Month: June 2022

3 minutes to readThe Treasury recently announced that it intends to recognise stablecoins as a valid form of payment as part of wider government plans to ‘make Britain a global hub for cryptoasset technology and investment’. Here, we consider cryptoassets in greater detail.  Outlining cryptocurrencies  The government defines cryptoassets as ‘cryptographically secured digital representations of value or contractual …

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2 minutes to readDespite the UK’s drive to reach net zero by 2050 being high up the policy and news agendas, the majority of SMEs in the UK do not understand how ‘carbon jargon’ applies to their businesses. So, what do these terms mean? Overcomplex   According to research by the British Business Bank (BBB) more than half …

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2 minutes to readChange to the National Insurance (NI) regime makes major demands on employers. It amounts to much more than making sure payroll systems are crunching the right numbers.  With NI contributions in an unusual state of flux, explaining all the ups and downs is likely to mean significant employee communication is needed, as well. The first …

Continue reading "Explaining the Health and Social Care Levy and National Insurance change "

3 minutes to readTax year 2023/24 brings important adjustments to the way tax liability is calculated for unincorporated businesses. The change is called basis period reform. Do I need to know about this? Yes, if you operate as a sole trader or in partnership, and your accounting year end is anything other than 31 March or 5 April …

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2 minutes to readNew minimum wage rates took effect from 1 April 2022. There is, however, much more to minimum wage compliance than simply taking an annual increase on board. Minimum wage compliance falls to HMRC, which takes its responsibilities very seriously, and penalties can be charged for even inadvertent errors.  HMRC checks HMRC carries out checks on …

Continue reading "Employers: risk assess your minimum wage payment"