Swindells Accountants & Tax Experts

Boxed in by Labour’s manifesto pledges not to increase income tax, employee’s national insurance and VAT, Chancellor Rachel Reeves instead had to raid other taxes, like capital gains tax (#CGT), inheritance tax (#IHT), employer’s national insurance and to extend the tax threshold freeze to find the £40bn needed to balance the books... What does #Budget2024 look like for you, your business, and family? Our download offers a breakdown of the Autumn Statement. https://lnkd.in/eA4w3ZJT #accountants #sussex

What were the key measures that will affect individuals following the #AutumnBudget? Our Budget guide outlines the facts: • National living wage rising by 6.7% to £12.21 per hour. • Working-age benefits increasing by 1.7% in line with inflation. • State pension rising by 4.1% under Triple Lock. • CGT rates increasing to 18% and 24%. • IHT thresholds frozen until 2030. • Fuel duty freeze and 5p cut extended for 12 months. • £1bn extension to Household Support Fund. • Carer’s allowance earnings limit increased significantly. ECONOMIC • Universal Credit debt repayments capped at 15%. Access the guide: https://lnkd.in/eT-ZnBEC #accountants #sussex

Research and Development investments were featured during last week's #Autumn Budget, where the Government emphasized the importance of R&D in driving #innovation and economic growth with a range of measures: 🟠£20.4bn allocated for R&D investment in 2025/26, including at least £6.1bn for core research.  🟠£25m in 2025/26 for a new multi-year R&D Missions Programme.  🟠 Real-term increase in funding for the National Institute for Health and Care Research. 🟠At least £40m over five years to support the commercialisation of university research through spin-out proof-of-concept funding. What else was included? Our Autumn Budget Guide breaks down the details https://lnkd.in/eT-ZnBEC #accountants #sussex

Within the extensive #Budget Statement last week, there were some key business changes regarding business rates support, where Rt Hon Rachel Reeves made it clear that the Government is focused on providing relief and stability regarding business rates, especially for those in the #retail, #hospitality, and #leisure sectors. Business rates relief currently offers a 75% discount, capped at £110,000 until 1 April 2025. This has been extended but also cut to 40% for the 2025/26 tax year. What other changes were announced? https://lnkd.in/eT-ZnBEC

Following last week's Budget Statement, we break down the fundamental business changes, business support, key personal changes, and household support so you can make informed decisions about your finances. With Rt Hon Rachel Reeves banking on a substantial Budget being enough to revive the economy and deliver on public finances, there is now time to watch those changes take effect as there won't be another Budget with tax changes until next autumn when we can look back to ascertain whether these short-term changes will result in long-term growth. Download the Autumn Statement guide here: https://lnkd.in/eT-ZnBEC #Budget #finances #taxes #business #accountants #sussex

After months of speculation, we will finally get to hear what will be included in the Autumn Budget as Chancellor Rt Hon Rachel Reeves warns "there are no shortcuts" in #Budget2024. Follow us on X (@SwindellsLLP) and LinkedIn as we share the news and discuss the implications and outcomes following today's announcement.

Usually, Personal Tax Compliance Checks end with minimal disruption. However, HM Revenue & Customs will calculate penalties after having investigated your taxes and request you make additional payments or amend your return should they find good reason. For careless mistakes, penalties could range from 0-30%, through to 30-100% for deliberate underpayments with concealment. If you realise you have made an error after submitting paperwork, #HMRC is more likely to reduce a penalty or apply a lower percentage if the error is proactively disclosed rather than revealed during a check. Our latest guide has more details https://lnkd.in/ebrYp68n

With R&D tax credit consultancies promising a hassle-free claims process, businesses have been lured into the idea of tax credit advantages under the belief that HM Revenue & Customs wouldn't check the small print. Last year, #HMRC published an analysis of R&D claims in the 2020-21 tax year, which estimated that almost a quarter of claims by value in the SME scheme and 3.6% of claims in the large company scheme were either incorrect or fraudulent – with a combined cost to the Exchequer of an estimated £1.13bn. New regulations have now been announced, and 300 new inspectors are working solely on R&D claims, and with the first inquiry notices from HMRC into R&D tax credit claims landing on finance directors’ desks, there is no doubt there will be more to follow. https://lnkd.in/eQ_tpken #accountants #sussex #research #development

As always, insightful comments from Sussex Beds CEO Steve Pickering...

Just under a year ago, Sussex Beds CEO Steve Pickering hosted a live Q & A with us here in #Uckfield, giving an honest and sometimes emotional insight into #SussexBeds business journey. As his business continues to redefine itself to stay current and relevant in 2024, watch again for Steve's insights on how to grow a business and how you can incorporate some of his ideas into your organization. https://lnkd.in/eiVW5-Zb