Last updated about 3 weeks agoSpeaking as humans … NO! We love to hear from you regularly.Speaking as accountants … NO! We need to hear from you regularly. Sadly, on both counts, that doesn’t always happen. But we highly recommend it that it should. Aside from the fact we would miss you if you didn’t…

Last updated about 3 weeks agoNational Minimum Wage The National Living Wage and National Minimum Wage rates will increase for pay periods commencing on 1 April 2024: Statutory payment increases From April 2024 the first six weeks of Statutory Maternity Pay (SMP) and Statutory Adoption Pay (SAP) will remain the same at 90% of the…

Last updated about 2 months agoCurrently, the process allows employers to either submit P11D to report employee benefits for tax purposes at the end of the tax year OR register to payroll benefits, allowing the benefits to be taxed in real-time through PAYE. However, although changes to this process have long been expected, with the…

Last updated about 2 months agoFrom the 1st of April 2024, there are several changes to holiday pay that you need to be aware of.Those changes (which will take effect for holiday years commencing from 1 April 2024 onwards) include: Rolled Up Holiday PayThe change to allow employers to use rolled-up holiday pay for casual…

Last updated about 2 months agoWhat are the increases to the Minimum Living Wage in 2024? You may be aware that the increased National Minimum Wage for all employees begins in April 2024. This is the most significant cash increase since the minimum wage came into force in April 1999 (after the Labour Government passed…

Last updated on October 17, 202320 years ago, we didn’t hear the term influencer banded about the way it is today but the practise of influencing others to buy a product or service actually dates back to ancient Rome when gladiators endorsed products! Social media and the internet of course make it much easier for…

Last updated on November 29, 2023What happens when taxable earnings go negative? HMRC has issued new guidance clarifying scenarios involving negative taxable earnings valid from 25th July, 2023. But what are negative earnings and how do they occur? Negative earnings occur when an employee returns part or all of their earnings to their employer. To…

Last updated on November 1, 2023HMRC is set to implement new reporting rules & regulations in 2024 which will require digital platform operators in the UK to collect and report information about users engaged in selling goods or services through their platforms. What does this mean?  It means that digital platform operators (this includes apps…

Last updated on October 31, 2023What is bookkeeping? Bookkeeping is the process of tracking a business’s financial transactions and it’s the responsibility of a bookkeeper to record and monitor each of these transactions. Essentially, bookkeeping involves keeping a detailed record of the money coming in and going out of a business. Why is accurate bookkeeping…

Last updated on October 23, 2023Recent data from the Office of National Statistics (ONS) marks the first sustained growth in the self-employed sector over four consecutive quarters since the onset of the pandemic. The data revealed that there were 63,000 self-employed individuals in the UK during Q2 2023. One significant factor behind this surge could…

Last updated about 2 weeks agoWe’ve been asked a few times about submitting tax returns early. While it is best to get advice on individual situations, the below guide will give you a better idea of what submitting your tax return early might look like. If I submit my tax return before 31st July, will…

Last updated on March 16, 2023On the 15th March, the Chancellor used his ‘back to work’ Spring Budget to lift the cap on tax-free pension contributions and unveil the ‘full expensing’ tax relief whilst sticking by the corporation tax hike. Here are the measures that were announced in the Spring Budget: ·        Increased the annual…

Last updated on April 6, 2023The government has announced its plans to raise the National Minimum Wage in April 2023. The government hopes that the rate rise, which was announced last November, will provide further protection to the living standards of those on lower wages. The new rates are as follows and will come into…

Last updated on February 10, 2023Despite the delay to Making Tax Digital for income tax self-assessment, unincorporated businesses will have to report their income on the tax year basis – 6th April to 5th April the following year – from 2024/25 onwards. The 2023/24 tax year will be the transitional year which will bring about…

Last updated on February 10, 2023For the 10th consecutive time the Bank of England has again raised interest rates, taking it to its highest level since 2008. Following the 0.5% increase in the base rate from 3.5% to 4%, HMRC will raise interest rates on overdue tax. HMRC interest rates are fixed at the following…

Last updated on January 17, 2023It was confirmed by The Treasury earlier this week that there would be a two year delay to the timetable for Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA). The change follows weeks of urgent calls from professional bodies, HMRC’s own Administrative Burdens Advisory Board, tax software representatives and…

Last updated on December 15, 2022Next year, HMRC’s new penalty regime for late submission and late payment of VAT returns comes into force. But how does it work? Late submission of VAT return From 1st January 2023, when a VAT return is submitted late, even if the return is a nil or a repayment, a…

Last updated on November 17, 2022Key Point Summary Amidst the continuing rising of inflation and current bleak economic outlook, the Chancellor delivered on his promise of tax rises by freezing personal allowance thresholds and lowering the 45p tax rate threshold. In his statement, Jeremy Hunt said he had prioritised “stability, growth and public services” but…

Last updated about 3 weeks agoHM Revenue and Customs (HMRC) has confirmed a 45 per cent year-on-year increase in the number of online tax returns filed on Christmas Day. It was revealed that 4,757 people found the time to file their 2022/23 online tax return during their Christmas Day festivities, compared with the 3,275 people…

Last updated on November 8, 2022HMRC will increase late payment interest from the 22nd November 2022.  Following the 0.75% increase in the Bank of England base rate, HMRC will raise interest rates on overdue tax. HMRC interest rates are fixed at the following from 22nd November: late payment interest – set at base rate plus…

Last updated on October 17, 2022Following the previously announced U-turns on the 45p tax rate abolishment and the corporation tax rate freeze, today the new Chancellor has gone one step further and completely reset the government’s economic plans. Jeremy Hunt has accelerated measures that were set to be announced as part of the Medium-Term Fiscal…

Last updated on September 29, 2022When the new Chancellor, Kwasi Kwarteng, revealed the surprising news last Friday that the Government intends to repeal the Off-payroll working reforms of 2017 and 2021 from April 2023, it led to misguided cheers that “IR35 was dead”.  This is not the case. In his Growth Plan 2022, the Chancellor…

Last updated on September 23, 2022The Chancellor, Kwasi Kwarteng, has confirmed that National Insurance rates will be cut by 1.25% for both employees and employers from 6th November 2022.  This will effectively abolish the Health and Social Care Levy introduced by the former Chancellor, Rishi Sunak. The scrapping of the rise is expected to reduce…

Last updated on September 13, 2022Who gets the day off for the Queen’s funeral? The very sad news of her Majesty Queen Elizabeth II’s death has an impact across the globe. Now, as we enter a period of national mourning, it has been confirmed that Monday the 19th September will be an additional bank holiday…

Last updated on August 19, 2022I was talking to a new client the other day and he asked for an easy way to price up his jobs. After working through it with him I thought it may be useful to write this blog for others who are just starting out and aren’t sure how to…

Last updated on August 17, 2022Hawksmoor Construction Ltd was late paying its VAT liability for the quarters ending September 2020 and March 2021. This triggered a default surcharge notice and when part of the next quarter’s liability was also paid late, HMRC imposed a 5% penalty. The sole director argued that he had a reasonable…

Last updated on August 10, 2022It wasn’t very long ago we were last updating you on HMRC interest rates, however, due to the Bank of England base rate yet again increasing in August 2022, from 1.25% to 1.75%, the HMRC interest rates will also increase. HMRC interest rates are fixed at the following from 23rd…

Last updated about 3 weeks agoThere are many limited company directors that have not put plans into place for their future financially, but as a director of a limited company you can contribute pre-taxed company profits into your own pension pot whilst claiming this as an allowable business expense against the company’s corporation tax. Making…

Last updated on August 10, 2022Due to the Bank of England base rate increasing again in June, from 1% to 1.25%, the HMRC interest rates will also increase. HMRC interest rates are fixed at: late payment interest – set at base rate plus 2.5%. repayment interest – set at base rate minus 0.5% (until base…

Last updated on May 21, 2022On 5th May 2022 the Bank of England Monetary Policy Committee voted to increase the Bank of England base rate from 0.75% to 1% as a result of the recent rise in inflation. This will impact HMRC interest rates which are fixed at: late payment interest – set at base…

Last updated on May 21, 2022“But the management reports are just a press of button, aren’t they? Why are my reports taking so long?” It´s a question I often get asked by new clients so I decided to ask my team what mistakes they find on accounting software when taking over the bookkeeping from either…

Last updated on May 21, 2022Today I have a very quick message for you:   I woke up this morning to a notification from PayPal that my Netflix monthly subscription had come out of my account, and it’s at the new higher charge. This made me think, big companies such as Next, Monsters Beverages & Norwegian…

Last updated on May 21, 2022If, like many, you are worried about inflation and growing energy prices at the moment, then maybe you are looking at ways to cut your business expenses.  Bank Charges are always among the list of things that business owners want to lessen and looking into moving banks may not solve…

Last updated on May 21, 2022Nobody enjoys paying interest charges, especially when a repayment for a later year is offset against an earlier year’s liability. However, this situation is now likely as many businesses struggled through covid lockdowns, and therefore have claimed a trading loss on their 2020/21 tax return. Rather than pay tax still…

Last updated on May 27, 2022My frustration of the “Tax Rebate Companies” has come to light again this week, after finding out The Low Incomes Tax Reform Group (LITRG) is concerned that many taxpayers have been hit with further fees from these tax refund companies after unwittingly signing a deed of assignment that covers multiple…

Last updated on May 27, 2022The SME Brexit Support Fund has been introduced to help untangle VAT and customs complexities post Brexit. Since the UK’s exit from the European Union on 1 January 2021 there are now a new set of tax and customs rules for businesses that trade goods or services across EU borders….

Last updated on May 27, 2022Well yesterday (3rd March), saw the most anticipated budget for March 2021 I’ve known for a long time.  I just wanted to send you out some bullet points you will need to be aware of for you and your staff: The budget March 2021 includes The personal tax allowance will…

Last updated on May 27, 2022When you register for VAT, there are various schemes you can choose from. These schemes impact, not only when you calculate your VAT, but also how you calculate the VAT you owe to HMRC. It is important that you choose the right scheme for your business and cashflow. Here is…

Last updated on May 27, 2022Do you know what your company profit would look like if you took the cost of “you” out if it? If you’re either working on stepping away from your business, to exit the day to day or to sell it, then I have a bookkeeping tip that will save you…

Last updated on May 27, 2022Did you know that HMRC will know about lettings through data provided by Airbnb, therefore it is essential that landlords disclose all their taxable property income – including for all prior years. Included in the Airbnb accounts for year ending 31st December 2019 was a statement that the company will…