We have taken a look at the top common tax mistakes made by small businesses. The HB team works with all our clients to ensure that they remain compliant with tax and filing regulations and we are definitely not saying that all small businesses make these errors. However, it’s always worth reminding ourselves what needs to be done and our top tips to avoid making tax mistakes. Here they are, in no particular order:
Significant tax changes are coming for 2024-25, with reductions to both the Dividend Allowance and Capital Gains Tax (CGT) annual exempt amount. These changes could impact how you manage your investments and finances, making it important to stay informed and plan ahead. Here’s what you need to know and how to prepare.
Cars and vans. Diesel, petrol or zero-emission vehicles. To lease or purchase: Every decision about acquiring a business vehicle and how it is then used will have an impact on your tax bill. Here is a short overview of the current legislation but be aware, there are planned changes from April 2025, especially for electric cars, so it is important to keep abreast of what may be changing and plan accordingly.
The new Labour Government is proposing to apply VAT to independent school fees. Both independent schools and independent school parents are advised to start anticipating the change and plan for additional costs.
The IR35 off-payroll working rules have seen significant changes in recent years. Historically, this has impacted public companies but since 2021, this is also an issue for all businesses. This is a brief overview of the current IR35 situation and how it may impact your business if you employ contractors.
We’re thrilled to announce that HB Accountants has been awarded 26th place in the prestigious Top 50 SME Apprenticeship Employers 2024. This recognition is a testament to our unwavering commitment to fostering talent and providing valuable apprenticeship opportunities.
As a director of a limited company, your accountant needs to know about any changes in directorship. This is good practice. And ensures compliance with legal requirements and maintains the integrity of your company’s records.
HB Accountants has created a clear, impartial summary of the main tax policies proposed by major parties for the 2024 general election. This guide highlights the key tax changes each party plans, helping you understand the potential impact on businesses and individuals
In an update for businesses and employees alike, HMRC has revised the advisory fuel rates (AFRs) for company car drivers. These changes, effective from 1st June 2024, will impact all journeys where employees claim back fuel costs from their employer. It is essential for companies to stay informed about these updates to ensure compliance and accurate reimbursement processes.
We believe in the huge benefits of offering work experience to local students, viewing it as a core component of our commitment to Environmental, Social, and Governance (ESG) principles. This practice, embedded in our sustainability report, not only enriches the students’ educational journey but also provides our business with fresh perspectives and emerging talent.
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HB Accountants is the trading name of HBAS Limited, a company registered in England with registration number 5085258. The registered office of HBAS Limited is Plumpton House, Plumpton Road, Hoddesdon, Hertfordshire EN11 0LB, England. Registered for VAT number 866062806.