The former Chancellor, Nadim Zahawi, is reported to have paid a 30% tax penalty as part of a £5 million settlement with HMRC regarding the disposal of shares in a company he had co-founded.
Author: Ammu Accounting
Improving employee happiness
High inflation has led to a cost-of-living crisis and strike action by groups of employees demanding pay rises in line with inflation.
Childcare support boost
Parents looking to return to work will benefit from a range of measures in the spring Budget to help with childcare. Childcare costs in the UK are among the highest in the world and a significant barrier to working for […]
Pensions shake up – what it could mean for you
The headline-grabbing announcement from the March Budget was the abolition of the lifetime pension allowance. However, this may not be quite as advantageous for higher paid individuals as some reporting suggests.
Mind your allowances
Until fairly recently, it was usually beneficial for tax for shareholder directors to take dividends instead of bonuses, because dividends are taxed at lower rates than earnings.
Top up or lose out
When the new State pension was introduced back in 2016, transitional arrangements meant people could make voluntary national insurance contributions (NICs) to fill gaps from 2006/07 onwards
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Join our growing team As a graduate tax and payroll accountant you will be supporting Emily Wilson our Corporate and Personal Tax associate. You will learn essential business and professional skills in a fast-paced environment. A full induction and training […]
Spring Statement 2023: Pensions, Savings & Investments
Lifetime allowance (LTA) The Chancellor announced the abolition of the LTA. The 55% and 25% LTA charge tax rates that apply when an individual exceeds the LTA for pension savings will be reduced to nil from 6 April 2023. Consequently, […]
New points-based penalties for late VAT returns
A new points-based penalty applies to late VAT returns for VAT periods beginning on or after 1 January 2023. The first monthly return to be affected was the one due by 7 March, with the first affected quarterly return due […]
Winding-up petitions on the rise in HMRC squeeze
HMRC’s use of winding-up petitions to actively chase the money it is owed comes at the worst possible time as many companies struggle to cope with inflationary pressures,
Bereavement benefits extended to unmarried couples
The eligibility for some bereavement payments has now been extended to unmarried couples, but there are two major caveats.
Pay attention to tax codes
The easiest way a person can check and correct a tax code is by logging onto their personal tax account using their Government Gateway user ID and password.
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