Although the economy is said to be stagnating with little growth on the horizon, many smaller companies are doing well and have healthy bank balances. However, with the interest rate return on cash in a bank account being relatively low,…
If you are self-employed, you will pay tax on your taxable profit. In working out your taxable profit, you can deduct certain expenses that you have incurred in running your business. The basic rule is that expenses can be deducted…
One of the key announcements in the Autumn 2024 Budget was the rise in employer’s National Insurance contributions from 6 April 2025. From that date, the rate of secondary Class 1 National Insurance contributions is increased by 1.2 percentage points,…
Employers looking to spread some seasonal cheer can do so in a tax-efficient manner by taking advantage of the exemptions for annual parties and functions and trivial benefits. Christmas parties The tax exemption for annual parties and functions will only…
VAT-registered businesses who use invoice accounting generally account for VAT when invoices are issued and received. HMRC have recently published new Guidelines for Compliance which set out their recommended approach to the compliance process to ensure that VAT is accurately…
If you pay tax through PAYE, as will be the case if you are an employee or a pensioner, you may need to complete a Self Assessment tax return if you have other sources of income, such as income from…
Nearly ten years ago in March 2015 the then-Chancellor George Osborne announced a government initiative setting out a vision for the ‘end of the tax return’ and a ‘transformed tax system’ under the title of ‘Making Tax Digital’ (MTD). The…
This Summary covers the key tax changes announced in the Chancellor’s speech we’ve included tables of the main rates and allowances. We recommend that you review your financial plans regularly as some aspects of the Budget will not be implemented…
Our Trusted Partner Adrian Berwick of AB HR Solutions has shared this article on the new Employments Right Bill. After much anticipation, we are seeing the proposed changes that will take effect under the Labour Government. Just by way of…
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