14-10-2024 New brooms to deliver better pension frameworks
The Department for Work and Pensions has published an outline of the new Pensions Scheme Bill. There are three main objectives that the government want to achieve, and they are set out below. However, ... read more
14-10-2024 An outline of the Employment Rights Bill
Legislation has been introduced in Parliament to upgrade UK workers’ rights.
The legislation is wide ranging with the intention of tackling poor working conditions and benefitting businesses. A ... read more
10-10-2024 New powers for banks to combat fraudsters
Banks will be granted new powers to delay and investigate payments suspected of fraud, enhancing consumer protection against scammers.
Under new laws being proposed by the Government, banks will be ... read more
10-10-2024 Service tipping law now in force
New regulations that prohibit employers from withholding tips for employees in the hospitality, leisure, and services sectors took effect on 1 October 2024. This change follows the enactment of The ... read more
10-10-2024 Using the GOV.UK ID Check app
The GOV.UK ID Check app is used to allow applicants to verify their identify when they sign in to a government service with GOV.UK One Login. Once this had been completed satisfactorily, your identity ... read more
10-10-2024 Construction industry - VAT reverse charge
There are special VAT reverse charge rules in place for certain building contractors and sub-contractors. These regulations, which came into effect on 1 March 2021, make the supply of most ... read more
10-10-2024 Chancellor unveils new measures
Chancellor Rachel Reeves has recently introduced a series of new measures aimed at advancing the priorities of the new government. The key announcements include:
New funding for breakfast clubs at ... read more
10-10-2024 Will 10% tax on business disposals survive?
While there have been no specific announcements regarding changes to Business Asset Disposal Relief (BADR), the Chancellor may consider modifying this relief in the upcoming Budget. If you are ... read more
09-10-2024 Government crack-down on late payers
The government has unveiled new measures to support small businesses and the self-employed by tackling the scourge of late payments, which according to the Smart Data Foundry is costing SMEs £22,000 a ... read more
09-10-2024 New residence-based relief for non-doms
A reminder that the government has stated that it will remove preferential tax treatment based on domicile status for all new foreign income and gains (FIG) that arise from 6 April 2025. To replace ... read more
07-10-2024 Tax Diary November/December 2024
1 November 2024 - Due date for Corporation Tax due for the year ended 31 January 2024.
19 November 2024 - PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax ... read more
03-10-2024 Cash in Child Trust Funds
HMRC has issued a press release urging 18-22 year olds who have yet to claim their Child Trust Fund (CTF) cash to do so as soon as possible. According to HMRC, over 670,000 young adults in this age ... read more
03-10-2024 Check your State Pension age
HMRC’s 'Check your State Pension age' tool is available at www.gov.uk/state-pension-age/y.
The online tool allows taxpayers to check the following:
the earliest age they can start receiving the ... read more
03-10-2024 Starter checklist for PAYE
When hiring a new employee, employers must determine the appropriate tax code and starter declaration for their payroll software. Using incorrect tax codes can result in the new employee over or ... read more
03-10-2024 Relief for company tax losses
Corporation Tax relief may be available when a company or organisation incurs a trading loss, a loss on the sale or disposal of a capital asset, or on property income. Tax relief may be available to ... read more
03-10-2024 Tracing lost pension details
An online service is available on GOV.UK at www.gov.uk/find-pension-contact-details to help people find their lost pension funds.
You can use this service to find contact details for:
your own ... read more
03-10-2024 When you must register for VAT
The taxable turnover threshold for VAT registration is currently £90,000 and has applied since April 2024.
Businesses must register for VAT if they meet one of the following conditions:
At the end ... read more
30-09-2024 Setting up a Civil Partnership
Civil Partners enjoy the same tax and other advantages as married couples.
To set up a civil partnership in England or Wales, both partners must be eligible, meaning they are over 18, not already ... read more
30-09-2024 Beware fake parking fine texts
The Driver and Vehicle Standards Agency (DVSA) is warning that scammers are sending text messages about fake DVSA parking penalty charges. The text messages warn people that they have a ‘parking ... read more
26-09-2024 Gifts and Inheritance Tax
Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known as "potentially exempt transfers" (PETs), can become fully exempt if the donor ... read more
26-09-2024 Current rates for Capital Gains Tax (CGT)
CGT is generally charged at a flat rate of 20% on most chargeable gains for individuals. However, if taxpayers are within the basic rate tax bracket and make a small capital gain, they may be eligible ... read more
You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax, ... read more
26-09-2024 What is fiscal drag?
The freezing of tax thresholds often leads to a phenomenon known as fiscal drag. When tax thresholds remain unchanged, taxpayers will likely pay more tax as their earnings rise without a corresponding ... read more
26-09-2024 VAT group registration
There are special VAT rules that allow two or more companies or limited liability partnerships, commonly referred to as ‘bodies corporate’, to be treated as a single taxable person for VAT purposes ... read more
26-09-2024 Redundancy pay and tax
There is a tax-free limit of £30,000 for redundancy pay regardless of whether it is your statutory redundancy payment or a higher payment from your employer.
If you have been employed for two years ... read more
23-09-2024 What is fuel duty?
The Office for Budget Responsibility (OBR) has offered the following explanation:
“Fuel duties are levied on purchases of petrol, diesel and a variety of other fuels. They represent a ... read more
23-09-2024 Business cashflow
The government offers the following information regarding business cashflow.
If you do not have enough money coming in to pay for goods, services and taxes your company has, you are at risk of ... read more
19-09-2024 Don’t miss out on Home Responsibilities Protection
HMRC together with the Department for Work and Pensions (DWP) have issued a press release urging tens of thousands of people to check if they are eligible to boost their State Pension utilising Home ... read more
19-09-2024 Fraudsters impersonating Insolvency Service staff
The Insolvency Service is a government agency that provides services to those affected by financial distress or failure by seeking to tackle financial wrongdoing and maximising returns to creditors. ... read more
19-09-2024 Pension Credit action week
Pension Credits can provide extra income to those over State Pension age and on a low income. The Department for Work and Pensions (DWP) recently launched a Pension Credit action week to boost take-up ... read more
19-09-2024 Two October self-assessment deadlines
The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. Late submission of a self-assessment return will generate a £100 late filing penalty. The ... read more
19-09-2024 Not so Trivial Tax Benefits
There is a trivial benefit-in-kind (BiK) exemption for small, non-cash employee benefits. This exemption applies to BiKs classified as 'trivial,' helping employers simplify the handling of these ... read more
19-09-2024 Is there a partnership in place?
A partnership is a reasonably straightforward way for two or more legal persons to establish and operate a business with the intent to make a profit. Partnerships can take various forms, and legal ... read more
17-09-2024 Trade Mark protection
To apply for trademark protection in the UK, you will need to follow these steps:
Check if Your Trademark is Eligible
Ensure your trademark is unique and not too similar to existing trademarks. A ... read more
17-09-2024 What is a PSC?
PSC stands for Person with Significant Control. It is a legal term used primarily in the United Kingdom under company law. A PSC is someone who holds significant influence or control over a company. ... read more
12-09-2024 Claims to reduce payments on account
Self-assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on 31 January during the tax year and 31 July ... read more
12-09-2024 Myths about self-assessment
In a recent press release, HMRC addressed some common misconceptions about who needs to file a self-assessment return before the 31 January 2025 deadline and clarifies some of the most widespread ... read more
12-09-2024 MTD for Income Tax draws closer
The mandatory rollout of Making Tax Digital for Income Tax (MTD for ITSA) is scheduled to begin in April 2026. The process will significantly adjust how businesses, self-employed individuals, and ... read more
12-09-2024 Employing an apprentice
There are special rules to observe when employing an apprentice in the UK. Basically, an apprentice takes part in a structured training program that combines working with studying. Apprentices gain ... read more
12-09-2024 When dividends cannot be paid
There is a basic principle that dividends or other distributions must not be paid out of capital even if the Articles of a company authorise such a payment. For the purposes of this article, reference ... read more
12-09-2024 Higher rates of SDLT on residential property
The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The higher rate ... read more
09-09-2024 Beware overtrading
Overtrading occurs when a business expands its operations at a pace that exceeds its available working capital and financial resources. This can happen when a company takes on more business than it ... read more
09-09-2024 Ask for advice
Asking your accountant for advice offers a range of benefits, particularly in guiding both business and personal financial decisions. Here are some key advantages:
Expert Financial ... read more
06-09-2024 Tax Diary October/November 2024
1 October 2024 - Due date for Corporation Tax due for the year ended 31 December 2023.
19 October 2024 - PAYE and NIC deductions due for month ended 5 October 2024. (If you pay your tax ... read more
05-09-2024 Penalties for late filing of company accounts
There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading must ... read more
05-09-2024 Self-assessment deadlines 2023-24
The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return is submitted late, a £100 penalty will be imposed, regardless of whether there ... read more
05-09-2024 Employing under 16-year-olds and young workers
When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any ... read more
05-09-2024 Present self-employed NIC rates
Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more a year. Class 4 NIC rates for the tax year 2024-25 are 6% for ... read more
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