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.
Category: All News
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 […]
The Budget Surprise: changes to the pension tax rules
New measures affecting pension allowances announced in the March Budget could mean your retirement planning strategy needs to be reviewed. If Jeremy Hunt did produce a ‘rabbit-out-the-hat’ in his Spring Budget, it was the announcement of the effective abolition of […]
HMRC Tightening up on R&D Tax Credits
R&D Tax Credits are a key part of the government’s strategy to support and reward innovation in the UK. It is a good way for companies to be rewarded for investing in improving existing products, inventing next generation products, improving […]
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