NIC for employers to rise
One of the key announcements in the Autumn 2024 Budget was the rise in employer’s National Insurance Contributions(NICs) from 6 April 2025. From that date, …
Extension of MTD (MTD for ITSA)
Under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA), sole traders and unincorporated landlords within its scope will be required to keep …
What will mandatory payrolling look like?
Under mandatory payrolling, employers deal with taxable benefits provided to employees through the payroll, treating the taxable amount of the benefit like additional salary and …
Dispose of your business early to benefit from BADR rates
Business Asset Disposal Relief (BADR) is a valuable relief that reduces the rate of capital gains tax payable on gains made at the disposal of …
Tax-efficient Christmas parties and gifts
Employers looking to spread some seasonal cheer can do so in a tax-efficient manner by taking advantage of the exemptions for annual parties and functions …
VAT invoice and accounting controls
VAT-registered businesses that use invoice accounting generally account for VAT when invoices are issued and received. HMRC have recently published new Guidelines for Compliance which …
Missing years for home responsibilities protection?
Entitlement to the full state pension depends on having sufficient qualifying years. Where a person reaches state pension age on or after 6 April 2016, …
File tax return by 30 Dec to pay via PAYE
If you pay tax through PAYE, as will be the case if you are an employee or a pensioner, you may need to complete a …
Setting up as a sole trader
When starting a business, there are a number of ways in which this can be done. Options include operating as a sole trader, forming a …
Overdrawn Director’s Loan – Must Your Company Pay Tax?
In personal and family companies, the lines between the company’s finances and the director’s finances may become blurred. A director may withdraw money from the …
Restarting child benefit claims
Many parents who fell within the ambit of the High Income Child Benefit Charge (HICBC) opted not to receive child benefit, rather than to receive …
What HMRC do if you don’t pay tax?
HMRC have a range of powers at their disposal to collect unpaid tax. If you are struggling to pay a tax bill or know that …
