Autumn Statement wish list

November 22nd, 2023

On the 22nd November, the Chancellor delivers his Autumn Statement 2023. Presumably, we should expect some give-aways as 2024 is an election year, although the real platform for potential easing of tax rates will probably be deferred until the Spring Budget 2024. Larger corporations have lobbied to make the “Full Expensing” of capital expenditure, i.e., […]

A billion pounds of business red tape to be removed

November 21st, 2023

British businesses could save up to £1 billion a year as the Government confirms plans to remove unnecessary and outdated bureaucracy following our exit from the EU. The Government has announced amendments to several retained EU laws to ensure UK regulations are brought up to date and tailored to the needs of businesses, freeing up […]

Second cost of living support payments

November 16th, 2023

The second cost of living support payment of £300 is currently being processed. Most individuals receiving Department for Works & Pensions benefits will receive their payment of £300 between 31 October and 19 November. Recipients of Tax Credits should be paid between 10th and 19th of November. Who is eligible? Households on the following means-tested […]

Could you be due a sizable tax refund?

November 14th, 2023

An unlikely organisation is promoting a way for its members to benefit from a claim for the Marriage Tax Allowance. For relevant couples, this can be worth £252 a year. Charlie Bethel, Chief Officer, UK Men’s Sheds, said: “If you have retired and your partner is still working, you may not realise that you could […]

How to reward your staff and not the taxman

November 9th, 2023

Whether we like it or not, the countdown to Christmas has officially started. And that means you may be thinking about treating your staff with a Christmas gift or an office party. But before you get carried away, it is important to look at the tax implications to ensure you are not gifting the taxman. […]

Boost your savings with government top-ups

November 7th, 2023

Low-income earners are being encouraged to sign up to Help to Save to boost their savings by 50 per cent with government support. Existing customers have received £146 million in bonus payments since the scheme launched in September 2018 and HM Revenue and Customs (HMRC) is urging individuals to take advantage of the generous savings […]

Tax Diary November/December 2023

November 3rd, 2023

1 November 2023 – Due date for Corporation Tax due for the year ended 31 January 2023. 19 November 2023 – PAYE and NIC deductions due for month ended 5 November 2023. (If you pay your tax electronically the due date is 22 November 2023.) 19 November 2023 – Filing deadline for the CIS300 monthly […]

Reporting self-employed profits 2023-24

November 3rd, 2023

The basis of assessment reforms will change the way trading income is allocated to tax years. The changes will affect sole traders and partnerships that use an accounting date between 6 April and 30 March. There is no change to the rule for companies. The reforms will change the basis period from a ‘current year […]

Check if you need to pay someone through PAYE

November 3rd, 2023

Employers usually have to pay employees through PAYE if they earn £123 or more a week (£533 a month or £6,396 a year). There is no requirement to pay self-employed workers through PAYE. HMRC’s guidance states that: As a general rule, someone is: employed if they work for you and do not have any of […]

Reporting early payment of wages before Christmas

November 3rd, 2023

There is a permanent easement in place for employers to report PAYE information in real time over the Christmas period. This can be for a number of reasons, for example, during the Christmas period the business may close meaning workers need to be paid earlier than normal. Employers that pay wages early over the Christmas […]