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What are directors’ responsibilities? As a director, you are legally responsible for running the company. This must be done in line with both the articles of association and Companies Act 2006.   A key role is to ensure that all statutory reporting requirements are met. This includes, but is not limited to: Filing the annual…

Earlier this week, DEFRA added the closing dates for the Farming Equipment and Technology Fund (FETF).   If you’re a farmer, horticulturist, forestry owner or contractor to the any of the aforementioned, and you’re looking to improve productivity, manage slurry or improve animal health and welfare through the use of new technology and equipment, don’t…

On 6th March 2024, the abolition of the Stamp Duty Land Tax (SDLT) relief known as Multiple Dwellings Relief (MDR) was announced. The Reasoning HMRC’s tax reliefs evaluation programme has determined that MDR has not satisfied its original objectives. They have concluded that there have been numerous cases where the relief has been abused and…

What happens if your rental or Furnished Holiday Let (FHL) business makes a loss in the tax year and how can you use these losses to save tax.   For a business to make a taxable loss, the taxable expenses will be higher than the taxable income. These losses can be used in a few…

If you are married or in a civil partnership, you may be entitled to a tax refund of up to £1,256.   It has been reported that over 2 million qualifying couples miss out on the Marriage Allowance, despite it being really easy to apply. If the claim is made outside of the Self Assessment…

The Cambridge and Peterborough Combined Authority have announced a new grant initiative, which they have initially funded with £310k. Grants of between £5k and £30k are available to businesses that meet the following key criteria: Project criteria: Safeguard jobs Bring new products to market Invest in new technologies, processes or measures to improve productivity Eligible…

Peace of mind for your family: Wills, Lasting Power of Attorneys and Inheritance Tax Planning.   Benjamin Franklin is famously quoted as saying that “nothing is certain except death and taxes”. It’s a sombre thought, but it is important to have the correct planning in place to ensure that your estate passes in accordance with…

Let’s look at the 2024 Spring Budget for individuals. With the next general election on the horizon, Jeremy Hunt had no choice but to deliver an impactful Budget. Here is a summary of the main changes affecting individuals:   Class 1 National Insurance A fresh cut to primary Class 1 National Insurance contributions for employees from…

Spring Budget 2024, a Budget to lower taxes and achieve higher growth.   The Chancellor has announced that there is good news for the economy, with the Office for Budget Responsibility (OBR) confirming that inflation is currently at 4% and is likely to reduce below the Governments target of 2% in the next few months.…

778,068 beat the clock to complete their Self Assessment tax returns on 31 January 2024!   HMRC have released their Self Assessment 2023 facts and figures: 12,187,811 Self Assessment tax returns were issued to tax payers 11,581,962 expected tax returns were received by 31 January (95% of returns expected) An estimated 1.1 million customers missed…