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Changes from 1 January 2025 which may impact UK businesses selling goods or services to EU customers

The EU has extended the scope of member states to use VAT reduced rates (RR), a rate below the standard rate. Every EU member state will have the right to RR two products or services with a rate of 5% or more.

The range of potential goods or services has been expanded and the restrictions which applied to those member states who recently joined the EU has been removed. It is likely that several member states will introduce additional reduced rates throughout 2025.

     

Webinar: Navigating the Upcoming Changes to FRS 102

We are delighted to invite you to join our free webinar ‘Navigating the Upcoming Changes to FRS 102’During the webinar our Audit and Assurance specialists, James Pitt and Sam Brittonwill cover everything you need to know following the FRC’s significant amendments to FRS 102 (which are set to take effect from 1 January 2026) and how it might impact your financial reporting. Additionally, the webinar will delve into:

  • Key insights of the changes to FRS 102 
  • Implications for businesses
  • Preparing for the transition
  • Looking ahead and planning


Date: Thursday 23rd January 2025


Time: 13:30 - 14:00


Venue: Your desk (Zoom)


Cost: Free

If you happen to miss our webinar, we will email you a recorded version.  

     

Government launches Industrial Strategy Advisory Council

The UK government has launched a new Industrial Strategy Advisory Council which brings together business leaders from across the UK to offer advice. The government says the Industrial Strategy will help maintain a pro-business environment to capture a greater share of internationally mobile investment and motivate domestic business to boost their investment and scale up their growth.

     

HMRC target small charities VAT recovery

HMRC have recently proactively written to several small to medium VAT registered charities to remind them that if they have “non-business” activities, they must restrict VAT recovery on input tax.

Non-business activities are those that are freely provided, without charging a fee to the recipient. Examples include an animal rescue centre funded by donations, or a charity that provides care to the homeless funded by grants. The activity could be funded by grants or donations, legacies or investment income. 

     

Planning to make redundancies? It’s about to get much harder!

For employers intending to make redundancies to achieve efficiencies (perhaps in the face of spiralling employment costs), JCHR’s HR outsourcing team suggests that time is very much of the essence.

The Labour government is to change redundancy rules, making redundancies riskier, take longer and come with substantially increased penalties for failing to meet statutory consultation requirements. JCHR’s employer’s briefing is a 4 minute read and is a must for employers contemplating future redundancies.


For more information, please read more by clicking the link below.

     
Contact Us

James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential.

 

If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255.

 

James Cowper Kreston

     

The information in this newsletter must not be relied on as giving sufficient advice in any specific case.

   

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