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Sole trader or partnership? Trading profits tax reform

4 minutes to read The procedure for assessing when trading profits are taxed is changing radically. The change is called basis period reform.  Essentially, means there’s a different time period underpinning the tax assessment. Using the new tax year basis, tax calculations will apportion accounting profits to the tax year (unless the accounting year ends between 31 March and …

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Explaining the Health and Social Care Levy and National Insurance change 

2 minutes to read Change 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 …

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Employers: risk assess your minimum wage payment

2 minutes to read New 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 …

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