It feels good at any time of the year but there’s something special about supporting small business at Christmas Behind all small businesses are real actual people And knowing you’re putting smiles on their faces always results in a warm fuzzy feeling It’s important too Why is Supporting Small Business at Christmas important? They employ […]
28
Nov
Nov
Getting your tax return done doesn’t need to be painful. Here are my four favourite tax return tips which can make it easier for you. 1. Get it done now! Getting it done now is my first top tax tip! There are 3 main reasons for this: Firstly, you know where you are in terms […]
21
Nov
Nov
HMRC interest rates on late payment of tax will rise from the 22nd of November 2022. This follows the 0.75% increase in the Bank of England base rate. The current late payment of tax and repayment interest rates charged by HMRC on the main taxes and duties will be: late payment interest rate — 5.5% […]
17
Nov
Nov
Today (17th November 2022) the Chancellor delivered his 2022 Autumn Statement. In it, he announced significant changes to taxes and allowances. Let’s take a look at some of the main points. 2022 Autumn Statement for Individuals The chancellor announced a range of tax threshold freezes, including for income tax and inheritance tax for a further […]
07
Nov
Nov
Are you making PAYE payments to HMRC? If so, make sure you check your PAYE payment reference numbers are correct. Payments may not be recognised if they are not. This can lead to HMRC issuing penalties and charges even if you have paid on time, which you’ll need to call them about to correct. A […]
31
Oct
Oct
First year tax reliefs on electric cars currently provide an incentive for businesses to replace existing vehicles with electric versions. For around the past 20 years, first year allowances have been available for low emission cars purchased for business use. The current rules enable tax relief to be claimed for 100% of the vehicle’s […]
24
Oct
Oct
HMRC is reminding sole traders and partnerships of changes to the tax year basis for Self Assessment returns from the tax year 2023 to 2024 onwards This will affect returns that must be submitted by the 31st of January 2025. Only taxpayers with an accounting date other than the 31st of March or 5th of […]
17
Oct
Oct
In a Government U-turn, The Chancellor of the exchequer has scrapped most of the measures set out in the mini-Budget, including the planned cut to income tax. In this morning’s emergency statement, he said: “We will reverse almost all the tax measures announced in the growth plan three weeks ago that have not started parliamentary […]
12
Oct
Oct
The Chancellor announced significant changes to tax rates in his ‘UK mini-budget 2022’. Let’s take a look at some of the main points. UK Mini-Budget 2022 for Employees and the Self Employed For employees and the self-employed, last year’s increase in national insurance contribution rates was reversed and there are cuts to income tax rates […]
06
Oct
Oct
HMRC will shortly introduce an Employer PAYE new recurring Direct Debit functionality in line with its Payments Strategy. This ensures that a consistent set of payment options are available to all customers. Currently employers can set up a Direct Debit to collect a single payment, but not a recurring Direct Debit. There have been some […]
