Preparation of financial statements & legislation compliance.

OFFICE OPENING HOURS FOR THE CHRISTMAS PERIOD:
Cupar:
Last Day Monday 23rd December 8:00am – 4:00pm and will then be closed until Monday 6th January 2025.
Markinch:
Last Day Thursday 19th December 9:00am – 5:00pm and will then be closed until Monday 6th January 2025.
Have a Merry Christmas and a Happy New Year!
Please find below the link for our summary of the Autumn Budget delivered by the Chancellor, Rachel Reeves, on Wednesday 30 October.
In presenting Labour’s widely anticipated first Budget in 14 years, the Chancellor was faced with a challenging task. Following her announcement of a “black hole” in the public finances, the need to renew the Treasury’s coffers while maintaining Labour’s manifesto promises seemed a tall order.
In the event Ms Reeves outlined a programme of around £41 billion worth of tax increases over the next five years, alongside plans to rebuild tottering infrastructure, the health service, schools and more. Any idea of a return to austerity was quashed, but how this will be achieved is very much in the detail.
Among the key headline items were:
The budget briefing can be downloaded here
Our latest client newsletter is available for download.
It covers items such as:
· Delays to RTI reporting changes
· Abolition of the special tax rules for Furnished Holiday Lettings
· Making Tax Digital for Tax update for Sole traders and Landlords
Download below
Our latest client newsletter is available for download.
It covers items such as:
· Cash basis by default for preparing sole trader and partnership accounts for tax purposes
· Basis Period Reform: Additional Profits
· Major R&D Scheme Overhaul
· Child benefit updates
· New Vat compliance tests for CIS
Download below
Our latest client newsletter is available for download.
It covers the impact on Student Loan repayments in relation to Basis Period Reform, HMRC guidance for Crypto Investors, mandatory Payrolling of Benefits from April 2026 and more.
Download here
In what was widely expected to be Mr Hunt’s final Budget ahead of an election, speculation in the final run up focused on the trade-offs that might be required around cutting taxes and meeting both fiscal rules and spending commitments. Ultimately the Chancellor had it both ways, with some headline grabbing measures aimed at easing the tax burden on earners and families, while also introducing some tax increases to cover their costs.
In a speech punctuated by several interventions from the Deputy Speaker for order, there were some key headline items:
The budget briefing can be downloaded here
The 2024/2025 tax tables can be downloaded here
The Deputy First Minister and Cabinet Secretary for Finance, Shona Robison, faced some
difficult decisions in drawing up her first Budget. The Scottish Budget arrived against a backdrop of mixed UK economic news in the previous week.
Full details can be downloaded here