The rise of the higher rate taxpayer
The Government continues to freeze both the personal allowance and the higher-rate income tax thresholds – leading to an increase in the number of higher-rate taxpayers this year. The result of ‘fiscal drag’ – a phenomenon where tax thresholds fail
Gratuities and tips – What the delay to the Employment (Allocation of Tips) Act 2023 means for you
The Department of Business & Trade (DBT) has released the finalised draft of the Code of Practice on Fair & Transparent Distribution of Tips – the next step towards bringing the Employment (Allocation of Tips) Act 2023 (the Act) into
Preparing for the second payment on account – and what happens when you can’t pay?
If you are a Self-Assessment taxpayer, it is almost time to make your second ‘payment on account’ – advance payments towards your tax bill. Those who submit a Self-Assessment tax return and owe £1,000 or more will be required to
SME recovery continues as sustainability and growth take centre stage
In its latest research into the UK’s SME economy, NatWest Group has identified an encouraging trend among the country’s independent operators, as SME growth continues for the fifth consecutive month. Two sectors led the charge, as the service industry continues
P11D – Remember to report before the July deadline!
With the 6 July deadline nearing, it is essential to understand the updated reporting requirements for Class 1 National Insurance Contributions (NICs) on benefits in kind (BIKs). Employers offering benefits, such as private healthcare, living accommodation, travel expenses, and company
The most common VAT filing mistakes – and why MTD is the solution!
If your business has a turnover of £90,000 or more and sells products or services subject to VAT, then you must register to pay it and file a return to HM Revenue & Customs (HMRC) – at least once every
New tax year – New tax rules
With the start of the new tax year, taxpayers can expect significant changes that will directly impact their finances in the next tax year (2024/25). If you haven’t already, it’s time to closely examine your financial planning, including savings, investments,
Redundancy regulations are changing – What it means for your payroll and policies
From 6 April 2024, UK redundancy rules will change, particularly surrounding pregnant employees and those on family-related leave. The new legislation extends the ‘protected period’ for redundancy to 18 months after the birth or adoption placement, requiring employers to prioritise
HMRC income tax receipts rise by £2 billion
HM Revenue & Customs (HMRC) recently reported a £2 billion increase in income tax receipts, reflecting a strong self-assessment period and an evolving dynamic within the tax landscape. The Government’s recent changes, including adjustments to National Insurance Contributions (NICs), have
A third of UK business owners do not know their company’s value – do you?
New research by Marktlink suggests that around 33 per cent of UK business owners are unaware of the value of their company – only slightly lower than the European average figure of 40 per cent. While you are not alone
