Year end payroll reporting

February 2nd, 2024

It is not that long until the current 2023-24 tax year comes to an end and there are a number of year end payroll chores that must be completed. This includes sending a final PAYE submission for the tax year. The last Full Payment Submission (FPS) needs to be submitted no later than the last […]

National Insurance and tax after State Pension Age

February 2nd, 2024

If you have reached the State Pension age and continue to work, in most cases, you no longer need to pay National Insurance Contributions (NICs). At State Pension age, the requirement to pay Class 1 and Class 2 NICs ceases. However, you will remain liable to pay any NICs due to be paid to you […]

Spring Budget 2024

February 2nd, 2024

The Chancellor of the Exchequer, Jeremy Hunt has confirmed that the next UK Budget will take place on Wednesday, 6 March 2024. This will be the Chancellor’s second Budget and will include the government's tax and spending plans as well as new growth and borrowing forecasts. Various pundits are suggesting that selecting a Budget date […]

Digital labelling of imports

February 1st, 2024

Businesses are set to benefit from savings as import labels are made digital for the first time. New legislation to introduce digital labelling for British businesses to cut red tape and save millions in unnecessary regulation costs. Recognition of CE marking continued for products such as toys and machinery, easing burdens to businesses. Digital labelling […]

Update on Companies House changes

January 30th, 2024

Looks like Companies House is morphing from passive registrar into a monitoring agency for the government. Changes that are likely to impact the business community from as early as March 2024 are listed below, extracted from a Companies House blog post, dated 22 January 2024.   “The Economic Crime and Corporate Transparency Act became law […]

Red Sea disruption to supply chains

January 25th, 2024

The Department for Business and Trade (DTI) has launched the Critical Imports and Supply Chains Strategy to safeguard the UK supplies of critical goods such as medicines, minerals and semiconductors. This should help importers counter the effects of the Red Sea disruption. In their recent press release, the DTI said: “Imports of critical goods for […]

Spread the cost of tax payments

January 23rd, 2024

None of us has been exempt from the effects of inflation and cost of living issues in the past year. Which is why taxpayers who are obliged to register for self-assessment will be somewhat apprehensive as the deadline for paying any arrears of tax for 2022-23 and the first payment on account for 2023-24 looms […]

Tax reminder for crypto asset users

January 18th, 2024

With use of crypto assets growing, HM Revenue and Customs (HMRC) is urging people to avoid potential penalties and check if they need to complete a Self-Assessment tax return for the 2022-23 tax year. Anyone with crypto assets should declare any income or gains above the tax-free allowance on a tax return. Tax may be […]

More news on the Horizon saga

January 16th, 2024

Since the recent ITV airing of the Post Office sub-postmasters confrontation with the Horizon accounting software, a flurry of support for the affected individuals have been generated. A news story issued by the Insolvency Service has been added to the list. Entitled: Update: Postmasters impacted by Horizon who may have been made bankrupt They said: […]

Beware rogue business rates agents

January 11th, 2024

The Valuation Office Agency (VOA) is warning business owners to avoid taking advice from agents who approach them to reduce their business rates bills. According to Alan Colston, Chief Valuer at the VOA: “The vast majority of agents are reputable and provide a good service. But there is a small minority promising big reductions in […]