Selling online – When do you need to tell HMRC?
Earlier in the year, it was erroneously reported in the press that new tax rules were coming into force which would mean that anyone selling …
NMW from April 2024 – Make sure you comply
Employers must pay their workers at least the statutory minimum wage for their age. Depending on the age of the worker, they may be entitled …
Register to payroll benefits in kind
Employers can opt to deal with taxable benefits in kind through the payroll (known as ‘payrolling’) rather than reporting them to HMRC after the end …
Relevant motoring expenditure and NIC – Are you due a refund?
For tax purposes, where an employee uses their own car for work, mileage allowances can be paid tax-free up to the approved amount, which is …
Making pension contributions before 6 April 2024
As the end of the tax year approaches, it is prudent to review your pension contributions for the year and consider whether it is worth …
Extracting further profits in 2023/24
As the end of the tax year approaches, it is prudent for those operating their business as a personal or family company to review the …
Capital gains tax year-end planning
No one wants to pay more tax than they need to and, where possible, disposals should be timed to ensure that the best result is …
Have you used your 2023/24 dividend allowance?
As we move into the final months of the 2023/24 tax year, it is time to give some thought to whether you have used your …
Cash basis extended
If you are running an unincorporated business, either as a sole trader or as a partnership comprising only partners who are individuals, you can use …
National Insurance cut for employees and directors
In his November 2023 Autumn Statement, the Chancellor announced a reduction in the main primary rate of Class 1 National Insurance from 12% to 10%. …
NIC payable by the self-employed from April 2024
The self-employed have historically paid two classes of National Insurance – Class 2 and Class 4. However, this is set to change from April 2024 …
Depreciation versus capital allowances
Tax and accounting rules are not identical and it is sometimes necessary to adjust the accounting profit to arrive at the profit for tax purposes. …
