UHY Ross Brooke Chartered Accountants
For accounting periods beginning on or after 1 April 2024, a new merged scheme for research and development tax credit comes into force. The new merged scheme replaces the old RDEC and small and medium-sized enterprise (SME) schemes. The new scheme reduces the amount of benefit that would generally have
From a tax perspective, the financial attractions of self-employment over employment are fairly obvious. No employers NIC, workplace pension contributions or holiday/sick pay to worry about for the engager, reduced employees NIC for the worker and the worker can offset expenses against his income. Everyone’s a winner right? By Chris
Download our handy tax card which shows the latest tax rates for the taxes we are asked most about. Any questions? Please contact us about the April tax changes. We can provide a full tax review which will help identify possible tax savings.
This blog has been updated in Dec 2025 – please see here. The Economic Crime and Corporate Transparency (ECCT) Act 2023 has received Royal Assent, introducing a number of wide-ranging reforms for UK companies. The Act looks to tackle economic crime, bolster accountability, improve transparency and instil a culture of
From 6 April 2024, the 2% cut in employee national insurance contributions will come into effect. Employees will now be deducted 8%, rather than 10%, on monthly earnings between £1,048 and £4,189. A 2% deduction on earnings above this amount continues to apply. There is no change to the rate
Thresholds based on a company’s accounts and employee numbers determine whether a company is categorised as small or not. Being able to qualify as a small or medium sized business can cut red tape for a business with the reduced amount of both non-financial and financial reporting a small or
When there are several shareholders, a new company is being formed, a shareholder wants to pass their shares or pass them to their children, someone is nearing retirement, or the company has borrowed money from a shareholder, issues can easily arise that jeopardise the continued success of a business. Shareholder
Many landlords will have seen profits squeezed in recent years. Higher mortgage rates, the restriction on tax relief for finance costs, stagnated personal allowances and tax bands, have all conspired to reduce the net yield for landlords. Some may have chosen to increase rents to cover these costs, but this
You may have noticed in the recent Budget that the Chancellor has announced changes to the rules from April 2025 that will seriously affect the current tax advantages available to qualifying furnished holiday lets. Amongst those changes are: Removal of Business Asset Disposal Relief on capital gains; Profits will no
Business and employees are both constantly looking for ways to optimise their financial strategies. One often overlooked strategy in doing this is salary sacrifice. Salary sacrifice involves an agreement between an employee and their employer to reduce the employee’s salary in exchange for certain non-cash benefits. While it may seem