Government cracks down on late payments: what you need to know and how to protect your business now?
Late payments are a huge headache for small businesses across the London UK, costing SMEs around £22,000 per year on average. In fact, it’s estimated that they’re responsible for about 50,000 business closures each year! The government has just announced new measures to tackle the problem, but these won’t come into play overnight, so what […]
Claim tax relief on pension contributions
You can usually claim tax relief on private pension contributions worth up to 100% of your annual earnings, subject to the overriding limits. Tax relief is paid on pension contributions at the highest rate of income tax paid. This means that if you are: The first 20% of tax relief is usually automatically applied by […]
Accessing the HMRC mobile APP
HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store for Android. The latest version of the app includes updated functionality. The app can be used to see: The app can also be used to complete a number of tasks that usually require the user […]
Payrolling employee expenses and benefits
Employers can register on a voluntary basis (before the start of the tax year) to report and account for tax on certain benefits and expenses via the RTI system. This is known as payrolling and removes the requirement to complete a P11D for the selected benefits at the tax year end. Registration is now open […]
Childcare Account chores
HMRC’s Childcare Account can be used to claim free childcare (if eligible) or pay for Tax-Free Childcare. HMRC’s sign in page for the account states that in order ‘to keep getting free childcare or Tax-Free Childcare, you must sign in every 3 months and confirm your details are up to date’. There are various eligibility rules that […]
Companies House introduces changes
As we have mentioned in previous posts, Companies House have been tasked with introducing a number of changes introduced by the Economic Crime and Corporate Transparency Act 2023 (ECCT Act), that came into force on Monday 4 March 2024. Changes introduced 4th March include: New criminal offences and civil penalties will complement the measures introduced. […]
Save on Easter child-care costs
HM Revenue and Customs (HMRC) issued a press release recently reminding working families to save money on their childcare costs in time for the school holidays by making use of the Tax-free Childcare support. With the Easter break looming, families yet to sign up for Tax-Free Childcare could be missing out on annual savings of […]
Child Benefit claw-backs
One of the more impactful changes in the recent budget was the easing of the High Income Child Benefit Charge. Up to 5 April 2024, this has been recovering Child Benefits received by parents if the total income of one or more parent exceeded £50,000. Basically, parents with income between £50,000 to £60,000 have had […]
Stand out from the crowd
It’s interesting to consider the challenges that are plaguing small businesses at present. For example: Not an inspiring background if you are a UK SME. However, those companies who can make way in the face of these opposing headwinds can leverage their hard won achievements to sing their own praises. Success breeds success. Rudyard Kipling […]
Is this a good time for property owners?
The recent Spring Budget did little to make the life of those letting, buying or selling property any easier. For example: These competing changes must make life tricky for buyers and sellers. Landlords, repairs or capital purchases Landlords, who have been completely flummoxed by a recent round-Robin sent out by HMRC, suggesting that the replacement […]
