The Government have announced that, from the 2023 to 2024 tax year onwards, there will be a Self Assessment threshold change for those who are taxed through PAYE only. The threshold will change from £100,000 to £150,000. This means that if you currently need to complete a Self Assessment Tax return because you earn over […]
22
May
May
If you’re Self Employed you need to keep records of your income and expenses. There are, though, no rules on how to keep business records. So the choice is yours. But they must be accurate, complete and readable. And HMRC can charge a penalty if they’re not. So what are the options? How to keep […]
17
Apr
Apr
If you’re Self Employed you need to keep business records of your income and expenses. This is to enable you to produce a set of Accounts and/or prepare your Self Assessment tax return. This applies if you’re self-employed as a: sole trader, or partner in a business partnership You’ll also need to keep records of […]
04
Apr
Apr
Not just for the Self Employed, there are a number of reasons why you may need to complete and submit a tax return. Check our post on Who must submit a tax return to see who does. If you do need to, here’s how to register for Self Assessment tax. How to Register for Self […]
28
Mar
Mar
The Student and Postgraduate loans thresholds and rates from April 2023 will be as follows: plan 1: £22,015 plan 2: £27,295 plan 4: £27,660 postgraduate loan: £21,000 Deductions for: plans 1, 2 and 4 remain at 9% for any earnings above the respective thresholds postgraduate loans remain at 6% for any earnings above the respective […]
21
Mar
Mar
We’re at that time of year again. Some people dread it but there are things that can be done now to ensure the entire process goes much more smoothly. So if you’re wondering how to get ready for the end of the Tax Year get ahead now with these tips Payroll Software If you’re an […]
15
Mar
Mar
The Chancellor presented his 2023 Spring Budget on Wednesday the 15th of March. Key measures the Chancellor announced include, but are not limited to: Corporation Tax Corporation tax rises to between 19 and 25% dependent on profits. The highest rate of 25% is reserved for businesses generating more than £250,000. For those with profits under […]
07
Mar
Mar
The Government have announced that there will be a National Living Wage increase in the new tax year. From the 1st of April 2023 the rate for workers aged 23 years and over will go up by 9.7% to £10.42. This 92p increase is the largest ever cash increase to the National Living Wage. Changes […]
28
Feb
Feb
P9 Notice of Coding email notifications will be sent to employers from the week commencing the 6th of February 2023 until the 5th of March 2023. The P9 Notice of Coding advises that your employees’ coding for the tax year starting 6 April 2023 can be viewed within your PAYE Online Account. To get these […]
21
Feb
Feb
Choosing a business name is one of the first and most important things you’ll need to do when starting your business as a Sole Trader. You want it to be unique and memorable but also to convey what your business is all about. There are different rules for naming a Partnership or Limited Company but […]
