Unincorporated trading businesses are going through their biggest tax change for a generation, with the switch to a tax year basis of assessment replacing the ‘basis period’ system for 2024/25. The tax year 2023/24 is a transition year with special rules. Further change is now on the way. ‘Cash Basis’ To Become the Norm […]
Unincorporated Traders: More Changes Ahead Read More »
In the time of current era is quite challenging to carry out normal business activities because of the tough competition and to fulfil the demands of the customers and offer exactly what they require from your services or products. However, the financial burden for the small business is another struggle that gets along side by
What are the Tax Breaks for Small Businesses in the UK? Read More »
The super-deduction, which allowed companies to claim an immediate deduction of 130% of their qualifying expenditure, came to an end on 31 March 2023. It was replaced with full expensing. As with the super-deduction, unincorporated businesses cannot benefit from full expensing (although the Annual Investment Allowance (AIA) will secure a 100% deduction for qualifying expenditure
Full Expensing for Companies Read More »
The Annual Investment Allowance will now remain at £1 million permanently rather than reverting to £200,000 from 1 April 2023. This change of plan may mean that businesses will want to consider their capital expenditure plans. However, companies wishing to take advantage of the time-limited super-deduction and 50% first-year allowance will need to ensure that
Capital Expenditure Planning in Light of Permanent Increase to AIA Limit Read More »
