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Social media platforms such as Facebook, YouTube and Instagram have permeated most people’s lives. With them has come a multitude of ‘influencers’, who can attract a large following and earn a living influencing people’s buying choices. Many influencers might never have thought about whether their earnings are taxable.
The expansion of London’s Ultra Low Emission Zone (ULEZ) has focused attention on the business use of cars and whether clean air charges are tax-deductible.
Employers need to be aware of changes to the flexible working regime expected in summer 2024. But proposals to give employees more flexibility for paternity leave are further away.
Bank of England base rate increases, coupled with higher savings rates and frozen tax thresholds, are seeing more people pushed into the higher rate taxpayer category, or paying more tax on savings income. Tax-efficient investments could mitigate this burden.
Private companies and limited liability partnerships (LLPs) have nine months from the end of their accounting period to submit accounts to Companies House. The deadline is therefore fast approaching for those with 31 March year ends.
The value of inheritance tax (IHT) penalties to government receipts has increased by more than half over the past two years, with higher property values and the frozen IHT nil rate band pushing more estates into the IHT net.
The end of the tax year is drawing near and many owner-directors of companies will turn their minds to deciding which is more tax-efficient: a bonus or a dividend.
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