Navigating the 2024 UK Budget: Essential Insights for Individuals and Businesses
Chancellor Jeremy Hunt’s latest budget announcement marks a significant shift in the UK’s financial landscape, introducing a series of changes aimed at fostering economic growth and stability. At Kudos Accountants, we’ve dissected the 2024 Budget to provide our clients and the broader public with a clear understanding of how these changes might influence their personal […]
Navigating the New HMRC Tax Changes for Double Cab Pickup Owners
This guidance applies exclusively to companies acquiring pickup trucks after 30 June 2024. Vehicles bought before this date will not be subject to the changes. Companies have a four month period to make their purchases before these new guidelines take effect. As of 1 July 2024, the landscape of vehicle taxation in the UK is […]
Simplify Your HMRC Debt with New Personal Gateway Payment Plans
Dealing with HMRC tax debt? Here’s a bullet-point guide to ease the process: Eligibility: Suitable if you: Have filed your latest tax return. Owe £30,000 or less. Are within 60 days of your payment deadline. Don’t have other debts or plans with HMRC. Setting Up: Log in to your personal HMRC gateway. Go to ‘Self-Assessment’. […]
Unlock Business Potential with Northumberland’s New Grant Schemes
Northumberland is buzzing with new opportunities for businesses! Recently, two grant schemes have been introduced to bolster capital investment and job creation. Whether you’re a budding enterprise or an established player, these grants offer a golden chance to elevate your business. 1. Business Growth Fund – Umi’s Gateway to Expansion Who Can Apply: Open to […]
Navigating Christmas Expenses: A Comprehensive Tax Guide for Businesses by Kudos Accountants
The festive season is a vibrant time for businesses to express gratitude and celebrate achievements. However, the joy of giving and celebrating comes with its own set of tax considerations. This detailed guide by Kudos Accountants provides an in-depth look at the tax implications of Christmas-related expenses, ensuring your business enjoys the festive season in […]
Navigating Financial Changes in 2023/24 with Kudos Accountants
As we navigate through the dynamic financial landscape of 2023/24, it’s crucial to stay informed and adapt to the changing tax and corporate regulations. At Kudos Accountants, we’re committed to providing you with the latest updates and effective strategies to maximise your financial efficiency. In this post, we’ll explore the best practices for optimising earnings, […]
HMRC Targets Side Hustles: A New Era of Tax Compliance Begins
There’s an important update for those of us juggling side hustles alongside our regular jobs. HMRC has rolled out a significant change, effective from January 1 2024, focusing on popular platforms like Airbnb, Fiverr, Upwork, Uber, Deliveroo, and Etsy. What does this mean for you? Let’s dive in. Increased Transparency and Reporting In a bid […]
Basis Period Reform: Should I Change Accounting Date?
The question of whether to change accounting date is all the more important due to Basis Period Reform. There are advantages and disadvantages of changing, and how the change is implemented can impact a trader’s tax position. Unincorporated businesses may have their own reasons for changing accounting date, but below is a decision tree incorporating […]
Holiday Lets vs Buy-to-Lets: Pension Contributions and Tax Implications
Confused about property investments and pensions? Let’s break down the key differences between holiday lets and buy-to-lets in terms of pension contributions and tax. Pension Contributions Holiday Lets: You can contribute your holiday let income to your pension. Buy-to-Lets: Buy-to-let income can’t be contributed to your pension. Why The Difference? HMRC classifies holiday let income […]
Start-up loans for new businesses
Start Up Loans are personal loans designed to help new businesses begin trading. They were created to support would-be business owners who have struggled to secure finance from traditional lenders. To date, over 100,000 small firms have received loans, designed to help scale up activities. Delivered through the state-owned British Business Bank, the Start Up […]
