Key tax & accounting deadlines to 31 August 2024

As we move through the tax year, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. June 2024 1 June – Deadline for corporation tax payment for accounting period ended 31 August 2023 1 June – Updated advisory fuel rates published 7 June (10th if paid by direct debit) – VAT returns and payments for quarter ended … Read More

Upcoming changes to FRS102

Currently, under FRS 102, leases are categorized into two distinct types: finance leases and operating leases. The determination of a lease’s classification hinges upon the economic substance of the transaction. The upcoming changes set out below are intended to align FRS 102 with international standards, with the necessary simplifications. Unlike its predecessor, IFRS 16 disregards the finance versus operating lease … Read More

Budget For Long Term Growth – Spring 2024

INDIVIDUALS Personal Tax and National Insurance National Insurance The Chancellor announced a further cut in employee national insurance by 2p from 10% to 8% from April 2024. This is on top of the cut already in place from January 24 announced in the Autumn Statement 23 which reduced the NIC from 12% to 10%. Both of these cuts combined this … Read More

Advisory Fuel Rates from 1 March 2024

Fuel rates from 1 March 2022

From 1 March 2024, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 13 pence 11 pence 1401cc to 2000cc 15 pence 13 pence Over 2000cc 24 pence 21 pence Engine size Diesel – … Read More

Key tax & accounting deadlines to 31 May 2024

With the end of the tax year approaching, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. March 2024 1 March – Deadline for corporation tax payment for accounting period ended 31 May 2023 1 March – Updated advisory fuel rates published 7 March – VAT returns and payments for quarter ended 31 January 2024 14 March … Read More

Benefits to having an audit

Whether UK statutory law requires your business to have an audit or not, having Curo provide it can give your business an extra boost come report time. Here’s the lowdown on why our audit services can be a game-changer: At Curo, we’ve provided audit services to all kinds of business—from small family businesses to global players. We’re all about understanding … Read More

Inheritance Tax Planning Ahead of the New Tax Year

approaching tax & accounting deadlines

Inheritance tax (‘IHT’) planning takes many years to implement and as such, if your estate is likely to be impacted by IHT, it is important to review on a regular basis. With the tax-year coming to a close, we have highlighted some important things for you to consider: Review Your Estate The first step in planning for IHT is to … Read More

PRE YEAR END TAX PLANNING FOR INDIVIDUALS

What You Should be Doing Ahead of the New Tax Year With the self-assessment deadline just passed, now represents a perfect time to review your tax position ahead of the tax year ending on 5 April 2024. Most tax reliefs and exemptions do not apply retrospectively, so it is important that action is taken before 5 April 2024 to ensure … Read More

Spring Budget 2024 Predictions

Following Jeremy Hunt’s delivery of the Autumn statement, there was optimism surrounding the possibility of tax cuts in the upcoming Spring budget, slated for March 6, 2024. Initially, it was speculated that the Government might have up to £24 billion in fiscal headroom to allocate towards tax reductions. However, recent news of the UK slipping into a recession, signifying two … Read More

Advisory Fuel Rates from 1 December 2023

From 1 December 2023, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 14 pence 10 pence 1401cc to 2000cc 16 pence 12 pence Over 2000cc 26 pence 18 pence Engine size Diesel – … Read More