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Correcting Class 2 National Insurance Payments

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

Are You at Risk of a Tax Investigation?

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

New Child Benefit Rules

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

Tax Clarity for Self-Employed Training Costs

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

Tax-Saving Tips for Tax Year End

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

Big Payroll Changes for April 2024

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

Increased Childcare Support from April 2024

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

New Double Cab Pickup Tax Rule

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

How Health Cover Boosts Business

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

New Reporting Regime for Small Companies

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

Is Your Tax Period Changing?

From tax year 2024/25, all unincorporated businesses will be taxed on the profits they generate during the tax year (6 April to 5 April). This applies to sole traders and partnerships (including Limited Liability Partnerships), regardless of the year-end currently applied by the business. If your accounting year-end is 31 March or 5 April, there…Read More

New Minimum Wages Levels from 1 April 2023

This April National Minimum Wage and National Living Wage rates will increase by at least 9.7% for most employees.  A full time worker aged 23 or over on the National Living Wage will see an increase of £150 a month. From 1 April 2023, the National Living Wage (for those aged 23 and over) and the…Read More

Making Tax Digital For Income Tax Self Assessment

Important Update: the UK Government announced that Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) will now be mandated starting from April‌‌‌ ‌‌2026, rather than from April‌‌‌ ‌‌2024. (Announcement dated 19 December 2022.) ————————– HMRC has issued sets of guidance to help those taxpayers likely to be affected by the Making Tax Digital…Read More

Mini-Budget Statement: September 2022

Chancellor Kwasi Kwarteng’s announced the details of his Emergency Budget Statement today. In helping businesses and individuals tackle increased costs, significant reductions in tax were included. The key points within today’s mini-budget are: Tax & National Insurance The basic rate of income tax will be cut from 20p to 19p from April 2023. This cut…Read More

New Health and Social Care Levy Confirmed

This week, MPs backed the government’s plan to raise taxes to fund spending on the NHS and social care. These changes aim to raise £12bn annually to help fund the NHS and social care in the UK. National Insurance contributions (NICs) will increase by 1.25% for one year only for employees, employers and the self-employed from‌‌ ‌April‌‌ ‌2022.…Read More

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