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Everyone should check their tax code now

Everyone should check their tax code now HMRC will provide new tax codes at the start of every new tax year if the Personal Allowance has changed, if someone has had a change of circumstances, including perhaps had a pay rise, and even to those who are taking their...

Budget changes and what they mean for you

Budget changes and what they mean for you The Chancellor, Jeremy Hunt, delivered his Budget statement to Parliament on March 6, and there were various changes that should benefit individual taxpayers and businesses. One of the biggest announcements, which takes effect...

The end of the P11D is expected in 2026

The end of the P11D is expected in 2026 The P11D form which has been used to process ‘benefits-in-kind’ such as loans for season tickets and company cars will no longer be used after April 2026, as HMRC will ask businesses to deal with all these benefits...

UK Export Finance doubles limit to £10m for traders

UK Export Finance doubles limit to £10m for traders Small businesses looking to access funding to expand their exporting opportunities can now fast-track their applications with UK Export Finance, the Government’s export credit agency, and apply for twice...

Child Benefit claims can now be made online

Child Benefit claims can now be made online For the first time in the 47 years since Child Benefit was launched, new parents can claim their Child Benefit online in a significantly faster way than the previous process allowed, according to HMRC. The previous method...

NICs changes to start from January 6

NICs changes to start from January 6 Just a quick reminder that the reduction of Class 1 National Insurance Contributions (NICs) will begin on January 6, 2024. From this date, the amount paid on Class 1 NICs will fall from 12% to 10%. This is the main rate of NICs...

Self-assessment deadline is looming again

Self-assessment deadline is looming again The start of the year is always the time when anyone who needs to file a self-assessment return should get their skates on if they haven’t filed yet. The deadline for filing your self-assessment is January 31, and anyone...

Dealing with a debt hangover from Christmas? Do this.

Dealing with a debt hangover from Christmas? Do this. The festivities are over, all the food has been eaten, presents exchanged, and you will probably have already taken your Christmas decorations down. But for many people, the lasting legacy of Christmas isn’t...

Chancellor announces tax cuts and business boosts

Chancellor announces tax cuts and business boosts Chancellor Jeremy Hunt announced several tax breaks for individuals and businesses in this year’s Autumn Statement ahead of the General Election next year. While they will help to put a little more money back...

Autumn Statement NICs changes in detail

Autumn Statement NICs changes in detail The biggest tax cuts announced by the Chancellor in his Autumn Statement were in NICs, where self-employed people will no longer pay Class 2 NICs at all from April 6, 2024. Class 4 NICs will be reduced from 9% to 8% from the...

Big plans for private and State Pensions

Big plans for private and State Pensions Pensions are set to have one of the biggest overhauls in recent memory, as the Chancellor also announced a consultation on plans that would bring significant changes to pensions in the UK. The biggest change would be a Lifetime...

Christmas party with a gift of tax breaks

Christmas party with a gift of tax breaks Yes, it’s that time of year again! Christmas is on the horizon, and the office Christmas party planning will be in full swing for many companies across the UK. So, if you are planning a shindig for your employees, you...

How to spot tax avoidance schemes

How to spot tax avoidance schemes Thousands of people found themselves caught up in the IR35 tax avoidance problems, where freelancers who were earning through a limited company set up to deal with their income were deemed – retrospectively – by HMRC to...

Tax advice error could impact your State Pension

Tax advice error could impact your State Pension Group income protection policies taken out through employer salary sacrifice schemes have been wrongly treated for tax thanks to incorrect advice given by HMRC to the Association of British Insurers back in October...

Advance Valuation Rulings on imported goods

Advance Valuation Rulings on imported goods Importers of goods to the UK from overseas no longer need a business tax account to get an Advance Valuation Ruling for their goods. The rulings, which last for up to three years, mean traders and agents can act with legal...

New UK Internal Market Scheme launches

New UK Internal Market Scheme launches A new UK Internal Market Scheme (UKIMS) has been launched to replace the old UK Trader Scheme, which will enable any registered traders to move ‘not at risk’ of entering the EU goods into Northern Ireland. The...

ECL now open online for registrations and returns

ECL now open online for registrations and returns Any regulated businesses that need to sign up for the Economic Crime (Anti-Money Laundering) Levy (ECL) can now both register and make returns via the online service. Registrations and returns cannot be made by tax...

Reduce your company tax bill by doing a good turn

Reduce your company tax bill by doing a good turn Charitable giving is something many organisations might not be considering in the current climate, especially as everyone is struggling to pay their bills. But if you have money to spare within your business, then...

What employee perks will the taxman help you fund?

What employee perks will the taxman help you fund? We all love a perk of the job, and a major industry has built up around the types of employee perks companies are able to offer. The best news of all is that most of these will be tax deductible, which means the...

Why you must keep Companies House data up-to-date

Why you must keep Companies House data up-to-date When your business was registered at Companies House, you would have provided lots of detail about the business and the people who run it – including who are your directors, company secretary, the breakdown of...

P11D and P11D(b) forms must be filed online by July 6

P11D and P11D(b) forms must be filed online by July 6 P11D and P11D(b) forms from April 6, 2023, now need to be filed online by July 6 following a rule change from HMRC. If employers need to make amendments to any returns that have already been filed, these should...

Self-assessment thresholds change for PAYE workers

Self-assessment thresholds change for PAYE workers The threshold for people taxed through PAYE who are required to file a self-assessment return has increased from £100,000 to £150,000. Those affected should be contacted by HMRC if they need to change...

Base rate rises again – what it means for business

Base rate rises again – what it means for business The cost-of-living crisis is taking its toll across all areas of our lives now. While inflation has fallen very slightly this month to 8.7%, food prices remain stubbornly high, and the Bank of England (BoE) is...

Can hybrid working boost your business?

Can hybrid working boost your business? The pandemic brought a lot of changes to our businesses, some good and some bad. One that has continued to be a topic of conversation is the desire for more people to be able to work some, or all, of the time from home. If your...

How you can benefit from salary sacrifice

How you can benefit from salary sacrifice Salary sacrifice is something you may have come across before but not fully understood. After all, why would anyone want to voluntarily give up some of their salary? The reality is that, in some instances, using salary...

Make the most of the new tax year by acting now

Make the most of the new tax year by acting now The new tax year started on April 6 and while many people will wait until the last minute to maximise the tax benefits available to them, there is a lot to be said for starting your tax housekeeping sooner rather than...

Pension Carry Forward rules are now more beneficial

Pension Carry Forward rules are now more beneficial The Chancellor made some major changes to the pension rules in the March Budget, and one key amendment has made using something called ‘Carry Forward’ rules much more beneficial for pension savers. How...

Could you benefit from a free Government midlife MOT?

Could you benefit from a free Government midlife MOT? Our cars go through MOTs each year once they reach a certain age, but have you ever thought of giving yourself an MOT? The Government is offering a free midlife MOT for those in their 40s, 50s and 60s to help them...

Check your PAYE code is correct for this tax year

Check your PAYE code is correct for this tax year Every employee working for a company has a Pay-As-You-Earn (PAYE) code which denotes how much tax you will pay in a year. If this code is incorrect, it could mean you are paying more or less tax than you should be, and...

Common e-commerce mistakes and how to avoid them

Common e-commerce mistakes and how to avoid them Running an e-commerce business is easier now than ever before. There are a number of ways you can create an online shop without needing to understand coding, whether you want something off-the-shelf or something...

IR35 – where are we now?

IR35 – where are we now? IR35 has been one of the most contentious pieces of accounting legislation since its introduction in April 2021 as HMRC works to prevent those it deems are employed by an organisation taking their income through a separate company....

New VAT penalty regime – the changes explained

New VAT penalty regime – the changes explained A new VAT penalties regime was brought in this month, and any firms or individuals missing their filing deadline from January 2023 onwards will receive penalty points even if there is no VAT due to be paid. While...

Landlords, what should you be doing now?

Landlords, what should you be doing now? Changes to the Capital Gains Tax (CGT) allowances announced in the Autumn Statement mean that from next April, the current £12,300 allowance will fall to £6,000 and then to £3,000 in 2024. This is a major...

What does the market volatility mean for you?

What does the market volatility mean for you? The market volatility resulting from the ill-fated mini-Budget on September 23 has created real concern for investors. Most of the measures announced that day were reversed just weeks later, but the fallout has left...

How to protect your business in a recession

How to protect your business in a recession The UK’s GDP fell by 0.3% in August according to official figures, and if GDP falls for two quarters in a row, that is the definition of a recession. Experts at the EY ITEM Club predict the UK will be in recession for...

The Plastic Packaging Tax – what you need to know

The Plastic Packaging Tax – what you need to know The Plastic Packaging Tax came into effect in April this year, and if your business deals with any kind of plastic packaging in relation to your products, you may need to be registered for this. Anyone importing...

Act now to maximise your pension contributions

Act now to maximise your pension contributions The changes to income tax rates are going to benefit all taxpayers from April next year as they get to keep more of the money they have earned. But one knock-on effect is that the amount of tax relief you can get on your...

How your business can fight inflation

How your business can fight inflation Inflation is a word on many of our lips at the moment as the cost-of-living crisis continues unabated. While the headline rate of inflation – which hit 9.4% in June this year – relates to the average inflation rate...

Last chance to make sure your business is ready for MTD

Last chance to make sure your business is ready for MTD Companies and sole traders who have not yet finalised their plans to comply with Making Tax Digital are in the last chance saloon this month, and the very latest date you have to comply with MTD for paying VAT is...

Can your business claim a super deduction?

Can your business claim a super deduction? If your business has spent money on plant and machinery and it is subject to corporation tax, then it may qualify for a super deduction which is a temporary allowance you do not want to miss. Qualifying purchases will need to...

End of bulk appeals for tax fines in May

End of bulk appeals for tax fines in May If you are unlucky enough to be fined for a late filing, then the way in which any appeal can be made changed as of May 7. Prior to this, HMRC had temporarily reintroduced the ability to bulk appeal late filing penalties for...

Where is the best place to hold your tax money?

Where is the best place to hold your tax money? Putting aside the tax money due each time you have an invoice paid is sensible planning, but is that money working as hard for you as it could be? Many current accounts are paying no interest whatsoever, and when it...

Payments on account due July 31

Payments on account due July 31 Some taxpayers must pay a tax more than once a year, and if this is you then you are facing a second tax bill before July 31. Those exempt from making a payment on account in July include those who had a self-assessment tax bill of less...

Use up your tax allowances early in the tax year

Use up your tax allowances early in the tax year If you are one of those people who is always racing to use up your tax allowances, such as Individual Savings Accounts (ISAs) at the last minute before the end of April 5, then you are not alone. But you could be making...