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Attention self-employed: get ready for a longer tax year. 

The government has changed the taxation system for self-employed individuals and partners in partnerships, requiring them to pay tax on their trading profits earned during the tax year instead of the accounting year.  The tax year 2023/24 will act as […]

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.

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

Cash basis reform: potential turnover threshold changes

With basis period reform now underway, HMRC is looking at further tax simplification for sole traders and partnerships by increasing the cash basis turnover threshold. The cash basis scheme removes complexities such as accruals and most capital allowances. The cash […]

Demise of paper tax returns

More than 12 million taxpayers file self-assessment tax returns, but less than 3% do so using a paper return. Given this low demand, HMRC is reviewing the current paper filing service. HMRC stopped sending out paper tax returns three years […]

Energy support boost for home-based businesses and employees

The energy price guarantee of £2,500 was extended in the March Budget for a further three months, which is welcome news for employees and any small business owners who work out of residential accommodation. The extension of the energy price […]

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