With the current labour shortage affecting pretty much all areas of the economy, taking on an apprentice could reap rewards for many businesses. There are many reasons why hiring an apprentice can benefit your business, but for hard-pressed employers, with a limited budget, the financial incentives offered by the Government Read more…
A new survey on Making Tax Digital (MTD) shows taxpayers have an alarming lack of readiness and enthusiasm for the changeover and a lack of awareness that MTD for Income Tax begins in less than two years. HM Revenue & Customs (HMRC) commissioned pollsters Ipsos to undertake new research to Read more…
Unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April each year from 2024/25. This is a significant change to taxation, which removes the basis period rules and prevents the creation of further overlap relief in a Read more…
From 6 July 2022, the Primary Threshold (PT) for National insurance will increase to £12,570. This is the threshold at which employees begin paying National Insurance contributions (NICs). This will bring the rate in line with the current rate of personal allowances for income tax and means those earning below Read more…
The ‘biggest change to rent law in a generation’ will be delivered with the Renters Reform Bill (the Bill). The Government says it says it will improve the lives of millions of renters by driving up standards in the private and social rented sector, delivering on the Government’s mission to Read more…
New legislation allows HM Revenue & Customs (HMRC) to recover Coronavirus Job Retention Scheme (CJRS) grants that have been overclaimed. Those who fall foul of the legislation could face interest charges, financial penalties and even be named and shamed. If a business overclaimed a CJRS grant and has not repaid it, it Read more…
Changes to charges and penalties applied to late submission of VAT returns will kick in from January next year. For the VAT period starting on or after 1 January 2023, new penalties will replace the default surcharge for returns submitted or paid late. Any VAT returns received late will also Read more…
Small businesses are the lifeblood of the UK economy, but with rapid inflation and other economic headwinds making trade difficult, they can struggle to access support. There is a wide range of important tax reliefs available to SMEs, which could provide some much-needed financial assistance. These include: Employment Allowance claims Read more…
From 1 September, changes to the rules regarding the Trust Registration Service (TRS) mean that more trusts will need to be registered with HM Revenue & Customs. The TRS was introduced five years ago to make the beneficial ownership of assets held in trust more transparent. While many trusts have Read more…
When HM Revenue & Customs’ (HMRC’s) current guidance on the tax treatment of tips and troncs was first published back in 2014, tips and troncs were paid almost exclusively in cash or through card transactions. Of course, in the eight years since, things have changed dramatically and payments are frequently Read more…
