Monthly Archives: November 2023

Today NASDAL ( National Association of Specialist Dental Accountants and Lawyers) published its annual report for period 2021 – 2022. Please see statistics below: Overall, increased net profit across the board. This was to be expected as practices were closed for 2-3 months of the previous year due to lockdown An increase in average net…

The FT has reported today  that HMRC faces rising demand as more savers are forced to pay tax. UK authority warns of additional costs because it could be swamped by enquiries. Many savers have to pay tax the first time this year after a long period of rock-bottom rates as higher interest rates on savings…

Whether we like it or not, the countdown to Christmas has officially started. And that means you may be thinking about treating your staff with a Christmas gift or an office party. But before you get carried away, it is important to look at the tax implications to ensure you are not gifting the taxman.…

Low-income earners are being encouraged to sign up to Help to Save to boost their savings by 50 per cent with government support. Existing customers have received £146 million in bonus payments since the scheme launched in September 2018 and HM Revenue and Customs (HMRC) is urging individuals to take advantage of the generous savings…

GoCcardless enables you to collect both recurring and one-off payments directly from your customers bank accounts. You can collect payments from customers both domestically and internationally, through a global network of banking systems. At its core, bank debit is a pull-based mechanism , putting you in control of collecting payments from your clients , rather…

1 November 2023 - Due date for Corporation Tax due for the year ended 31 January 2023. 19 November 2023 - PAYE and NIC deductions due for month ended 5 November 2023. (If you pay your tax electronically the due date is 22 November 2023.) 19 November 2023 - Filing deadline for the CIS300 monthly…

The basis of assessment reforms will change the way trading income is allocated to tax years. The changes will affect sole traders and partnerships that use an accounting date between 6 April and 30 March. There is no change to the rule for companies. The reforms will change the basis period from a ‘current year…

Employers usually have to pay employees through PAYE if they earn £123 or more a week (£533 a month or £6,396 a year). There is no requirement to pay self-employed workers through PAYE. HMRC’s guidance states that: As a general rule, someone is: employed if they work for you and do not have any of…

There is a permanent easement in place for employers to report PAYE information in real time over the Christmas period. This can be for a number of reasons, for example, during the Christmas period the business may close meaning workers need to be paid earlier than normal. Employers that pay wages early over the Christmas…

HMRC has published revised guidance concerning the charging of company cars and vans at residential properties. HMRC had previously maintained that the reimbursement of costs in relation to charging a company car or van at a residential property was a taxable benefit. This advice seemed at odds with the exemption on payments and benefits provided…