From 6 April 2025 the government will introduce a new residence-based system for Inheritance Tax (IHT), ending the use of offshore trusts to shelter assets from IHT, and scrap the planned 50% reduction in foreign income subject to tax in the first year of the new regime. Changing late payment interest rates on unpaid tax… Read More…

Tracking the cost of goods sold assists in determining if a product is profitable or costs too much to make which can be reduced in the future. Accounting also assists in keeping track of expenses and how they can be reduced to keep costs down. Accounting records and statements allow business people to make decisions… Read More…