the tax relief available on vehicles in a farming business.
Ready to experience the transformative power of Xero? Xero empowers businesses of all sizes to streamline financial management, gain deeper financial insights, and drive strategic growth.
During the annual accountants processes to prepare financial statements, tax computations and returns for law firms, there a several accounting adjustments that tend to be most common. These adjustments are necessary to ensure the annual accounts produced are accurate and show the true financial performance of firm.
For some, sharing access to their business's accounting data feels like opening a financial vault, which is an understandable concern. But instead of fearing change, you should see it as the key to unlocking your data’s true potential.