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Let’s take a look at the question, are tips taxed? The Employment (Allocation of Tips) Act 2023 sets out a new legal framework for the fair allocation of tips. A new Code of Practice is to be introduced and employers will have…

When Esther was approached to present at a local networking event, the challenge was choosing what topic to focus on. Exactly one week before her presentation she attended the Digital Accountancy show and having been inspired by the content that…

Class 2 NICs are flat-rate contributions payable by the self-employed, currently charged at a rate of £3.45 a week. Non-payment (or credit) could mean entitlement to the state retirement pension (and other contributory state benefits) will be affected unless the…

Dividends are a popular and tax-efficient way to extract profits from a personal or family company once a small salary has been paid. However, the rules surrounding dividends are strict and failure to comply may mean that HMRC will tax…

A useful update on the PSTN Withdrawal from our partners at Globe 2 Ltd. As you will already be aware, the Public Switched Telephone Network (PSTN) is being gradually withdrawn, with the intention of fully replacing it with new digital systems…

The super-deduction, which allowed companies to claim an immediate deduction of 130% of their qualifying expenditure, came to an end on 31 March 2023. It was replaced with full expensing. As with the super-deduction, unincorporated businesses cannot benefit from full…

Focal Business Group have partnered with Swoop Funding to help clients find funding solutions simply, quickly, and securely. Swoop – Funding for ambitious UK businesses. swoopfunding.com We have partnered with Swoop to ensure we are able to best help you…

Mileage allowances – What can you pay tax-free? Employees often need to undertake business trips and it is common practice to reimburse the employee’s fuel costs by means of a mileage allowance. The tax rules allow mileage payments to be…

Pension changes In his March Budget, the Chancellor announced a number of changes to the pension tax rules, including an increase in the annual allowance and the abolition of the lifetime allowance. Annual allowance The annual allowance places a cap…

Download our helpful Tax Rate Card for 2023  Our Tax Rate Card outlines the business and individual tax rates for the coming tax year of 2023 All the essential tax facts, rates and figures are provided in one handy PDF…