Month: October 2024

Autumn Budget 2024

A new Government, a new Chancellor and a new approach to the UK’s fiscal policies. Rachel Reeves entered her first Budget with a strong message that her measures would lead to “an economy that is growing, creating wealth and opportunity

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Fawcetts welcomes seasoned tax specialist

Chris has recently joined us from a UK top 10 firm. Chris began his career in accounts, but his passion is for tax. He brings with him a highly developed skill set, working with high-net-worth individuals, owner managed businesses both

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Financial strategies for businesses facing labour shortages

Labour shortages, particularly in the hospitality sector, are creating significant challenges for many businesses this year. Managing your costs while trying to maintain service quality and customer relations can be a difficult balance. Given the difficulty in hiring sufficient staff,

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Is it time to restructure your business?

Labour’s Autumn Budget is just around the corner (30 October) and many businesses are uncertain of what the next few years may hold for them. The Prime Minister Keir Starmer has already warned of a “painful” Budget, with big changes

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Capital allowances for property owners explained

Capital allowances are a great way to reduce your tax liabilities by claiming deductions on certain property-related expenses. They allow you to offset the cost of capital expenditure – plant, machinery and certain fixtures – against your taxable profits, especially

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How to protect your business from Kittel VAT risks

Taxpayers have a fundamental right to reclaim input tax, also referred to as input VAT. However, HMRC has the authority to refuse this right under certain conditions if they can demonstrate that the taxpayer was aware, or should have been

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Labour pledges to avoid raising taxes ‘on working people’

As the Autumn Budget approaches, the Government has pledged that it will “make the tax system fairer” and avoid raising taxes on working people and certain businesses. The Government has said that it will not raise: Income Tax National Insurance

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With Income Tax unlikely to change, is it worth altering your dividend-based salary strategy?

For business owners and directors, dividends may form a critical element of your salary strategy and tax planning, keeping your tax liabilities to a minimum. To extract profit tax-efficiently from your business, you may use a combination of: Salary –

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Fiscal drag and tax thresholds: What does it mean for you

As the Government seeks to plug certain gaps in the public purse, we are unlikely to see any change in Income Tax thresholds – despite wages and the State Pension rising. Under the previous Government, tax thresholds were frozen until

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