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No change to Corporation Tax rates?

The Corporation Tax Main Rate applies to companies with profits exceeding £250,000 and is currently set at 25%. For companies with profits up to £50,000, a Small Profit Rate (SPR) of 19% is applicable. At present, there are no indications that

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Definition of living together

There are many tax reliefs available to married couples or civil partners. In many cases, these reliefs are only available if the couple / civil partners meet the legal definition of living together. This definition of ‘living together’ is set out

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Late filing penalties VAT returns

The VAT penalty regime that applies to the late submission and / or late payments of VAT returns changed for VAT return periods beginning on or after 1 January 2023. Under the new regime, there are separate penalties for late VAT returns and late

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Update on High Income Child Benefit Charge

Changes to the High Income Child Benefit Charge (HICBC) came into effect on 6 April 2024. The income threshold at which HICBC starts to be charged increased to £60,000 (from £50,000). The charge is calculated at 1% of the full Child Benefit award

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Tips at work

Tips received at work do not count towards your earning for the purposes of the National Minimum Wage. However, you are still required to pay Income Tax on these tips and may also need to pay National Insurance. The person who is responsible for

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Persistence pays off

Persistence in following up leads is a crucial trait in many fields, especially in sales and practice business development. It involves consistently pursuing potential opportunities, contacts, or information, even when initial efforts do not yield

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Business leaders collaborate to Make Work Pay

British workers are set for better working conditions as the Government takes its first steps towards its Plan to Make Work Pay. The Deputy Prime Minister and Business Secretary convened a meeting with trade unions and business leaders in a

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Check your State Pension forecast

The enhanced Check Your State Pension forecast service is available online. The service can be found on GOV.UK at the following webpage https://www.gov.uk/check-state-pension. The new digital service is a joint service by HMRC and the Department for

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IHT unused Residence Nil Rate Band (RNRB)

The Inheritance Tax Residence Nil Rate Band (RNRB) is a transferable allowance available to married couples and civil partners when their main residence is inherited by direct descendants, such as their children or grandchildren. The RNRB is

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Checking employees DBS certificates

The Disclosure and Barring Service (DBS) is an executive non-departmental public body sponsored by the Home Office. The DBS helps employers across the public, private, and voluntary sectors make safer hiring decisions by identifying individuals who

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