How to prepare your business for an HMRC tax investigation As a business owner, the thought of an HMRC tax investigation can be quite daunting. But worry not, we’re here to guide you through the process and provide you with some handy tips on how to prepare your business for an HMRC tax investigation in […]
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What you need to know about hiring an apprentice So, you’re thinking about hiring an apprentice in the UK? Great decision! Apprenticeships are a fantastic way to give young people a start in their careers while benefiting your business with fresh talent and a boost in productivity. But hold your horses! Before you jump in,
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Dividends – Record keeping requirements A dividend is a distribution made from a company’s retained profits. The dividend must be properly declared. Dividend payments to shareholders must be accompanied by a dividend voucher. Key dates The effective date of payment of a dividend is the date that the dividend becomes unconditional. This note explains the
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Key dates in August 2023 Taxpayers must undertake certain tasks, such as filing returns and paying tax, by certain dates. If these deadlines are missed, HMRC may charge late filing and late payment penalties. Interest is also charged on tax paid late. Key dates The key dates in August 2023 are 1 August for corporation
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Do you need to pay additional contributions by 5 April 2025? Class 3 National Insurance contributions are voluntary contributions which an individual can choose to pay to increase their entitlement to the state pension. Individuals who have gaps in their contribution record from 2006/07 to 2015/16 have a limited window in which to take advantage
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Coping with inflation, recession, and other financial challenges This update sets out some of the business and personal financial challenges for 2023-24, and a few ideas for countering these challenges. The challenges for business owners The combination of rising energy bills, high inflation, recession and climbing interest rates sets a grim stage for 2023-24. All
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Reminder 31 July tax payments The second payment on account for self-assessment taxpayers is due by 31 July. You should have already received a reminder from HMRC of the amount due and how to pay. Clients unsure as to what to pay should contact us to confirm the amount due. Details of how to pay
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If you have one or more spare rooms in your home, you may consider renting them out to generate additional income. If you let a furnished room in your home, you can take advantage of the rent-a-room scheme to earn up to £7,500 tax-free each year. The rent-a-room scheme does not apply where a room
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After the end of the tax year, employers need to provide certain information to employees and to HMRC as regards both pay and deductions and taxable expenses and benefits. Key dates Employees must be given their P60 for 2022/23 by 31 May 2023. They must also be notified of any payrolled benefits by 1 June
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For a business to grow sustainably (and to successfully make it through the financial bumps in the road), cash flow needs to be a priority. And not just when times are tough and cash is tight. Making sure that you’re maintaining an optimal level of cash on hand at all times; this is essential to
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