Just over 200 businesses – including some of the country’s best-known retailers – have failed to pay the minimum wage and will have to repay workers and face penalties of up to £7 million. The minimum wage rules can be […]
Author: Ammu Accounting
HMRC offers options on undeclared wealth
HMRC is offering taxpayers named in the leaked Pandora Papers a chance to correct their tax affairs. The October 2021 leak involved almost 12 million documents revealing hidden wealth and tax avoidance. The papers revealed that many taxpayers had used […]
More estates paying IHT
The combination of a frozen inheritance tax (IHT) nil rate band and considerably higher property values has pushed more estates into the IHT net.
Self-assessment threshold rises from 2023/24
Fulfilling a self-assessment tax return holds immense importance for various reasons, although PAYE taxpayers are generally exempt from this requirement.
Energy Price Cap Drops to £2,074
From 1 July, the energy price cap set by energy regulator, Ofgem, will fall from £3,280 to £2,074.
Selling power back to the grid
With continuing high electricity prices, now could be a very good time to install solar panels at your property.
More action to counter fraud
The government has announced a new initiative to counter fraudulent activity, particularly in the financial sector.
Increasing company transparency
At present small companies have to file a balance sheet each year but adding a profit and loss account and directors’ report is optional. Most choose not to do so.
New tax year resolution: don’t be careless
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.
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.
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