Blogs

The concept of “putting all your eggs in one basket” has become increasingly relevant in today’s ever-evolving employment landscape. Once, the “boomer” generation found solace in the notion of lifelong job security and unwavering employer loyalty. However, the tides have shifted drastically. In latter years job stability has waned,

Yet more corporate red tape. We are still waiting for the government to introduce secondary legislation that will oblige directors and others with significant control – so-called PSCs – to verify their identity in order to file documents or set up a company at Companies House. According to Companies

Companies House are working on detailed changes that will require small and micro sized companies to file information about their turnover and profits at Companies House. Once filed, this data will be available to anyone searching affected companies’ records at Companies House. At present, smaller companies can file abridged

One of the more impactful changes in the recent budget was the easing of the High Income Child Benefit Charge. Up to 5 April 2024, this has been recovering Child Benefits received by parents if the total income of at least one parent exceeded £50,000. Basically, parents with income

Changes from 1 April 2024 Employers are required to pay workers at least the National Living Wage (NLW) or National Minimum Wage (NMW) for their age. The rates are increased from 1 April 2024. The NLW is extended to workers aged 21 and above from that date. Key dates

As we have mentioned previously, Companies House have been tasked with implementing numerous changes introduced by the Economic Crime and Corporate Transparency Act 2023 (ECCT Act), that came into force on Monday 4 March 2024. The changes introduced include: greater powers to query information and request supporting evidence stronger

With an election looming, Chancellor, Jeremy Hunt, delivered his Spring Budget today (6 March 2024), billing it as a ‘Budget for growth’. As widely predicted there were further cuts to National Insurance, taking effect from the beginning of the 2024/25 tax year. Other headline measures included the abolition of

This update is only with reference to Double Cab Pickups (DCPUs) with a payload of one tonne or more. DCPUs with a payload of less than one tonne continue to be treated as cars. On Monday 12 February 2024 HMRC updated its guidance on the tax treatment of Double

As you may be aware, the tax year 2023-24 concludes on April 5, 2024. Following this date, the majority of opportunities to optimise your tax arrangements expire, necessitating action to mitigate your tax liabilities before this deadline. Therefore, we have less than two months to organise our affairs. Outlined

It appears that Companies House is transitioning from a passive registrar to a more proactive monitoring agency for the government. The impending changes, set to take effect as early as March 4, 2024, were outlined in a Companies House blog post dated January 22, 2024. “The Economic Crime and

None of us has been exempt from the effects of inflation and cost of living issues in the past year. Which is why taxpayers who are obliged to register for self-assessment will be somewhat apprehensive as the deadline for paying any arrears of tax for 2022-23 and the first

Numerous individuals utilise online trading platforms to sell unwanted items, or potentially offer space in their homes for rent. If you are generating income through such activities and your earnings exceed £1,000 in any given tax year, it is essential to disclose these earnings to HMRC. This matter is

HM Revenue & Customs (HMRC) operates with a primary objective, that is to recover past government expenditures and utilise the collected funds to repay government borrowing while earmarking resources for future expenses. In pursuit of this goal, HMRC is mandated to assess taxes by adhering to current legislation, thereby

From time to time, we may spot issues when preparing accounts or tax returns that indicate problems that we subsequently help you solve. But, the problems we are going to identify in this way generally relate to past events, and these events may or may not be capable of

It’s important to stay informed about the upcoming changes at Companies House. These amendments outlined in the Economic Crime and Corporate Transparency Bill (ECCT) are planned to be actioned in Spring 2024 and may impact the way businesses operate and report their information. Here’s a brief summary of the

As you may already know, taxpayers must undertake various tasks, such as filing returns and paying tax, by certain dates. If these deadlines are missed, HMRC may charge late filing and late payment penalties. Interest is also charged on tax paid late. There are two deadlines in particular this

“How?” You can check your National Insurance record online at GOV.UK to see: what you have paid, up to the start of the current tax year (6 April 2023); any National Insurance credits you have received; if gaps in contributions or credits mean some years do not count towards your State

The headline message from the Chancellor The Chancellor delivered his Autumn Statement for Growth aimed at building a stronger and more resilient economy. He highlighted that the plan is to “unlock growth and productivity by boosting business investment by £20 billion a year, getting more people into work, and

If you provide your employees with company cars or company vans, or if your employees use their own vehicles for work, you may wish to consider switching to electric vehicles to take advantage of some of the tax breaks that are on offer. Although the tax charges for electric

Whether we like it or not, the countdown to Christmas has officially started. And that means you may be thinking about treating your staff with a Christmas gift or an office party. But before you get carried away, it is important to look at the tax implications to ensure

In the ever-changing economic landscape, business owners are constantly faced with challenges that can impact the financial health of their enterprises. Management accounting is a critical tool for businesses in navigating the ever-changing economic landscape. Here are several ways in which it provides invaluable insights and strategic advantages: Enhanced decision-making

Navigating a high-interest rate environment can be challenging for businesses. However, with careful planning and strategic approaches, it is possible to mitigate the negative impact of rising interest rates. Here are some strategies that businesses can employ: Review existing debt Start by evaluating your current debt structure. Refinancing existing

Two million people will receive a pay rise next year when the National Living Wage increases to at least £11 an hour. It means the annual earnings of a full-time worker on the National Living Wage – currently set at £10.42 an hour ­– will rise by more than

In the fact sheet below we have laid out how to maximise your business value even if in a forced sale situation. Maximising value if forced to sell When you sell your business, it is easy to see that you should get something for business assets, whether they be

In the fiscal year 2022 to 2023, the United Kingdom collectively paid a substantial £788.8 billion in taxes, reflecting a notable increase of 10.2 percent compared to the previous year. It’s important to note that this figure encompasses various forms of taxation, including income tax, inheritance tax, dividend tax,

The impending implementation of the Economic Crime and Corporate Transparency Bill will necessitate businesses to ready themselves for notable alterations in the way Companies House operates. One pivotal change within this reform package dictates that all small companies, including micro-entities, must submit their profit and loss accounts. The Government

Companies House is expected to charge higher fees when it is granted new powers. The Economic Crime and Corporate Transparency (ECCT) Bill is already making its way through Parliament. This legislation will change the role and purpose of Companies House to make it a more active gatekeeper over company

It appears that the State Pensions in the UK are expected to rise by 8.5 percent in April 2024. This increase is in line with the Triple Lock policy, which determines the State Pension increase based on the highest of three factors: average earnings – total pay including bonuses,

One in five individuals has scaled back their pension contributions or ceased saving for retirement due to mounting cost-of-living pressures. Recent research reveals that, as household budgets become more constrained, 14 percent of respondents have discontinued their pension payments, while 8 percent have reduced their contributions. This trend is

If you have a SEPTEMBER deadline for filing your accounts, leaving it until the last minute risks being hit with a fine. All limited companies, whether they trade or not, must deliver annual accounts to Companies House each year. Directors are advised to file early, rather than leaving it until