1. Determine If You Need to Follow Export Procedures Export procedures apply when you’re moving goods permanently from: England, Wales, or Scotland (Great Britain) to a country outside the UK Northern Ireland to a country outside the UK and the EU Different rules apply if you’re: Moving goods between Great Britain and Northern Ireland Sending goods through the post Taking

In a significant move to bolster British businesses amidst evolving global trade dynamics, the UK government has unveiled a comprehensive support package aimed at enhancing financial backing and fostering growth across various sectors. Strengthening Financial Support for Exporters Central to this initiative is the expansion of UK Export Finance (UKEF) capabilities, with an additional £20 billion allocated to support British

Small changes can have a significant impact when it comes to business finances. This is particularly true when considering adjustments to pricing and cost control. In this article, we will illustrate how increasing sales prices by just 2% and reducing costs by 2% can create a considerable uplift in overall profitability. Starting Figures Consider a business with the following financials:

With the rising cost of everyday essentials continuing to impact households and businesses alike, many clients have been asking us how they can better manage their money in the current climate. While no single solution fits everyone, there are several practical areas that can help ease the financial pressure. This blog sets out some straightforward steps worth considering, whether you’re

Big news on the wage front. As of April 1, 2025, the UK has rolled out new National Minimum Wage (NMW) and National Living Wage (NLW) rates, giving millions of workers a well-deserved pay bump. Let’s break down the numbers and chat about what this means for employers navigating these changes. New Wage Rates: National Living Wage (21 and over):

1 April 2025 – Due date for corporation tax due for the year ended 30 June 2024. 19 April 2025 – PAYE and NIC deductions due for month ended 5 April 2025. (If you pay your tax electronically the due date is 22 April 2025). 19 April 2025 – Filing deadline for the CIS300 monthly return for the month ended

Renting out part of your home may affect Capital Gains Tax when you sell. While Private Residence Relief applies, Letting Relief can reduce taxable gains. Learn how PRR, Letting Relief, and exemptions impact your tax liability. If you have tenants in your home, it is essential to understand the Capital Gains Tax (CGT) implications. Typically, there is no CGT on

From April 2025, Child Benefit increases to £26.05 for the eldest child and £17.25 for others. Payments stop after a child turns 16 unless they continue in approved education or training. Parents must update HMRC by 31 August to avoid disruptions. Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit on the 31

When selling assets on which capital allowances were claimed, you may need to adjust your taxable profits with a balancing charge or allowance. Understanding these rules ensures you don’t face unexpected tax liabilities. Learn how to handle asset disposals correctly. Typically, the value of the asset sold is considered to be the amount for which it was sold. However, if

Couples who jointly own rental property are usually taxed 50:50, even if they own different shares. But if you’re married or in a civil partnership, Form 17 lets you split income based on actual ownership-provided you meet HMRC’s rules. The standard tax treatment for couples living together, whether married or in a civil partnership, is that property income held jointly

Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you’re self-employed or a landlord earning over £50,000, get ready for quarterly updates, digital record keeping, and a new penalty system. Initially, MTD for IT will apply to businesses, self-employed individuals, and landlords with an annual income exceeding £50,000. From 6 April

If you’re a company director, person with significant control (PSC), or someone who files on behalf of companies, there’s a major change on the horizon. Companies House is tightening up its rules under the Economic Crime and Corporate Transparency Act, and one of the big shifts is the introduction of identity verification. This isn’t just for new appointments – existing

Rachel Reeves delivered her much-anticipated Spring Statement on 26 March 2025, setting out plans to balance the books while tackling sluggish growth and rising fiscal pressures. As expected, the reaction has been swift and divided, reflecting the challenge of navigating economic responsibility in an election year. The statement outlined a bleak economic outlook, with the UK’s growth forecast for 2025

Making Tax Digital: A cautious but firm step forward The most significant administrative update was the proposed, phased extension of Making Tax Digital for Income Tax (MTD for IT). The new timeline will see sole-traders and landlords with income over £20,000 required to join from April 2028. Those earning less than £20,000 remain outside of the scope for now, though

The UK government has recently unveiled a revamped Board of Trade aimed at bolstering the export capabilities and growth of small and medium-sized enterprises (SMEs). This initiative is part of the broader ‘Plan for Change’ strategy, which seeks to empower the nation’s 5.5 million SMEs to expand their reach in global markets. Composition and Objectives of the New Board The

The Charity Commission has recently issued a warning about fraudulent letters being sent to charities and their trustees, impersonating the Commission to deceive recipients. These deceptive communications often request actions such as: Removing a trustee or chief executive from their position. Releasing funds as part of a supposed grant. Supplying sensitive documents like passports or utility bills. The letters may

What to Expect As we move further into 2025, the direction of UK interest rates remains a key focus for businesses, homeowners, and investors alike. The Bank of England (BoE) has already adjusted rates, and speculation is rife about what comes next. Current State of Interest Rates The BoE recently reduced the base interest rate from 4.75% to 4.5%, marking

Many UK small businesses rely on imported goods, materials, and components. Trade disruptions-whether due to geopolitical tensions, shipping crises, pandemics, or regulatory changes-can lead to: Delays and shortages, making it harder to meet customer demand. Increased costs, as businesses may need to source alternative, often more expensive, suppliers. Stockpiling and cash flow pressure, where businesses tie up funds in securing

As we approach the end of March 2025, anticipation builds around Chancellor Rachel Reeves’s upcoming Spring Statement. Given the current economic landscape, it’s insightful to consider the potential measures she might introduce and their implications for businesses and individuals alike. Economic Context The UK economy faces several challenges: sluggish growth, elevated borrowing costs, and persistent inflationary pressures. The British Chambers

As an accountant, we’ve seen businesses thrive-and seen them struggle. One key difference between those that weather storms and those that flounder is simple: planning. It’s great to be optimistic. No one starts a business expecting it to fail. But while optimism fuels ambition, realism ensures survival. That’s why the old saying holds true: wish for the best, but plan

Not sure if your hobby is actually a taxable trade? HMRC uses ‘badges of trade’ to assess whether an activity is a business. Factors like profit motive, transaction frequency, and asset changes help determine if tax rules apply to your earnings. The ‘badges of trade’ tests, although not definitive, serve as important tools for HMRC in determining whether an activity

HMRC has launched a new “Help for Hustlers” campaign to help people who are earning extra income, figure out if they need to pay tax on the additional earnings. The campaign runs until the end of March and focuses on five key areas where tax might apply: I’m buying or making things to sell. I’ve got a side gig. I

Health professionals providing medical services may be exempt from VAT if their work falls within their registered profession and primarily protects, maintains, or restores health. HMRC outlines specific exempt services, including diagnosis and treatment. The VAT liability of goods and services provided by registered health, medical, and paramedical professionals, can be a complex area of tax law. HMRC’s guidance provides

If redundancy strikes, you could receive up to £30,000 tax-free. Whether it’s statutory or a more generous employer offer, understanding your entitlements and the latest caps on weekly pay can make a real difference to your finances. There is a tax-free threshold of £30,000 for redundancy payments, regardless of whether the payment is your statutory redundancy pay, or a more

The UK’s shift to the Foreign Income and Gains (FIG) regime from April 2025 changes how foreign income is taxed. If you are a UK resident, get ready to possibly pay UK Income Tax on all foreign earnings – no more non-dom remittance basis. UK Income Tax is generally payable on taxable income received by individuals including earnings from employment,

1 March 2025 – Due date for Corporation Tax due for the year ended 31 May 2024. 2 March 2025 – Self-Assessment tax for 2023-24 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2025, or an agreement has been reached with HMRC under their time to pay facility by the same date.

The UK is making significant strides in promoting gender equality within its top companies. According to the latest FTSE Women Leaders Review, women now occupy over 43% of board positions across FTSE 350 companies, marking a notable increase from previous years. This progress underscores the UK’s commitment to fostering inclusive leadership and harnessing the diverse perspectives that women bring to

On 24th February 2025, the Arbitration Act received Royal Assent, marking a significant milestone in modernising dispute resolution in England and Wales. This new legislation is set to bolster the UK’s position as a global leader in arbitration, attracting more international businesses and investments. Arbitration offers companies a quicker and more cost-effective alternative to traditional court proceedings, reducing legal fees

In today’s digital age, online meeting platforms such as Zoom and Microsoft Teams have become an integral part of how businesses operate. Whether you are working remotely, collaborating with colleagues across different locations, or engaging with clients, these tools offer undeniable convenience. However, like any technology, they come with both advantages and disadvantages. Advantages of Online Meeting Platforms Convenience and

Tax compliance has always been a necessary but time-consuming aspect of running a business. However, recent reports highlight a worrying trend: the cost of staying compliant with UK tax regulations is rising significantly. According to the National Audit Office (NAO), businesses are now spending at least £15.4 billion per year just to meet their tax obligations. For many companies, particularly

Since April 2024, over 37,000 individuals have proactively topped up their National Insurance (NI) records, collectively adding £35 million to their State Pension pots. This initiative has resulted in more than 68,000 years’ worth of contributions, with an average payment of £1,835 per person. Notably, 65% of these contributions cover gaps from 2017 onwards, leading to some individuals increasing their

Enhancing Operational Efficiency One of the most effective ways to improve profitability is to review operational efficiency. Cutting unnecessary expenses, streamlining processes, and adopting cost-effective solutions can significantly reduce overheads. This might involve renegotiating supplier contracts, embracing automation for repetitive tasks, or outsourcing non-core activities such as bookkeeping or IT support. Optimising Pricing Strategies Pricing strategies play a crucial role

The upcoming Spring Statement, scheduled for March 26, 2025, is shaping up to be a pivotal moment for Chancellor Rachel Reeves and the UK economy. Based on recent reports from the accounting press and national newspapers, here’s what we might anticipate:   Economic Context and Fiscal Challenges The UK is currently grappling with sluggish economic growth, elevated borrowing costs, and

Cash flow is the lifeblood of any small business, and keeping an eye on certain indicators can help business owners spot potential trouble before it becomes a major issue. Here are the key cash flow warning signs that should raise concern: Declining Cash Reserves If your cash reserves are consistently shrinking, it’s a sign that your business is spending more

For any business, knowing when it will start making a profit is crucial. The profit breakeven point is the moment where revenue covers all costs-meaning you’re no longer losing money, but you’re not making a profit yet either. Understanding this point helps business owners make informed decisions about pricing, sales targets, and cost management. Why Is the Breakeven Point Important?

Business Asset Rollover Relief allows you to defer Capital Gains Tax (CGT) when reinvesting proceeds from selling business assets. By rolling gains into the cost of new assets, tax is postponed until the new asset is sold. Learn how this relief can optimise your business investments. Rolling over capital gains is a useful way to defer CGT when you sell or

Businesses can reclaim VAT on pre-registration expenses if they relate to taxable supplies made after VAT registration. The rules differ for goods and services, with time limits of 4 years for goods and 6 months for services. Proper understanding ensures you don’t miss out. VAT can only be reclaimed if the pre-registration costs relate to taxable goods or services that

Big changes are here for the self-employed! From 2024-25, profits must align with the tax year, replacing the old “current year basis.” Overlap relief is ending, and transition profits will be spread over five years. Here’s how the new system affects your tax bill. The reform to the self-employed tax basis period has introduced significant changes in how trading income

1 February 2025 – Due date for Corporation Tax payable for the year ended 30 April 2024. 19 February 2025 – PAYE and NIC deductions due for month ended 5 February 2025. (If you pay your tax electronically the due date is 22 February 2025) 19 February 2025 – Filing deadline for the CIS300 monthly return for the month ended

Are you a landlord? Maximise your rental income by knowing which expenses you can claim to reduce your tax bill. From maintenance costs to Replacement of Domestic Item Relief, understanding allowable deductions is key to smart property management. If you are a landlord, it is important to be aware of the expenses that can and cannot be claimed from rental income.

Selling online? Whether it’s a hobby or a business, you may need to pay tax if your earnings exceed £1,000. From services to content creation, it’s vital to understand self-assessment rules and new reporting obligations for online platforms starting in 2024. If you are selling anything through an online marketplace, it is important to know that you might be liable

The UK government is shaking things up with some significant pension reforms aimed at boosting economic growth and enhancing pension pots for working folks. Let’s dive into what’s happening. Unlocking Pension Surpluses Traditionally, occupational defined benefit (DB) pension schemes have been somewhat restricted in how they can use surplus funds. These surpluses often sit idle, benefiting neither the businesses that

Building Brand AwarenessSocial media platforms provide an unparalleled opportunity to reach a broad audience and increase brand visibility. With billions of users across platforms like Facebook, Instagram, LinkedIn, and TikTok, businesses can showcase their products or services to potential customers who may not have encountered them otherwise. Consistently sharing engaging and relevant content helps to build a recognisable brand presence,

Many businesses have a 31 March year end date, which means they are now in the last quarter of their current financial year and have an opportunity to review their business finances. The last quarter of the year is a crucial time for businesses to review, evaluate, and prepare for both year-end and the year ahead. Here are some business

Artificial Intelligence (AI) is no longer a futuristic concept; it’s becoming an integral part of various industries, including those you might not immediately associate with high-tech solutions. The UK government has recently announced a significant initiative to integrate AI into small businesses across the country, aiming to boost productivity and efficiency. Here’s a closer look at how AI is set

As we kick off the New Year, it’s a great time to take control of your finances, especially if debt has been weighing you down. The Insolvency Service has highlighted several options to help you manage and alleviate serious debt. Here’s a rundown to get you started on your journey to financial freedom. 1. Seek Free Debt Advice First things

We have set out below some of the issues you will need to consider if you are contemplating selling your goods or services online for the first time.    1. Business and Legal Considerations Determine Online Sales GoalsDefine whether you are selling locally, nationally, or internationally and the expected scale of operations. Legal ComplianceEnsure you comply with UK laws, including

Chancellor Rachel Reeves has scheduled the UK’s Spring Statement for 26 March 2025. This event will feature the Office for Budget Responsibility’s (OBR) latest economic and fiscal forecasts, accompanied by a parliamentary statement from the Chancellor. Reeves has emphasized her commitment to delivering one major fiscal event annually to provide stability and certainty for families and businesses, supporting the government’s

The ongoing refusal of the UK government to compensate women affected by changes to the state pension age, often referred to as WASPI (Women Against State Pension Inequality) claimants, continues to provoke widespread criticism. This controversy centres around women born in the 1950s who were significantly impacted by the transition from a state pension age of 60 to 66, introduced

Selling online? From 2024, digital platforms must report your information to HMRC if sales exceed £1,700 or 30 goods a year. Casual sellers are exempt, but regular traders may need to register for Self-Assessment. New rules, which became effective from 1 January 2024, require digital platform operators in the UK to collect and verify information about sellers on their platforms. The

Scammers are on the rise as the Self-Assessment deadline nears! HMRC warns  that HMRC never emails or texts about tax refunds. Stay alert, report suspicious contacts, and protect your money from fraudsters. Fraudsters are increasingly targeting taxpayers with scam emails as the deadline for submitting self-assessment returns for the 2023-24 tax year approaches. Between November 2023 and October 2024, HMRC received over

Scotland’s 2024 Budget delivers on public priorities with investments in services, poverty reduction, and economic growth. Tax rates stay frozen, but bands shift to protect low incomes. A hopeful step forward for Scotland’s future! Scotland’s Deputy First Minister and Finance Secretary, Shona Robison delivered her second Budget statement to the Scottish parliament on 4 December 2024. The Finance Secretary said

1 January 2025 – Due date for Corporation Tax due for the year ended 31 March 2024 19 January 2025 – PAYE and NIC deductions due for month ended 5 January 2025. (If you pay your tax electronically the due date is 22 January 2025). 19 January 2025 – Filing deadline for the CIS300 monthly return for the month ended

Can’t pay your tax bill in full by 31 January 2025? HMRC’s online Time to Pay system lets self-assessment taxpayers spread the cost over monthly instalments. With plans available for tax bills up to £30,000, this flexible option can help you avoid late payment penalties. Those eligible for the self-serve option can arrange payments online without needing to contact an

Over one million parents have now claimed Child Benefit online or via the HMRC app, with 87% of new claims using this speedy service. If you’ve recently had a baby or a child joins your family, applying online ensures you get support quickly-right when you need it most. HMRC’s Director General for Customer Services, said: “Having a baby is a

Do you have a zero target for your Inbox or are you the victim of an ever growing list of emails? This post sets out a number of ideas that you may want to consider starting 2025 with an ambition to restore sanity to your email management. Adopt the “Inbox Zero” MentalityAim to keep your inbox as close to empty

As we stand on the cusp of a new year, we extend our warmest wishes for a prosperous and successful 2025. The past year has been a testament to the resilience and adaptability of businesses worldwide. As we look ahead, it’s clear that the coming year will bring its own set of challenges and opportunities. In this blog post, we

As we approach the end of the year, business owners must turn their attention to planning for 2025. While the temptation to delay may be strong-especially during the busy holiday season-failing to prepare for the year ahead could hinder growth and profitability. Here are the key reasons why business planning for 2025 is not just important but essential. Navigating Economic

In today’s ever-changing economic landscape, businesses must remain agile and innovative to thrive. One of the most effective ways to bolster resilience and ensure long-term success is by developing new income streams. Diversifying revenue sources not only provides financial stability but also opens up opportunities for growth and adaptability.    Here are some key advantages of embracing this strategy.  

The practice of making resolutions has roots in ancient Babylon, where people would make promises to their gods at the start of the new year, often to repay debts or return borrowed items. Similarly, the Romans made pledges to Janus, the god of beginnings, at the start of January-a month named in his honour. In a business context, these historical

People selling unwanted items online can continue to do so with confidence and without any new tax obligations, HM Revenue and Customs (HMRC) has confirmed.   The reminder comes as online platforms start sharing sales data with HMRC from January 2025 – a new process that, when announced last year, generated inaccurate claims that a new tax was being introduced.   But

In a recent press release issued by the Ministry of Housing, Communities and Local Government, new legal changes to empower councils to auction off leases for long-term empty lots was released. Here’s what the changes will provide. High streets are set to be revitalised as the government hands councils new powers to tackle the scourge of empty shops.  From Monday,

HMRC is encouraging customers to be prepared and have all the information they need ready to file their Self-Assessment tax returns early, so they can avoid any last-minute stress and know what they owe sooner. HMRC has a range of online help and support and YouTube videos to assist anyone completing their return, including first-time filers.   Scams advice from HMRC. Remember to:   Protect criminals are cunning

The limit on Income Tax reliefs has applied since 6 April 2013. This measure was the first time a limitation to existing reliefs had been introduced. The cap is set at the greater of 25% of income or £50,000. This limit applies to the total amount of relevant reliefs claimed in a tax year and is calculated individually for each tax

The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding the tax rules or because of deliberate tax evasion. Participation in the campaign is open to all residential property landlords with undisclosed taxes. The campaign

The tax treatment of double cab pick-up vehicles (DCPUs) has been clarified as part of the recent Budget announcements. This follows a chequered history of the tax treatment of DCPUs after a 2020 Court of Appeal judgment and after the previous government reversed its plans to overhaul the tax treatment of these vehicles. DCPUs with a payload of one tonne or

There are specific rules regarding the liability to Inheritance Tax (IHT) on gifts made during a person’s lifetime. In most cases, gifts made during a person’s life are not taxed at the time they are given. These lifetime gifts are referred to as “potentially exempt transfers” (PETs). The gift becomes exempt from IHT if the giver survives for more than

           1 December 2024 – Due date for Corporation Tax payable for the year ended 28 February 2024.            19 December 2024 – PAYE and NIC deductions due for month ended 5 December 2024. (If you pay your tax electronically the due date is 22 December 2024).          

Providing Christmas gifts can be a thoughtful gesture, but it’s essential to understand the tax consequences to avoid unexpected liabilities. The tax treatment for gifts differs depending on whether they are for staff, or customers and suppliers. Here’s a breakdown: 1. Gifts to Staff Tax-Free Gifts: Trivial Benefits Conditions: A gift can qualify as a tax-free trivial benefit if: It

In a recent news story issued by the Department for Business and Trade a consultation was launched to crack down on the use of online “subscription traps”. The full story says:   “New proposals to crack down on subscription traps have been unveiled today as the government launches a consultation on measures to make it easier for consumers to get

Small businesses in the UK are currently navigating a complex financial landscape, facing several significant challenges that impact their operations and growth prospects. Key concerns include: 1. Rising Operational Costs Energy Expenses: Escalating energy prices have substantially increased overheads for small enterprises, straining profit margins.  Material and Supply Costs: Inflation has led to higher prices for raw materials and supplies,

Recent legislative reforms have brought significant changes to how companies report profit and loss (P&L) details when filing accounts with Companies House. These changes, introduced under the Economic Crime and Corporate Transparency Act 2023, aim to enhance transparency, simplify the filing process, and combat economic crime. Here’s a short overview of these changes and when they come into effect. Mandatory

The Bank of England has cut its base interest rate again, this time lowering it from 5% to 4.75%. This is the second cut this year, following the reduction from 5.25% to 5% in August. With these drops, we are seeing the most significant rate reduction actions in recent years, and they will bring a few noticeable effects across borrowing,

In an attempt to popularise the use of its app, HMRC is launching a new advertising campaign aimed in particular at 18 to 34 year olds. More than 1.7 million people are already using the HMRC app every month, which enables users to access services such as making a Child Benefit claim, finding their National Insurance number and a tax calculator to

The upcoming increase in employer National Insurance Contributions (NICs) in the UK, set to rise from 13.8% to 15% from 6 April 2025, along with the reduction of the secondary threshold from £9,100 to £5,000, will significantly impact business costs.  To mitigate these effects, employers can consider the following strategies: 1. Use the Enhanced Employment Allowance The Employment Allowance, which

The proposed increases to the UK National Minimum Wage (NMW) and National Living Wage (NLW) set for April 2025 are expected to impact employers and employees significantly. Here’s how various sectors might feel these changes:   Financial Pressures on Employers: With the NLW expected to rise to approximately £12.21 for those over 21, and NMW rates for younger employees also

The government has unveiled new measures to support small businesses and the self-employed by tackling the scourge of late payments, which according to the Smart Data Foundry is costing SMEs £22,000 a year on average and according to FSB research, leads to 50,000 business closures a year. The government will consult on tough new laws which will hold larger firms

New regulations that prohibit employers from withholding tips for employees in the hospitality, leisure, and services sectors took effect on 1 October 2024. This change follows the enactment of The Employment (Allocation of Tips) Act 2023, commonly referred to as the Tipping Act, along with the statutory Code of Practice on the fair and transparent distribution of tips, which also

There are specific customs requirements for commercial goods that you take with you to sell abroad. You must declare any goods intended for sale outside the UK, whether they are in your baggage or a private vehicle. The regulations for commercial goods or samples carried by passengers in their accompanied baggage are known as Merchandise in Baggage (MIB). As of

Insurance companies have united to step up efforts to crack down on fraudsters seeking to manipulate the UK insurance market with bogus claims and duping innocent people into buying fake insurance policies. In 2023 alone, 84,400 fraudulent claims worth £1.1 billion were detected by the Association of British Insurers (ABI), a 16% increase in the number of detected claims compared to

1 November 2024 – Due date for Corporation Tax due for the year ended 31 January 2024. 19 November 2024 – PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax electronically the due date is 22 November 20244.) 19 November 2024 – Filing deadline for the CIS300 monthly return for the month ended

The long awaited, much anticipated and dreaded first Budget of the new Labour government was delivered to Parliament today – 30 October 2024 – by the Chancellor, Rachel Reeves. We now know where the funds will come from to finance investment and growth, and the vaunted tax increases are no longer speculative, we have the detail.    The impact of

HMRC have kindly reminded us – their online post of 23 October refers –  that there are approximately 100 days (to 31 January 2025) to prepare and file a 2023-24 self-assessment (SA) tax return. In their post they say: “More than 3.5 million taxpayers have already beaten the clock and submitted their returns. HMRC is reminding others that starting their SA early

Employers’ NIC There is ongoing speculation about potential increases in employers’ National Insurance Contributions (NICs). While the government is under pressure to raise additional revenue to address fiscal challenges, increasing employer NICs has been floated as one option, particularly as the government has pledged not to raise income tax, VAT, or employees’ National Insurance for individuals. However, concrete details on

Small UK businesses have a variety of investment sources available, depending on their needs and stage of development. Here’s a look at some of the most common options. Personal Savings Many entrepreneurs start by using their own savings or money from friends and family. While this approach avoids debt or giving up equity, it does come with the risk of

The King’s speech earlier this year announced the creation of a new Pensions Bill. The Bill aims to increase the range of investment options for pension funds and to improve the retirement outcomes for future pensioners. Emma Reynolds, the current Minister for Pensions, made the following comments at a recent address to the ABI “Pension Investment: Where Next?” event on

There is an ongoing discussion in Treasury circles, fuelled by lobbying from public sector unions, that the recent public sector pay deal may sideline any possible reduction in higher rate tax relief in the forthcoming budget. The Chancellor’s upcoming Autumn Budget 2024 is expected to address the need for fiscal savings, and the vast costs of pension tax relief, estimated

From 1 October 2024, you can be reasonably sure that when you leave a tip or pay a service charge your largesse will benefit the establishment staff, not the business owners. The following update is reproduced from a news story released by the Department for Business and Trade. “From Tuesday 1st October, millions of hard working and dedicated workers will

Key Performance Indicators (KPIs) are widely used across industries in the UK to measure success and performance. Here are some of the top KPIs commonly used in various sectors: 1. Financial KPIs: Revenue Growth: Measures the increase in sales or income over a specific period. Net Profit Margin: Percentage of revenue remaining after all expenses. Gross Profit Margin: Shows the

In the UK, bank deposit protections are provided through the Financial Services Compensation Scheme (FSCS). The FSCS offers a safety net for consumers in the event that a bank or financial institution fails. Key points about deposit protection in the UK include:   1.    Protection Limit: The FSCS protects up to £85,000 per person, per financial institution. For joint accounts,

Under UK law, the Proceeds of Crime Act 2002 (POCA) sets out the framework for tackling money laundering and the handling of criminal proceeds. Certain business sectors must register with supervisory bodies and comply with anti-money laundering (AML) regulations. These sectors are defined under the UK’s Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

There is no present mansion tax or wealth tax in the UK, but there is speculation that the Labour Party may be tempted to introduce either or both as part of Rachel Reeves’ first budget to be announced 30th October 2024. Basically, it would involve taxing individuals or properties based on the value of their assets or properties. Here’s an

You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax, meaning: Basic rate taxpayers receive 20% pension tax reliefHigher rate taxpayers can claim 40% pension tax reliefAdditional rate taxpayers can claim 45% pension tax relief For basic-rate taxpayers,

There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading must send their accounts to Companies House. A penalty is automatically imposed by Companies House if the accounts are late. The table of penalties for late submission is as follows: How

More than 670,000 18-22 year olds, yet to claim their Child Trust Fund, are reminded to cash in their stash as HM Revenue and Customs (HMRC) reveals the average savings pot is worth £2,212. Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing £250, for every child born between 1 September 2002

1 October 2024 – Due date for Corporation Tax due for the year ended 31 December 2023. 19 October 2024 – PAYE and NIC deductions due for month ended 5 October 2024. (If you pay your tax electronically the due date is 22 October 2024.) 19 October 2024 – Filing deadline for the CIS300 monthly return for the month ended

Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known as “potentially exempt transfers” (PETs), can become fully exempt if the donor survives for more than seven years after making the gift. If the donor passes away within three years of the gift, the inheritance tax is treated as if

HMRC together with the Department for Work and Pensions (DWP) have issued a press release urging tens of thousands of people to check if they are eligible to boost their State Pension utilising Home Responsibility Protection (HRP). This HRP scheme has helped protect parents’ and carers’ State Pension. HRP reduces the number of qualifying years a person with caring responsibilities needed to

In the UK, business owners are grappling with inflation, labour shortages, access to finance, and supply chain disruptions, all of which are affecting business operations, particularly for small and medium-sized enterprises (SMEs). Inflation: Rising Costs Costs of raw materials, energy, and labour have increased, squeezing margins for businesses, especially in manufacturing, hospitality, and retail. Energy costs, fuelled by the war

Parliament has agreed that the Winter Fuel Allowance payable 2024 will be limited to pensioners in receipt of Pensions Credits and certain other means-tested benefits. Pensioners who are eligible to claim Pensions Credits and have not done so need to be entitled to Pension Credits for at least one day in the week September 16th to 22nd. Pensioners are being

As the October 2024 Budget approaches, several key tax measures are anticipated based on Labour’s manifesto and previous policy announcements. Here’s what we might expect:   Capital Gains Tax (CGT): It is likely that the CGT rates may be increased, potentially aligning with income tax rates, which could push them up to 45% for property and other assets like shares.

Interest rates are a powerful lever in our economy. Increase rates and economic activity tends to slow down, and vice versa if interest rates fall. The recent hikes in rates, to control inflation, were reversed recently when the Bank of England (BoE) reduced rates to 5% (from 5.25%). The following notes are a summary of recent BoE commentary on this

The American presidential election may have significant effects on the United Kingdom, impacting various aspects of the relationship between the two countries. Here are some key areas where the UK might feel the influence:   1. Trade Relations Post-Brexit Trade Deals: The UK’s ability to negotiate a favourable trade deal with the US is closely tied to who is in

Pension Credit is a benefit you can claim in the UK aimed at providing extra income to pensioners who are on a low income. You may have heard that the new Chancellor will only pay the winter fuel allowance to pensioners who are receiving Pension Credits. In which case make sure you claim, if eligible, and pass on this message

On August 27, 2024, Keir Starmer delivered a pivotal speech from Downing Street, focusing on the deep challenges the UK faces and the direction his government intends to take to address them. Starmer painted a grim picture of the nation’s state, attributing the current crises to the mismanagement and populism of the previous Conservative administration. He described the situation as

To comply with the new digital platform regulations effective from 1 January 2024, platform operators must register with HMRC. Here are the key details regarding registration and reporting: Who Needs to Register: Any platform operator facilitating the sale of goods, services, accommodation, or transportation within the scope of the new regulations must register with HMRC if they are subject to

1 September 2024 – Due date for corporation tax due for the year ended 30 November 2022. 19 September 2024 – PAYE and NIC deductions due for month ended 5 September 2024. (If you pay your tax electronically the due date is 22 September 2024) 19 September 2024 – Filing deadline for the CIS300 monthly return for the month ended

Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced back in 2003 to help keep retired people out of poverty. The Department for Work and Pensions has launched a Pension Credit awareness drive, urging pensioners to check their eligibility for Pension Credit in order to secure this

Employees who are working from home may be eligible to claim a tax deduction on certain work-related bills. If their employer does not cover these expenses or allowances, they can claim tax relief directly from HMRC. You can claim tax relief if you are required to work from home, such as if your job requires you to live far from

Changes to the High Income Child Benefit Charge (HICBC) came into effect on 6 April 2024. The income threshold at which HICBC starts to be charged increased to £60,000 (from £50,000). The charge is calculated at 1% of the full Child Benefit award for every £200 (2023-24: £100) of income between £60,000 and £80,000. (2023-24: between £50,000 and £60,000). For

HMRC’s Personal Tax Accounts (PTAs) serve as an online tool that enables taxpayers to view and update their information in real time. The PTA can be used for many routine requests and services and help you bypass the need to call or write to HMRC. Every individual in the UK that pays tax has a PTA, but taxpayers must sign