Blog

12
Jul

Are you prepared for changes to the income tax basis?

Are you prepared for changes to the income tax basis?

Unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April each year from 2024/25. This is a significant change to taxation, which removes the basis period rules and prevents the creation of further overlap relief in a new system...

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12
Jul

Survey shows taxpayers are still unprepared for Making Tax Digital switchover

Survey shows taxpayers are still unprepared for Making Tax Digital switchover

A new survey on Making Tax Digital (MTD) shows taxpayers have an alarming lack of readiness and enthusiasm for the changeover and a lack of awareness that MTD for Income Tax begins in less than two years. HM Revenue & Customs (HMRC) commissioned pollsters Ipsos to undertake new research...

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12
Jul

The benefits of taking on an apprentice

The benefits of taking on an apprentice

With the current labour shortage affecting pretty much all areas of the economy, taking on an apprentice could reap rewards for many businesses. There are many reasons why hiring an apprentice can benefit your business, but for hard-pressed employers, with a limited budget, the financial incentives offered by the Government...

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12
Jul

Be prepared if you decide to adopt a working from home policy

Be prepared if you decide to adopt a working from home policy

There seems little doubt now that the working from home phenomenon has become established. With a laptop, a phone and an internet connection, many tasks can be performed as adequately at home or elsewhere, as in an office. While returning to the office is a must for many, the recent rail strikes and surge in fuel prices...

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12
Jul

How to minimise Inheritance Tax bills as house prices surge

How to minimise Inheritance Tax bills as house prices surge

More and more people are being drawn into paying Inheritance Tax (IHT), as the price of property soars. This is because former Chancellor Rishi Sunak froze the nil rate thresholds for paying the tax at £325,000 until 2026, while the value of homes has rocketed, potentially drawing more people into paying the tax.

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12
Jul

‘Umbrella’ contracts firm loses £11m tribunal case against HMRC

A company has lost an £11 million dispute with the taxman over whether contract construction workers were entitled to claim travel costs tax-free. As many as 600,000 temporary workers in the UK are thought to be employed by umbrella companies, used by recruitment agencies and companies to cut temporary payroll costs.

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12
Jul

Britons lose millions in penalty charges as they cash in LISAs

Britons lose millions in penalty charges as they cash in LISAs

Thousands of Britons facing a cost-of-living crunch have been withdrawing funds from their Lifetime ISA (LISA) accounts and getting hit with significant penalty charges. According to HM Revenue & Customs (HMRC), a record 77,500 LISA savers were issued over £33 million worth of early withdrawal charges in 2021/22.

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22
Jun

How hard-pressed SMEs can obtain business support

How hard-pressed SMEs can obtain business support

Small businesses are the lifeblood of the UK economy, but with rapid inflation and other economic headwinds making trade difficult, they can struggle to access support. There is a wide range of important tax reliefs available to SMEs, which could provide some much-needed financial assistance.

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22
Jun

Be prepared for changes to VAT penalties and VAT interest charges

Be prepared for changes to VAT penalties and VAT interest charges

Changes to charges and penalties applied to late submission of VAT returns will kick in from January next year. For the VAT period starting on or after 1 January 2023, new penalties will replace the default surcharge for returns submitted or paid late.

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22
Jun

Penalties for misuse of Coronavirus Job Retention Scheme

Penalties for misuse of Coronavirus Job Retention Scheme

New legislation allows HM Revenue & Customs (HMRC) to recover Coronavirus Job Retention Scheme (CJRS) grants that have been overclaimed. Those who fall foul of the legislation could face interest charges, financial penalties and even be named and shamed.

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22
Jun

Managing costs to offset spiralling inflation – Our top tips for cutting your bills

Managing costs to offset spiralling inflation – Our top tips for cutting your bills

A leading business organisation has highlighted the problems faced by industry after new figures show a steep rise in business costs. According to figures from the Office for National Statistics (ONS), producer input price inflation stands at a record-high 18.6 per cent, and the consumer prices index at nine per cent and could go higher.

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22
Jun

Take action – Loans to small businesses drop to record low

Research from the Federation of Small Businesses (FSB) shows that successful applications for finance among members have dropped to the lowest level on record. Conversely, figures from the Bank of England show the annual growth rate of lending to big corporates has increased significantly since the start of the year.

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22
Jun

‘New deal’ for tenants to be delivered in Renters Reform Bill

‘New deal’ for tenants to be delivered in Renters Reform Bill

The ‘biggest change to rent law in a generation’ will be delivered with the Renters Reform Bill (the Bill). The Government says it says it will improve the lives of millions of renters by driving up standards in the private and social rented sector, delivering on the Government’s mission to level up the country.

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22
Jun

National Insurance thresholds are changing – Are you ready?

National Insurance thresholds are changing – Are you ready?

From 6 July 2022, the Primary Threshold (PT) for National insurance will increase to £12,570. This is the threshold at which employees begin paying National Insurance contributions (NICs). This will bring the rate in line with the current rate of personal allowances for income tax and means those earning below this amount...

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23
May

Make sure you are making the correct PAYE payments to HMRC

Make sure you are making the correct PAYE payments to HMRC

HM Revenue & Customs (HMRC) is issuing fresh warnings to employers to ensure their payment reference numbers are correct so that payments are recognised. Each payment reference number relates to a specific employer and covers a particular accounting period.

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23
May

Could Government-backed business loans become permanent?

Could Government-backed business loans become permanent?

Throughout the pandemic and into the current recovery period, the Government has offered a number of loans to help businesses survive and invest for their future. However, only the Recovery Loan Scheme remains open, and this is due to end on 30 June, with no replacement taking its place.

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23
May

Working from home tax relief continues, but fewer employees likely to be eligible this year

Working from home tax relief continues, but fewer employees likely to be eligible this year

HM Revenue & Customs (HMRC) has retained its online portal for claiming working from home tax relief for the 2022/23 tax year. But, while the rules and value of the relief remain unchanged, unless there are any further lockdowns this year far fewer people are likely to be able to claim.

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23
May

Our top tips for hiring your first employee

Our top tips for hiring your first employee

There has been a surge in new company formations in the last few years, as entrepreneurs develop new and exciting business ideas and bring them to market. On top of this, there are a growing number of workers with ‘side hustles’, who are quickly scaling up their operations to deal with demand from their customers and clients.

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23
May

Revenue updates guidance on tipping apps

Revenue updates guidance on tipping apps

When HM Revenue & Customs’ (HMRC’s) current guidance on the tax treatment of tips and troncs was first published back in 2014, tips and troncs were paid almost exclusively in cash or through card transactions.

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23
May

Expansion of the Trust Registration Service – What you need to know

Expansion of the Trust Registration Service – What you need to know

From 1 September, changes to the rules regarding the Trust Registration Service (TRS) mean that more trusts will need to be registered with HM Revenue & Customs. The TRS was introduced five years ago to make the beneficial ownership of assets held in trust more transparent.

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21
Apr

Don’t ignore the warning signs that you or a customer’s business is in trouble

Don’t ignore the warning signs that you or a customer’s business is in trouble

You have worked long and hard to get your business up and running and have put your heart and soul into making it successful. The thought of losing it can be incredibly stressful, both for you and any employees who could lose their jobs.

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21
Apr

Keeping a lid on business expenses

Keeping a lid on business expenses

It is always a challenge to keep costs down for businesses, particularly at a time of soaring inflation and steep rises in the cost of utility bills. An expense report is designed to report on any business-related expenses an employee incurs, either by using a company credit card or by using their own funds.

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21
Apr

How can you finance a new business?

How can you finance a new business?

Financing a new venture is a challenge, even harder in the current climate of high inflation, global uncertainty and the backdrop of war in Europe. Difficult, but not impossible. With planning, careful research and the right advice, you should be able to find the finance that is right for you.

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21
Apr

Getting to grips with the new National Insurance and Dividend Tax Rates

Getting to grips with the new National Insurance and Dividend Tax Rates

National Insurance and Dividend Tax rates have increased by 1.25 percentage points as of 6 April, as part of the new Health and Social Care levy. These changes have brought additional complications to the payments of National Insurance Contributions (NICs) and dividends that businesses are just getting to grips with.

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21
Apr

Looking to start a new business? You aren’t alone

Looking to start a new business? You aren’t alone

The majority of adults will have flirted with the idea of starting a business and becoming the next Branson or Musk. That idea would have been firmly buried for many during the pandemic, but new figures show that nearly 13 per cent of UK adults are running fledgling businesses, according to research...

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21
Apr

R&D Tax Credits – What is changing next year

R&D Tax Credits – What is changing next year

Several important changes are happening to research and development (R&D) tax reliefs in April 2023, which could affect what income qualifies for R&D tax relief that businesses need to account for in their plans. These new measures are still being considered by Parliament, but details of the upcoming...

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21
Apr

HMRC to launch new mandatory P87 expenses form

HMRC to launch new mandatory P87 expenses form

HM Revenue & Customs (HMRC) is to launch a new mandatory P87 form from 7 May to create a consistent standard for the P87s it receives. What is a P87 form? Workers and their agents can use a P87 form to claim tax relief on work expenses. The form can only be used to claim tax rebates for an employee...

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23
Mar

Spring Statement 2022

Spring Statement 2022

Exactly two years since the first lockdown was announced, the eyes of the public were firmly fixed on the Chancellor, Rishi Sunak, as he rose to the despatch box in the House of Commons to deliver his Spring Statement. Yet again, Mr Sunak found himself addressing MPs against a background of crisis, with the residual...

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17
Mar

Are you making the most of super-deduction tax relief?

Are you making the most of super-deduction tax relief?

Businesses across the UK are already benefitting from the temporary tax relief offered by the super-deduction but many more could still be missing out on this vital support. The super-deduction scheme was introduced on 1 April 2021 and will run until 31 March 2023. It allows firms investing in qualifying plant...

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17
Mar

Retain key staff with salary sacrifice schemes

Retain key staff with salary sacrifice schemes

While the national job vacancy boom is good news for job seekers, it could be a nightmare for businesses keen on retaining high-quality staff. While a pay rise is always welcome it may not always be the most tax or National Insurance efficient approach when compared with other benefits, including salary sacrifice...

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17
Mar

Cash flow statements – How to avoid errors that damage your business

A cash flow statement provides data about all cash inflows a company receives from its operations and investments. It tells you how much cash is entering and leaving your business in any given period. Along with balance sheets and income statements, it is vital for managing your small business accounting and making...

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17
Mar

How to make the most of cloud-based accounting software

How to make the most of cloud-based accounting software

The cloud is king in the world of accounting, with a vast range of software and applications available, designed to be easy to use by businesses and their owners. The beauty of cloud accounting is that the software can be accessed anywhere that has an internet connection on a range of devices.

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17
Mar

Avoid the pitfalls of the SEISS scheme

Avoid the pitfalls of the SEISS scheme

Thousands of taxpayers benefited from the Self-Employment Income Support Scheme (SEISS) as the pandemic raged over the last two years, before its closure last year. The scheme, which involved five grant payments, was set up by the Government to provide support for the self-employed, for example sole traders...

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17
Mar

Company tax returns must include COVID-19 grants says HMRC

Company tax returns must include COVID-19 grants says HMRC

Taxpayers are being reminded that COVID-19 support grants or payments should be declared on company tax returns as they are taxable. HM Revenue & Customs (HMRC) has issued a reminder that the filing deadline for company tax returns (CT600) is 12 months after the end of the accounting period it covers.

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17
Mar

HMRC focuses on backlog of work by shuttering telephone services

HMRC focuses on backlog of work by shuttering telephone services

HM Revenue & Customs (HMRC) has announced that it is having to prioritise its essential services by temporarily closing some of its telephone hotlines, following a surge in enquiries during and since the pandemic.

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14
Feb

Top tax tips to help your business save money

Top tax tips to help your business save money

Whether you are setting up a new business, or already have a successful, well-established company, there are many ways that you can save money through tax reliefs and allowances. Certain tax initiatives even allow business owners to save money that can be invested in their company.

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14
Feb

Nearly half a million SMEs at risk of failing due to late payments crisis

Nearly half a million SMEs at risk of failing due to late payments crisis

According to a new survey from the Federation of Small Business (FSB), more than 440,000 small businesses could fail because of a new late payment crisis. The national small business organisation has called for the Government to step in and take urgent action to improve how companies are paid.

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14
Feb

Fears over move to MTD, as few take part in income tax pilot scheme

Fears over move to MTD, as few take part in income tax pilot scheme

A pilot scheme using software in preparation for the next phase of HM Revenue & Customs’ (HMRC) Making Tax Digital (MTD) initiative has seen a slump in users. Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD...

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14
Feb

Company directors banned for Bounce Back Loan fraud

Company directors banned for Bounce Back Loan fraud

Two company directors have been banned for a total of 21 years after they fraudulently claimed £100,000 in bounce back loans. Following an investigation by the Insolvency Service, Aamer Aslam from Huddersfield and Razwan Ashraf from Keighley were disqualified for 11 and 10 years respectively...

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14
Feb

New tax rules on holiday lets – What does it mean for owners?

New tax rules on holiday lets – What does it mean for owners?

It was recently announced that the Government would reform business rates relief for owners of second homes – resulting in some holiday let owners facing additional costs of up to £1,000 a year.

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14
Feb

Most popular options available when setting up a new business

Most popular options available when setting up a new business

It’s a new year and many people who may have lost their jobs during the pandemic or have decided to take their life in a new direction, will be looking to start up a business. It could be a full-time endeavour or a part-time business looking to make a bit of extra income to cope with the current cost of living crisis.

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14
Feb

Can you avoid the P11D process?

Can you avoid the P11D process?

Every year employers across the UK submit an end-of-year report to HM Revenue & Customs (HMRC) outlining the benefits provided to each employee and director, which were not included in their wages.

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19
Jan

Give yourself Time to Pay

Give yourself Time to Pay

Taxpayers who are unable to pay their Self-Assessment (SA) bill can use the option of paying by instalments with a Time to Pay arrangement with HM Revenue & Customs (HMRC). If you cannot pay a Self-Assessment tax bill you can make your own Time to Pay arrangement using your Government Gateway account...

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19
Jan

Cash no longer king as card payments surge in lockdown

Cash no longer king as card payments surge in lockdown

Whether it is down to the spread of the Coronavirus or just a general trend to a more cashless society, card payments have boomed in the last couple of years. While restrictions were in place, hardly anyone accepted cash and it is a trend that looks like it will continue with more and more payments being made through card readers.

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19
Jan

Be prepared for changes to Corporation Tax in 2023

Be prepared for changes to Corporation Tax in 2023

The 2023-24 tax year may seem a long way off, but it is important that companies are prepared for changes to the system a little more than year down the line. The main rate of Corporation Tax (CT) will rise to 25 per cent for the financial year commencing on 1 April 2023, but it is slightly more complicated...

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19
Jan

Accountants critical to the success of SMEs

Accountants critical to the success of SMEs

Small and medium-sized enterprises (SMEs) are the lifeblood of the country, accounting for 99.9 per cent of all businesses across the UK. At the start of 2021, there were estimated to be 5.6 million UK private sector businesses.

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19
Jan

How the penalty system for late tax submissions is changing

How the penalty system for late tax submissions is changing

Under new rules set by the Government, the system of penalties for VAT and Income Tax Self-Assessment (ITSA) are changing. The new system of fines is aimed at tackling non-compliance by taxpayers who repeatedly fail to meet their obligations to provide returns and other information requested by HMRC.

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19
Jan

Income tax basis periods – What unincorporated businesses need to know

Income tax basis periods – What unincorporated businesses need to know

All unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April (or 31 March) each year from 2024-25.

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22
Dec

New COVID financial support announced

New COVID financial support announced

Following the impact on businesses in England of the current ‘Plan B’ covid measures and the impact of Omicron on trade in the hospitality sector in particular, the Government has announced a new support package.

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14
Dec

Prepare now for the final stage of MTD for VAT

Prepare now for the final stage of MTD for VAT

The final stage of Making Tax Digital (MTD) for VAT is just a few short months away. From 1 April 2022, even the smallest VAT registered business will need to comply with the quarterly digital recording and reporting of VAT – including those below the £85,000 VAT threshold who are voluntarily registered.

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14
Dec

Eight New Year’s resolutions that businesses should follow

Eight New Year’s resolutions that businesses should follow

Every year many of us decide to set a New Year’s resolution. Perhaps it is losing weight, going vegetarian or putting extra money away in your savings. Of course, inevitably, life can get in the way and it is easy to lose track of the promises you set yourself.

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14
Dec

Homes price boom sparks a big rise in Inheritance Tax receipts – What can you do to save tax?

Homes price boom sparks a big rise in Inheritance Tax receipts – What can you do to save tax?

Campaigners are angry over the fact that more and more people will be drawn into paying Inheritance Tax (IHT), after a big rise in receipts. They are angry that Chancellor Rishi Sunak has frozen the IHT nil rate band and residence nil rate band at £325,000 and £175,000, respectively, until 2026...

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14
Dec

PAYE Settlement Agreement can save time and costs

PAYE Settlement Agreement can save time and costs

For busy small businesses, a PAYE Settlement Agreement (PSA) offers a simpler alternative to pay your employees. It allows you to make one annual payment to cover all the tax and National Insurance due on minor, irregular or impracticable expenses or benefits for your workforce.

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14
Dec

Self-Assessment taxpayers warned over fraudsters trying to steal information

Self-Assessment taxpayers warned over fraudsters trying to steal information

Self-Assessment taxpayers have been warned to be on their guard against fraudsters trying to steal their information. Over the last year, HM Revenue & Customs (HMRC) received nearly 900,000 reports from the public about suspicious HMRC contact, which included phone calls, texts or emails.

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14
Dec

Should payments made by an employee for vehicle and uniform rental be treated as reductions when calculating the National Minimum Wage (NMW)?

Should payments made by an employee for vehicle and uniform rental be treated as reductions when calculating the National Minimum Wage (NMW)?

Well according to a recent Employment Appeals Tribunal (EAT), yes, they should. In this latest case, a taxi driver in Watford was employed by a firm, which dictated that as part of his conditions of employment he was required to provide a vehicle and uniform, both of which were rented...

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9
Dec

Plan B – What does it mean for you and your business?

Plan B – What does it mean for you and your business?

As infection rates of the Omicron COVID-19 variant rise across the UK, the Government has decided to implement its Plan B measures to restrict the spread of the virus. Although this announcement was expected, and details of it widely publicised beforehand, here is what you need to know...

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29
Nov

Take advantage of the extension to the Recovery Loan Scheme

Take advantage of the extension to the Recovery Loan Scheme

Find out how your businesses can benefit from this Government-backed funding Although much of the COVID-19 financial support has been withdrawn, the Government still wants businesses to access funding to aid their recovery. That is why the Chancellor, Rishi Sunak, has extended the Recovery Loan Scheme until 30 June 2022...

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15
Nov

Simple steps you can take to cut business costs and maximise profits

Simple steps you can take to cut business costs and maximise profits

Cost-saving will be key for many businesses struggling to get back up to speed after the pandemic. Many small and medium-sized enterprises (SMEs) were hit hard and now face higher inflation, skills shortages and rising wages. The Bank of England says the inflation figure could even hit four per cent by December.

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15
Nov

Is your business struggling with debt? Regain control today

Is your business struggling with debt? Regain control today

Many small and medium-sized enterprises (SMEs) were hit hardest at the beginning of the pandemic. They had access to support, like the Bounce Back Loan, which was easier to access and had lower interest rates, but those only helped during the short term.

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15
Nov

Top tips for filing your Self-Assessment tax return

Top tips for filing your Self-Assessment tax return

If you have to submit a Self-Assessment tax return to HM Revenue & Customs (HMRC), you only have a few weeks left to submit it online. The clock is ticking on the 31 January 2022 online tax return deadline – miss it, and you could face fines. The 2020/21 tax return covers earnings and payments during the pandemic...

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15
Nov

How businesses can avoid becoming the victims of fraud

How businesses can avoid becoming the victims of fraud

UK businesses have had plenty to cope with over the last 20 months or so. Hammered by COVID-19, hit by a skills shortage and coping with sometimes patchy supply chains. So, it’s even more important that they have robust measures in place to tackle fraud.

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15
Nov

Need Help to Grow? Learn about the latest Government-backed support for SMEs

Need Help to Grow? Learn about the latest Government-backed support for SMEs

The Help to Grow campaign was first announced in the Spring Budget earlier this year but received yet another mention in the Autumn Budget as the Government ramps up support for smaller businesses. It has been designed to help more than 100,000 SMEs access management training and advice on innovations...

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15
Nov

Business rates reform – How will it affect you

Business rates reform – How will it affect you

For years businesses on the British high street have been calling for reforms to the business rates system. The Chancellor has finally announced new measures in the Autumn Budget that he claims will reduce the burden of business rates in England by over £7 billion over the next five years.

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12
Nov

What Is the Best Cloud Accounting Software for UK Restaurants?

What Is the Best Cloud Accounting Software for UK Restaurants?

A business that deals with cash flow every minute of the day, like a restaurant, can greatly benefit from cloud accounting software. Learn the best solution.

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27
Oct

Autumn Budget 2021

Autumn Budget 2021

With the Speaker of the House of Commons by tradition not presiding over the Budget, the Chancellor might have hoped he would escape a rebuke over the number of important announcements disclosed to the media in advance. That was not to be, with the Chancellor instead receiving a ticking-off from Dame Eleanor Laing, the Chairman of...

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25
Oct

Worried COVID Plan B may affect you or your business?

Worried COVID Plan B may affect you or your business?

The pandemic and its restrictions have placed a strain on all of us. It is not surprising that many fear the return of more measures that restrict our lives and businesses. There is growing concern that we are heading towards another spike in infections and a move to Plan B – what does this mean for you?

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15
Oct

I have been sent a nudge letter by HMRC – What should I do next?

I have been sent a nudge letter by HMRC – What should I do next?

Thousands of taxpayers across the UK have received ‘nudge letters’ from HM Revenue & Customs (HMRC) encouraging them to declare unpaid tax. The reasons for being targeted vary but the impact of being contacted by HMRC can cause a lot of stress, leaving many taxpayers unsure about what they should do.

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15
Oct

Received a CJRS compliance check? Act now!

Received a CJRS compliance check? Act now!

The Coronavirus Job Retention Scheme (CJRS) ended in September but many firms could still be subject to a CJRS compliance check in the weeks and months ahead. HM Revenue & Customs (HMRC) has been sending out letters to employers throughout the year telling them they need to pay back CJRS payments because they claimed too much or are suspected of furlough fraud.

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15
Oct

MTD for Income Tax delayed – What it means for you

MTD for Income Tax delayed – What it means for you

Unincorporated businesses have heaved a sigh of relief after the Government delayed the date for the implementation of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) by one year to 2024. Hit hard by the pandemic, it will give these businesses, including the self-employed and landlords...

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15
Oct

Buying a business – Top tips to secure the best deal

Buying a business – Top tips to secure the best deal

Have you ever considered buying a business? Whether you are an experienced entrepreneur or just starting out, acquiring a ‘ready-made’ business offers a number of advantages. For established businesses, buying a second company can help them break into new markets or acquire machinery, skilled workers or innovations...

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15
Oct

Six steps to secure finance for your business

Six steps to secure finance for your business

Lots of businesses are seeking out finance at the moment, whether to fund an acquisition or finance investment, but given the challenges the economy faces, it is becoming increasingly difficult to secure the right deal. If a business hasn’t sought out finance for a while or there has been a significant change to their...

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15
Oct

Managing business costs – what the energy and supply crisis may mean for your company

Managing business costs – what the energy and supply crisis may mean for your company

The last month has highlighted the challenges that many businesses face when it comes to supplies and costs. Visions of people filling up plastic bottles with petrol or pulling trolleys of toilet rolls to their car may seem bizarre but they have become reality in the last year and this shortage of key supplies is affecting businesses.

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5
Oct

Kickstart Scheme and apprenticeship incentives extended

Kickstart Scheme and apprenticeship incentives extended

Speaking at the Conservative Party Conference in Manchester, the Chancellor, Rishi Sunak announced extensions to both the Kickstart Scheme and incentives to employers to take on apprentices.

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24
Sep

Final SEISS deadline – Submit your claim by 30th September!

Final SEISS deadline – Submit your claim by 30th September!

If you are applying for the fifth and final grant of the Self-Employment Income Support Scheme (SEISS), you must ensure that your application and any necessary documents are with HM Revenue & Customs (HMRC) by 30th September.

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15
Sep

SME confidence is on the rise as employers make plans to expand their workforce

SME confidence is on the rise as employers make plans to expand their workforce

Official research has found increasing confidence amongst SME employers, with 26 per cent saying they expect to increase their employee headcounts over the coming year. The findings from the Small Business Survey, carried out by the Department for Business, Energy and Industrial Strategy (BEIS), show that the number of small...

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15
Sep

Minimum wage non-payment excuses ‘outrageous’

Minimum wage non-payment excuses ‘outrageous’

The National Minimum Wage has been in place for more than two decades. It currently stands at £8.91 per hour for adults over the age of 23 (The National Living Wage), while the lowest figure is £4.30 per hour for an apprentice. While a sizeable number of breaches will be down to errors or incorrect interpretation of...

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15
Sep

Couples could be missing out on tax breaks

Couples could be missing out on tax breaks

Couples may be missing out on tax breaks without realising it, according to HM Revenue & Customs (HMRC). Savings can be made both with Income Tax and Capital Gains Tax (CGT) by using their personal tax allowance.For CGT, a couple’s two allowances (each equal to £12,300) can be combined to reduce the final tax bill on a transaction...

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15
Sep

New weapons in the war on cybercrime

New weapons in the war on cybercrime

It is a nightmare that plagues both business and private users alike, but cyber security experts are continuing to fight back against the online crooks using email scams targeting their organisations. The UK’s cyber police force, the National Cyber Security Centre (NCSC), has published guidance for businesses on...

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15
Sep

Beware of rising house prices increasing Inheritance Tax liability

Beware of rising house prices increasing Inheritance Tax liability

While rising property values may seem like good news, as prices go through the roof it could land you with a hefty Inheritance Tax (IHT) bill. The latest data from HM Revenue & Customs (HMRC) show that the average IHT tax bill stood at nearly £210,000. IHT is a charge on the value of the estate of someone who has died...

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15
Sep

Frustrated SMEs turning to unsecured loans to grow businesses

Frustrated SMEs turning to unsecured loans to grow businesses

As the UK emerges from the economic crisis caused by the pandemic there are many positive indicators of financial recovery, such as a fall in COVID-induced public spending, a rise in job vacancies and a decline in unemployment, all of which are encouraging businesses to grow.

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8
Sep

How will the National Insurance and dividend tax increases affect me?

How will the National Insurance and dividend tax increases affect me?

Taxpayers face an increase in their National Insurance contributions (NICs) and dividend tax rates from 2022. To explain how this significant change may affect you, please use our helpful FAQ below: How much is the National Insurance rate increasing? The Health and Social Care Levy will see a 1.25 percentage point increase in NICs.

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24
Aug

Beware of exceeding your pension pot allowance

Beware of exceeding your pension pot allowance

Thousands of people who put money into their pension each year are inadvertently failing to declare pension tax charges, according to HM Revenue & Customs (HMRC). This can lead to an unexpected and costly tax bill. Most taxpayers can save up to £40,000 in pension contributions tax-free each tax year...

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24
Aug

Draft legislation published for next Finance Bill

Draft legislation published for next Finance Bill

Taxation and other measures to be included in the Finance Bill for 2021-22 have now been announced. The draft legislation largely covers pre-announced policy changes, along with accompanying explanatory notes, tax information and impact notes, as well as responses to consultations and other supporting documents.

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24
Aug

Super-deduction gives businesses confidence to grow

Super-deduction gives businesses confidence to grow

As the UK economy gets back to full speed and confidence grows amongst small businesses, the impact of the ‘super-deduction’ and the ‘special rate allowance (SRA)’ should encourage even stronger growth. According to HM Revenue & Customs (HMRC), the super-deduction will give companies a strong incentive...

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24
Aug

Taxman says help available as debt collection resumes

Taxman says help available as debt collection resumes

HM Revenue & Customs (HMRC) has warned that debt collection will resume as the UK emerges from the pandemic and it will be contacting taxpayers who have fallen behind with their taxes. HMRC says it will take an understanding and supportive approach to dealing with those who have tax debts or are concerned...

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24
Aug

SMEs optimistic and frustrated as economy set to thrive

SMEs optimistic and frustrated as economy set to thrive

With predictions that the UK economy is set to grow at its fastest pace in 80 years and could recover to its pre-pandemic size by the end of this year, SME owners are feeling more optimistic and are keen to invest in growth.

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24
Aug

HMRC auto-correcting 2020-21 SEISS tax returns

HMRC auto-correcting 2020-21 SEISS tax returns

Where grants claimed under the self-employment income support scheme (SEISS) do not correspond with records held by HM Revenue & Customs (HMRC), it will auto-correct 2020-21 tax returns and issue a new SA302 calculation to both taxpayer and acting agent.

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2
Aug

The fifth round of the Self-Employment Income Support Scheme (SEISS) is now open

The fifth round of the Self-Employment Income Support Scheme (SEISS) is now open

HM Revenue & Customs (HMRC) has announced that the portal for the fifth round of the Self-Employment Income Support Scheme (SEISS) is now open. In recent weeks, the tax authority has been directly contacting taxpayers that it believes are eligible for the fifth round of the scheme, providing them with their personal claim date.

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26
Jul

Government updates self-isolation rules with limited exemptions for 16 sectors

Government updates self-isolation rules with limited exemptions for 16 sectors

While most Covid restrictions in England ended on Monday 19 July, the requirements for people testing positive and their close contacts to self-isolate will continue to apply until 16 August, when they will change for under-18s and double-vaccinated adults.

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19
Jul

Freedom Day – What does it mean for businesses?

Freedom Day – What does it mean for businesses?

From 19 July the majority of the remaining Coronavirus pandemic restrictions will end in England, with a similar reduction of measures in Wales and Scotland. Commonly being referred to as Freedom Day, this final step in reopening the economy will see many of the rules placed upon businesses removed.

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13
Jul

Time to prepare for Corporation Tax changes

Time to prepare for Corporation Tax changes

From April 2023, the Corporation Tax rate will rise for companies with profits of more than £50,000, following the Chancellor’s announcement at his Spring 2021 Budget. However, the new higher rate of Corporation Tax will not be the same for all companies and will instead be tied to their profits.

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13
Jul

Making Tax Digital for Income Tax – Get ready now!

Making Tax Digital for Income Tax – Get ready now!

The next big step in the Government’s Making Tax Digital (MTD) initiative is rapidly approaching. From 6 April 2023, MTD is expanding to include businesses and landlords with a combined total gross income over £10,000 per annum, from the following sources...

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13
Jul

Points-based system for HMRC late payment penalties

Points-based system for HMRC late payment penalties

Penalties for late submission and late tax payments will be determined by a new points system to make them fairer and more consistent, HM Revenue & Customs (HMRC) has announced. Under the new system, penalties will be points-based rather than automatic. This means that those who consistently miss deadlines will accrue...

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13
Jul

Take account of your year-end tax liabilities

Take account of your year-end tax liabilities

Payments on account are advance payments towards your tax liability for the year, if you complete a UK Self-Assessment tax return and is a way of settling tax owed. The two deadlines for the self-employed to pay their tax bills are 31 January and 31 July of each year. These two payments are made during the year...

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13
Jul

Director’s ban a warning to others to keep proper company records

Director’s ban a warning to others to keep proper company records

A payroll services boss has been banned for orchestrating a multi-million-pound tax avoidance scheme. The case puts a spotlight on company owners and should serve as a reminder that they are subject to strict conditions over keeping records.The High Court issued a disqualification order lasting 11 years to the sole...

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13
Jul

Don’t miss the deadline for renewing tax credits

Don’t miss the deadline for renewing tax credits

Unlike other benefits, tax credits usually have to be renewed each year by 31 July to continue receiving payments from HM Revenue & Customs (HMRC). If you are claiming tax credits, it is really important to look carefully at the information you receive. Even if you have stopped getting tax credits, you still need to check...

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13
Jul

A helping hand with the cost of children’s summer activities

A helping hand with the cost of children’s summer activities

Parents faced with the financial headache of childcare over the long school summer holidays are reminded they can get support from the Government. HM Revenue & Customs (HMRC) is reminding working families that they can use Tax-Free Childcare to help pay for their childcare costs over the summer.

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24
Jun

CJRS – Upcoming changes to payments and the furlough scheme

CJRS – Upcoming changes to payments and the furlough scheme

The Coronavirus Job Retention Scheme (CJRS) continues to support many businesses, who are reliant on the financial support it offers to cover the costs of staff on furlough. Extended earlier this year in the Budget, support from the CJRS will slowly be withdrawn in the next three months before closing altogether...

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24
Jun

Preparing for the end of the Stamp Duty Holiday

Preparing for the end of the Stamp Duty Holiday

Introduced in July 2020, the Stamp Duty Land Tax (SDLT) Holiday has helped hundreds of homeowners and investors to reduce the cost of purchasing a new property. However, the higher SDLT thresholds will change from 1 July increasing the cost of buying or transferring a home. From the beginning of July, the SDLT rules...

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24
Jun

Government extends ban on commercial evictions until March 2022

Government extends ban on commercial evictions until March 2022

The Treasury has reassured many distressed business owners by confirming that a moratorium on commercial evictions introduced in April 2020 will now be extended for another year. The ban, introduced more than a year ago, has already been extended twice and was due to expire at the end of June but will now remain in place...

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