Now that we have embarked on a new tax year there are some considerations sole traders and partnerships should make when it comes to tax planning over the next 12 months.
Jeremy Hunt’s Spring Budget didn’t deliver a huge amount of technical content. Unsurprisingly, given an impending election, there was a lot of political bluster and not a great deal of substance, particularly for businesses.
The Chancellor continued his support for the arts by permanently setting the rates at which losses can be surrendered in respect of expenditure qualifying for Theatre Tax Relief, Orchestra Tax Relief and Museums and Galleries Exhibitions Tax Relief at 40% for non-touring productions and 45% for touring productions and all orchestra productions.
With the Spring Budget 2024 just around the corner, there is much speculation about the tax changes and announcements that may be on the horizon. A general election is looming, and the Chancellor’s speech on Wednesday, March 6, is likely to be the last fiscal event before voters head to the polls.
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Hospitality businesses need to prepare for new rules that are due to come into force to ensure all ‘qualifying tips’ given by customers are fairly and wholly distributed to qualifying employees and agency workers.
New legislation that affects how sole traders and partnerships are taxed is due to come into play on 6 April 2024. It means that businesses will be taxed on profits generated in a fiscal year and not those aligned to the business’s accounting year-end.