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By Becky Bowness

22nd November 2023

Autumn Statement 2023 - Head of Tax Initial Reaction

Jeremy Hunt has delivered an Autumn Statement he said will grow the economy and back British businesses, but while many of the fiscal plans announced seem generous, businesses may still see increased financial pressure in 2024.

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By David Threlkeld

16th November 2023

£1.6m IHT tax dispute highlights complexities of reliefs for farm businesses

It can be dangerous to assume that all the assets owned by a farming family will be exempt from Inheritance Tax (IHT). Here we look at a recent tax tribunal in which £1.6m of IHT was at stake and the family concerned were denied their claim for Business Property Relief. 

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By Morag Miller

4th October 2023

Don’t be caught out by the change in basis period – plan ahead

From 6 April 2024, all unincorporated entities (sole traders and partnerships) will be taxed on profits generated in the fiscal year and not those aligned to the business’s accounting year-end. Planning your income and expenses now may help you manage your future tax bills.

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By Andrew Robinson

22nd August 2023

3 common VAT mistakes farmers can avoid

In order to avoid HMRC penalties it is important to record expenses and claim VAT correctly for your farm business. Genuine mistakes do happen but there are some things to bear in mind that will help minimise the chance of triggering an inspection.

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By Andrew Robinson

16th August 2023

How to get increased finance for your farm business

As the challenges faced by farm businesses continue to evolve, the demand for additional borrowing facilities is on the rise.

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By Adam Pattison

8th August 2023

Working on your business, not just in it: the path to sustainable growth

As a business owner, you've likely experienced the daily grind of running your enterprise – dealing with operations, managing employees and handling countless tasks that seem to keep you busy from sunrise to sunset. While these day-to-day responsibilities are essential for keeping the wheels turning, they can sometimes distract you from the bigger picture.

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By Armstrong Watson

3rd August 2023

Struggling SMEs rate Government support ‘poor’ in challenging economic climate, survey finds

One in 11 SME businesses say their priority for the next three to six months is survival, with 77% rating current government support as ‘poor’. These are two of the key findings from the latest survey by the Association of Practising Accountants (APA).

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By Armstrong Watson

3rd August 2023

Scottish business confidence is positive but still weak, says ICAEW report

Scottish business confidence has moved into positive territory for the first time since March 2022, according to the latest ICAEW Business Confidence Monitor report for Scotland.

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By Jonathan York

4th July 2023

Should I set up a trust?

Trusts have become something of a political football in recent years and their use is often called into question with the implication that by putting a trust in place, the motives for doing so, are driven by tax avoidance and the wish to be not transparent about the ownership of the assets.

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By Richard Woolgar

2nd July 2023

Changes to HMRC penalties and interest

New penalties for submitting VAT returns or paying VAT late came into effect on 1‌‌‌ ‌‌January 2023, and in the last month, we have started to see HMRC issue penalty correspondence to our clients.

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