Forrester Boyd April News

VAT Fraud Alert?

We have become aware of a number of cases of VAT fraud where Form VAT 484, which provides for a change of bank details, has been submitted to HMRC who have processed the change without verification. ? HMRC is aware and is ‘putting in place solutions to minimise any further instances’ but we would recommend you check your bank details via your Government Gateway at the time of submitting a repayment VAT return or if you are expecting a VAT refund from HMRC for any other reason.

Holiday Entitlement for 2024/25

For the tax year 2024/25, there will be 7 bank holidays as opposed to the usual 8.? If your holiday year runs from 1st April 2024 to 31st March 2025 you will need to ensure your staff get their full entitlement.? Statutory entitlement for a full-time worker is 5.6 weeks, equivalent to 28 days.? If your employment contracts state holiday entitlement is 20 days plus bank holidays employees will not get their statutory minimum. Employers will therefore need to give 21 days’ holiday plus bank holidays.? Please do contact us if you are unsure.

Charity Golf Day

Join us for an unforgettable day on the greens at Grimsby Golf Club and take advantage of one of our incredible sponsorship opportunities. Last year we raised more than ￡7,500 and we can't wait to welcome you all for another excellent day of fundraising!

?? Date: Thursday, 5th September 2024

?? Location: Grimsby Golf Club

? Time: 8.30am - 5:00pm

In 2023, the event was a complete sell-out with almost 150 professionals in attendance, networking, and a day full of laughter and sunshine.

Please note that this year’s sponsorship opportunities are likely to be gone very quickly so please do get in touch with us as soon as you can to declare your interest. Download our brochure for full details of sponsorship opportunities here.

We also have a few remaining team places, so if you would like to enter a team do let us know ASAP!?Enter your team here!

Read Our Latest Blogs

The march of the higher rate taxpayer

New calculations issued alongside the Spring Budget show just how higher rate taxpaying status is becoming ever more common.?Read more>>>

The end of multiple dwellings relief

From 1 June 2024, the abolition of multiple dwellings relief under stamp duty land tax (SDLT) will stop disputes about what qualifies as a separate dwelling (e.g. a granny annexe). However, the scrapped tax will impact English and Northern Irish buyers who purchase two or more properties in a single, or linked, transaction.?Read more>>>

Request flexible working rights from day one

From 6 April, employees now have the right to request flexible working from their first day at work. However, the right is still only to make a request and employers are under no obligation to approve it.?Read more>>>

Buy-to-let owners selling up

While the higher rate of capital gains tax (CGT) on residential property disposals has dropped by 4%, from 28% to 24%, from 6 April 2024, the vast majority of landlords who sell up are facing a higher CGT bill when compared to two years ago.?Read more>>>

Deductibility of training costs?

HMRC has recently published guidance to provide greater clarity about the tax deductibility of training costs for the self-employed. Apart from updating current skills, costs are also deductible if they provide new skills or knowledge to support the business.?Read more>>>

Thank you for reading this month's edition of our LinkedIn newsletter. If you would like to get in touch for a free no-obligation consultation please email us at [email protected].