The widening scope of Making Tax Digital (MTD) is highlighting several issues, including the limited availability of the MTD for income tax pilot scheme, and low awareness of the recent expansion of MTD for VAT to all VAT registered businesses. […]
Category: All News
Reclaiming overpaid inheritance tax
Inheritance tax (IHT) is expected to raise £37 billion over the next five years – £10 billion more than in the past five years. But IHT is sometimes overpaid and it is reported that families have made 32,000 claims for IHT […]
getting the most from salary sacrifice
In these straightened times, salary may be preferable to receiving a benefit. However, the attraction of salary sacrifice has increased since 6 April, and when it comes to pensions it makes sense to take a longer-term view. NIC savings Salary […]
some of the recent NIC changes have caused complications
Some of the latest changes to national insurance contributions (NICs) started from 6 July 2022, causing complications for self-employed people and directors. Normally rates and thresholds are set for the whole tax year, as with employers’ contributions, which increased to […]
new house rules: more details on the changes proposed for micro and small companies
Companies House is to be extensively reformed into a more active body under new government proposals. The Registrar will be given powers to become a custodian of more verifiable information rather than just a keeper of submitted company records. One […]
what is employment?
The Court of Appeal has for the first time ruled on employment status under the intermediaries legislation (often known as IR35) in two cases involving Kaye Adams and Paul Hawksbee – and agreed with HMRC in both. In each case […]
New proposals will force micro and small businesses to disclose their annual profit and loss account
Companies House is also to be extensively reformed and one key change will see all smaller companies filing a profit and loss account. There are some 4.4 million active companies registered with Companies House, and the vast majority of these […]
HMRC’s late payment interest rate rise
HMRC’s late payment interest rate has gone up by another quarter percent, and now stands at 3.75%. Late payment interest encourages prompt payment, ensuring fairness for those paying on time. The rate for overpayments remains at 0.5%. >Read more: changes […]
Managing your business through high inflation
Businesses trying to cope with 9%-10% inflation face a difficult balancing act. For many there is a stark choice between potentially alienating customers by increasing prices too sharply or absorbing increased costs and risking their own survival. Staff shortages and […]
Charitable giving pitfalls
Many individuals donate to charity simply for altruistic reasons, but this doesn’t mean the tax benefit should be ignored. With Gift Aid donations saving tax at an individual’s marginal rate, donors need to watch out for any pitfalls that might […]
Off-payroll mistakes now penalised
The private sector off-payroll working rules have been in place since April 2021, but for the first 12 months businesses have benefitted from HMRC’s relaxed stance on penalties. HMRC will now, however, penalise mistakes made in applying the rules. HMRC […]
Company insolvencies on an upward trend
Although showing a slight improvement from March, the number of company insolvencies in April of this year was more than double the number from April 2021. This shows just how important it is to get advice sooner rather than later […]
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