Andy Parker

Autumn 2024 Budget Highlights for UK SMEs 📊 Chancellor Rachel Reeves’ Autumn 2024 Budget, presented on 30 October, brings impactful changes for UK businesses, focusing on fiscal stability and investment. Here’s a summary of key elements: No Rise in Key Taxes 🚫 Income Tax, VAT, and Corporation Tax (CT) rates remain steady, with CT capped at 25% for small profits. Full Expensing, Annual Investment Allowance, and R&D reliefs are maintained. Employers’ National Insurance Increase 💷 From April 2025, the rate rises to 15%, with the threshold lowering to £5,000. This change could affect salary structures and increase costs for employers, potentially encouraging a shift to contractor hiring. Enhanced Employment Allowance 💼 To offset National Insurance increases, Employment Allowance doubles to £10,500, benefiting smaller businesses. National Living Wage Increase 📈 Effective April 2025, the National Living Wage will increase by 6.7% to £12.21/hour. The National Minimum Wage also rises, with potential cost implications for employers. Capital Gains Tax (CGT) Adjustments 💰 CGT rates increase by up to 8 percentage points, with business disposal reliefs gradually rising through 2026, aimed at supporting entrepreneurship. Fuel Duty Frozen ⛽ No increase in Fuel Duty until March 2026, providing relief to businesses dependent on transportation. Stamp Duty Land Tax Changes 🏡 An increase to 5% for additional properties from 31 October 2024, designed to support primary homebuyers. This budget brings a blend of tax increases and relief measures, presenting both challenges and opportunities for UK SMEs. Business owners may need to adapt strategies to manage rising employment and operational costs while leveraging reliefs and allowances.

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🔍 My latest contribution to Taxation magazine for a Q&A on............... the *oh-so-exciting* topic of a HMRC consultation document & draft legislation - "THE #CARF and #CRS 2 consultation: outcomes, implications & next steps." but hear me out.... 🔍 The Crypto-Asset Reporting Framework (CARF) is shaping up to be a real game-changer for #HMRC, offering unprecedented visibility into crypto transactions. Sure, this also means more work for intermediaries (RCASPs do need to understand who they are reporting to and what they are reporting on), but the added transparency could be incredibly valuable for the industry as a whole. For anyone else excited by this, pls share your thoughts below! A link to the article: https://lnkd.in/dcPW8gzK for subscribers.

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Our team has been hard at work behind the scenes, and we’re excited to share that we’ve saved a grand total of £909,278.11 for our clients so far! 🙌 From limited companies to tax rebates for NHS staff and construction workers, we’re committed to helping every client maximise their savings. It’s great news to see just how much our team’s efforts are paying off for the people and businesses we serve. But we’re not stopping there! Our goal is to reach £1,000,000 in total savings for our clients, and we’re laser-focused on making it happen. If you're self-employed, a business owner, or work in the NHS, Army, construction, or security sectors, you could be owed money too. 💸 ✅ Fill out our form at https://lnkd.in/e3tz_BKN ✅ Get a free tax consultation and start reclaiming what you’re owed. Our team is here to help you save as much as possible—because that’s what we do best. 🚀 Let’s hit that £1,000,000 goal together! #TaxSavings #MillionChallenge #ClientSuccess #UltraTax #FinancialGrowth

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💡 Wondering what’s deductible for corp tax? Dive into this article by our member Ross McKinley Accountants Ltd for the full breakdown! 💼🔍 https://lnkd.in/eh8jpX2m #TaxEfficiency #CorporationTax #TaxTips #UKBusiness #Finance #TaxStrategy #CorporateFinance #BusinessStrategy #FinancialPlanning #TaxSavings

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🔔 Evidence sought from north east businesses A new Private Business Commission has been launched to investigate why some companies appear to struggle to maximise their growth potential in the UK, and to advocate for policies to better incentivise and enable them to do so. It's led by Steve Rigby along with Irene Graham OBE Sam Smith Emma Jones Chris Hulatt and others who can put weight behind the findings. #NEentrepreneurs They are seeking the opinions and evidence from entrepreneurial businesses in the following 4 key areas: 1. Access to funding - government grants, loans, VC funds and barriers to accessing cash. 2. Tax incentives - how can tax regime be reformed to make UK more attractive for businesses aiming for growth 3. Growth and capital markets - improvements to capital markets including IPOs, liquidity and access to institutional investments 4. Employee incentives - optimising tax incentives schemes such as share options, profit sharing and other benefits to align employee interests with long-term growth objectives of the company https://lnkd.in/ea_cpXaG

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Today I spoke about future changes and best practice in financial reporting for charities at the HFMA’s NHS charitable funds finance and governance conference. Two items which were key subjects for discussion were the forthcoming accounting changes on leasing and revenue recognition. It is clear that there are a number of charity angles within these subjects which will need further guidance or clarification before the changes are adopted including leases where the rent is very significantly below market level. #charity #financialreporting

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🔍 Adapting to Change: Navigating Regulatory Updates in the Dental Industry The landscape of dental practice is shifting with new regulatory changes. At PKPI Chartered Accountants, we offer expert insights to help you understand the impact on your financial planning and tax obligations. Visit www.pkpi.uk to learn how we can support you in adapting to these changes seamlessly. Let us help you stay ahead and ensure your practice thrives in this dynamic environment. #DentalIndustry #RegulatoryChanges #FinancialPlanning #PKPIAccountants #BusinessGrowth #DentalProfessionals #PracticeManagement #HealthcareFinance #InnovationInDentistry #Leadership

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Understanding Personal Liability Notices (PLNs) 🚨 Did you know HMRC can hold directors personally accountable for VAT fraud, serious neglect, or insolvency-related penalties?  💡 Stay informed about PLNs and how they impact business leaders. Protect yourself and ensure compliance with the latest regulations.   - - - 📞 +44(0)2039242651 📧 [email protected] 🌐 www.accountingfirms.co.uk #PLN #HMRC #VATCompliance #BusinessDirectors #TaxAwareness #Business #SmallBusiness #TaxAndAccounting #BusinessGrowth #FindLocalAccountant #LocalAccountant #AccountingMadeEasy #BusinessSupport #SelfEmployed #UKTax #TaxPlanning #AccountingFirms #ListYourFirms #Accounting #Bookkeepers #GrowYourFirm #Accountants #FindAccountants #UnitedKingdom #Uk #London

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🏭 **Thinking about selling your manufacturing business? The 2025 UK budget could shape your next move.** For business owners in the manufacturing sector, especially those aged 55+, the journey to selling your business can feel both exciting and daunting. With new UK budget reforms on the horizon, understanding how changes like corporation tax increases, capital allowances, and energy reliefs will impact your business valuation is crucial to maximising your returns. Our latest blog breaks down the key insights and actionable steps to help you position your business for a strong sale. From optimising profit margins to embracing sustainability and R&D incentives, we’ve covered everything you need to know to prepare for 2025. 💡 It’s not just about selling—it’s about creating the legacy you’ve worked so hard to build. 👉 **Click here to read the full blog:** https://lnkd.in/er2kee3n Let’s plan for your future with confidence. #ManufacturingBusiness #BusinessValuation #UKBudget2025 #SMEAdvice #BusinessOwners

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New HMRC Stats: Are you missing out on Patent Box relief? 💡 HMRC recently published their 2022-23 stats on R&D and Patent Box claims, and the findings are eye-opening. While 65,000 companies claimed R&D relief, only 1,600 elected for Patent Box! The numbers show a consistent gap between R&D claimants and those taking advantage of Patent Box benefits, despite the significant tax savings it offers. With changes in R&D relief rates, now is the time to reconsider Patent Box as a valuable tax-saving tool. Check out Caroline Hawkins’ article to understand the full picture: https://lnkd.in/eUEY5R5j Cooper Parry #PatentBox #Innovation #TaxRelief

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More positive action by the Insolvency Service to protect the integrity of the UK's insolvency regime with Provisional liquidators being appointed to two companies offering corporate rescue and restructuring services as an alternative to using insolvency practitioners. More at https://buff.ly/3ykvg7a

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Stay tuned! 📢 We'll be posting live updates on the Chancellor's budget 2024 throughout the day, covering key announcements on CGT, IHT, and SDLT and what they could mean for you and your business. Our expert Tax Partner, Marc Dorsett, will also be providing commentary and analysis, helping to clarify the implications of the budget, on these areas. #Budget2024 #LiveUpdates #FinanceNews #ChancellorsBudget #Tax

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There are specials rules that apply to UK property sales by non-residents. Since 6 April 2020 non-residents have needed to report and pay any non-resident Capital Gains Tax (CGT) due if they have sold or disposed of: #NonResidents #NonResidentUKPropertySales

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