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Companies – Be careful who you are associated with.

For some fundamental areas of corporation tax, companies must consider not only their own profits but also which other companies they are associated with.  This can impact the rate at which they pay corporation tax and significantly bring forward the due dates for paying it. Corporation tax rate From 1 April 2023, the corporation tax […]

Full expensing for companies – the end of capital allowances complexity?

With the announcement of permanent full expensing for capital expenditure on plant and machinery from 1 April 2023, and the continuation of the £1m Annual Investment Allowance (‘AIA’), companies may be under the impression that capital allowances complexity is a thing of the past.  However, there are still a surprising number of rules and pitfalls, […]

Increase to company thresholds

Thresholds based on a company’s accounts and employee numbers determine whether a company is categorised as small or not. Being able to qualify as a small or medium-sized business can cut red tape for a business with a reduced amount of both non-financial and financial reporting a small or medium-sized business is required to do. […]

Thinking of buying another business? What due diligence should you consider?

When in business, it’s not uncommon to be approached by another business with a view to you buying the business or entering a partnership deal. It might be a competitor that approaches you, or it could be a customer or supplier. Alternatively, you might identify a business that you would like to acquire as part […]

Changes to UK Company Law and Companies House

Business Law changes

Changes to UK company law and Companies House The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023 and will introduce a number of changes over the next few years. The act gives Companies House the power to play a more significant role in tackling economic crime and supporting economic growth. […]

R&D Changes from April 2024

A little less compensation, a little more admin, R&D relief We have seen an increased focus in the past couple of years from HMRC on reforming R&D, both in the way reliefs are provided and how claims are submitted. For accounting periods 1 April 2024 SME relief will no longer be available to all but […]

Kreston Academies Benchmark Report 2024

Academy Sector Sliding Towards Deficit revealed in 2024 Academies Benchmark Report The 12th annual Kreston UK Academies Benchmark Report has revealed a marked increase in the number of academies dipping into their reserves to keep up with thesignificant cost increases that have hit the sector. Trusts running in-year deficits – where they are spending more […]

Minimum wage rates increase from 1 April 2024

Changes are on the horizon as minimum wage rates are set to increase from 1st April 2024. The increases are substantial and apply across the board to all National Minimum Wage rates and the National Living Wage rate. The minimum wage a worker should get depends on their age and if they are an apprentice. […]

Mastering Cash Flow Forecasting

In the dynamic world of managing a business, one of the most critical elements to success is effective cash flow management. Cash flow forecasting is a fundamental tool for business owners to navigate financial challenges and ensure sustained growth. In this article, we will delve into the importance of cash flow forecasting and talk about […]

Board Governance – What does good look like?

Governance is a term used to describe the trustees’ role in: • the long-term direction of the charity, including its objectives or purposes • implementing policies and activities to achieve objectives• complying with legal requirements • accountability to those with an interest or stake in the charity. Good governance should be embedded throughout a charity. The trustee […]

Managing Conflicts of Interest

Managing conflicts of interest Trustees have a duty to act in the best interest of their charity. There are two common types of conflict of interest: financial conflicts and loyalty conflicts. Financial conflictsThese conflicts happen when a trustee, or person or organisation connected to them, could get money or something else of value from a […]

The Six Legal Responsibilities of a Trustee

To kick off this years Trustees’ Week we are recapping the six legal responsibilities of a trustee.  Trustees play a pivotal role in the functioning of charitable organisations. Being a charity trustee offers the opportunity to contribute to a cause you care about and can be very rewarding. However, becoming a trustee involves commitment and […]

Auto-Enrolment extension receives Royal Assent

The Department for Work and Pensions (DWP) has announced a change to the age for automatic enrolment will be lowered from 22 to 18. These reforms also encompass the removal of the lower earnings limit for minimum contributions. This development empowers workers to save more for their pensions over an extended period. Under the new […]

Kreston Charities Report 2023

Mitchell Charlesworth are proud to be part of Kreston Global, a network of accounting firms with a presence in over 120 countries worldwide. We are delighted to be able to share with you the Kreston Charities Report for 2023. The Kreston UK Charity Group works with more than 2,000 charities of various sizes offering a […]