From 1 October, employees must ensure 100% of tips and gratuities are paid to employees. Traditionally, tips involve cash payments, whereas gratuities are paid by card on the customer’s bill. Essentially, they are the same: a customer payment as a thank you for good service. The legislative update has been introduced by the Department for…Read More
Herts-based employers are to be targeted as HMRC targets small and medium-sized businesses (SMEs) not adhering to minimum wage rules. The government is keen to ensure employers understand and apply the complex rules regarding national minimum wage (NMW). Having previously concentrated on large businesses and specific sectors, HMRC’s attention has now turned to SMEs. Over…Read More
Making Tax Digital is a government initiative designed to make it easier for businesses and individuals to calculate and pay their taxes correctly. It’s compulsory to use an online software package that complies with Making Tax Digital. Key dates potentially affecting you and/or your business are: If you’re a sole trader or landlord, now’s the…Read More
Chancellor Rachel Reeves has already revealed some of the changes she will announce in her first budget on 30 October. Landlords of Furnished Holiday Lets (FHL) currently enjoy different tax legislation compared with long-term rental accommodation. This will change in April 2025 when this ‘special’ treatment of FHLs will be abolished. FHLs will become part…Read More
The new Labour government will announce its first budget on 30 October 2024. Chancellor Rachel Reeves has stated her intention to make several changes. This budget is highly anticipated, with many changes predicted. Labour’s election manifesto promised not to increase income tax, national insurance contributions or VAT. The Chancellor has confirmed that this pledge remains…Read More
Are you self-employed? Are your Class 2 National Insurance payments showing correctly? If you are self-employed, you pay Class 2 National Insurance contributions (NIC) to help qualify for certain benefits like the State Pension. Most people pay these contributions as part of their Self Assessment tax bill or their contributions are treated as having been paid.…Read More
Anyone and any business can be subject to a tax investigation, without exception. There are many situations that may lead to a tax enquiry from HMRC. It could be unusual activity or inconsistency in your tax records or accounts, a tip-off, or you may work within a targeted sector … you may never know why…Read More
Significant changes to the child benefit rules apply from 6 April 2024. The update involves the High Income Child Benefit Charge and the earnings thresholds to which this applies. Only one person can claim child benefit for a child. To claim, you must be responsible for bringing up a child who is aged under 16…Read More
The Spring Budget included many updates, including details about how to treat training costs for self-employed individuals. Removing potential confusion is helpful for the 4.39 million self-employed people in the UK. The latest HMRC guidance states training costs are tax deductible when they are: When can you deduct training costs? There is a clear distinction…Read More
The end of the tax year is approaching fast! There are several ways to ensure you minimise your tax liability. ‘It’s important to avoid paying more tax than you need to,’ says Trina Haggerty of Chartered Certified Accountants Hargreaves Owen near Hitchin. ‘The tax year ends on 5 April, so there’s still time to act.’…Read More
1st April 2024 will bring big changes for employers’ payroll responsibilities. Both the National Minimum Wage and the National Living Wage are increasing, plus the National Living Wage is extending to involve employees aged 21 and over (currently aged at least 23 years). The Low Pay Commission recommended the changes, which were confirmed in the…Read More
Changes to childcare support will increase the number of hours available and expand the age of eligible children. Starting in April 2024, a phased increase of childcare support involving the number of hours and children’s ages will be introduced. A gradual expansion of the scheme is planned to ensure providers can cope with the demand…Read More
Does your business own double cab pickups? These vehicles are very popular in construction and farming. For over 20 years, they have been classified as cars for tax purposes. From 1 July 2024, this will change. The guidance confirms that, from 1 July 2024, double cab pickups (DCPUs) with a payload of one tonne or more…Read More
Staff absenteeism and retention are key issues that almost every employer tackles, impacting budget and productivity. Small businesses are hit particularly hard, especially when individuals are self employed or directors of their own limited companies. In these circumstances, there is little or no cover to keep business moving whilst key people cannot work. Could investing…Read More
Legislation passed by the government on 26 October introduces new reporting requirements for small companies. The Economic Crime and Corporate Transparency Act aims to improve the transparency of UK companies, tackling money laundering and fraud. It gives Companies House more investigative and enforcement powers to become “a more active gatekeeper over company creation and custodian…Read More
