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More regulation for trader recommendation sites
Trader recommendation sites are websites and apps often used by people to find and connect to traders from a wide range of specialisms, such as building and home improvements, plumbing, and home heating. Working in partnership with four key consumer organisations – National Trading Standards (NTS), Trading Standards Scotland
How will Rachel Reeves change UK taxation?
At some point between now and the end of 2024, Rachel Reeves will step up to the despatch box and deliver her first Autumn Statement. As tax changes announced will likely have the Office for Budget Responsibility oversight, changes announced will form the basis of the 2025 Finance Bill.
Tax when selling your home
According to HMRC, you would normally have to pay Capital Gains Tax (CGT) on any gain you make if you dispose of: a dwelling house (which can include a house, flat, houseboat or fixed caravan) which is your home; part of a dwelling house which is your home; or
Providing living accommodation to employees
If you provide free accommodation to employees the deemed benefit is taxable, and you will have to pay Class 1A NIC based on the value of the benefit provided. What’s exempt? You will not have to report the cost to HMRC if any of the following apply: If it
What are alphabet shares?
Most small companies are set up with a number of Ordinary shares, let’s say 100 shares in this example. If there are two equal shareholders, John and Mary, they would each receive 50 shares. In most cases, the rights of the ordinary shares – in this 50:50 example –
Check out the Trivial Benefits rules
Trivial benefits are small gifts or perks given to employees that are exempt from tax and benefit reporting obligations. But bosses must adhere to certain conditions, such as a cost limit of £50 per employee – or the average cost per employee if provided to a group of employees.
The Inevitable: Death and Taxes
Benjamin Franklin famously asserted that death and taxes are certainties of life. For business owners, understanding their tax obligations is paramount. Our guiding principle is simple: knowledge of your tax liabilities empowers you to plan and budget effectively, minimising surprises along the way. Businesses face various tax obligations depending
Companies House is flexing its muscles
As we have reported previously, one of the key aims of the Economic Crime and Corporate Transparency Act is to improve the accuracy and quality of the data on Companies House registers. Under the new legislation, Companies House has enhanced powers to query information that appears to be incorrect
Don’t put all your eggs in one basket!
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,
More corporate red tape…
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
Opening up small and micro company reporting
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
Child Benefit claw-backs
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
National Minimum Wage and National Living Wage
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
Companies House introduces changes
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
Spring Budget 2024
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
Government backtracks on Double Cab Pickups
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
Keep an eye on your income for 2023-24
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
Update on Companies House changes
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
Spread the cost of tax payments
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
Selling online? Are you declaring the income?
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
Why we all need to invest in tax planning
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
Do you have a problem we could help you solve?
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
A reminder of imminent changes at Companies House
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
Upcoming December Deadlines
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
Check your National Insurance record online
“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
A guide to the Autumn Statement 2023
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
Electric vehicles the tax breaks
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
How to reward your staff, not the taxman
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
Management accounting provides benefits in difficult times
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
Meeting the challenges of a high-interest rate environment
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