Industry News Archives - Page 5 of 16

17th January 202417th January 2024

Do you hold or trade cryptoassets?

< 1 minute to readIf you receive cryptoassets from employment, or sell or exchange cryproassets, you may need to complete a Self Assessment tax return for the 2022 to 2023 tax year. Any income or gains above the tax-free allowance should be declared. The deadline to complete a tax return and pay any tax owed is 31 January 2024. …

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9th January 202417th January 2024

National Insurance rate change

< 1 minute to readOn the 6 January 2024 the National Insurance rate for millions of UK workers was cut from 12% to 10%. This brings the main rate to its lowest level for more than twenty years. It applies to the Employees’ Class 1 National Insurance Contribution (NIC). The Employers’ NIC rates remain unchanged. Further cuts From April 2024, …

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3rd January 20243rd January 2024

Tax and the side hustle

2 minutes to readDo you sell unwanted items online? Is your creative interest bringing in a top-up income? The ease of online trading has been with us for several years now, and with apps like eBay, Vinted and Etsy, it has never been easier to turn unwanted items into cash. Add to the above Airbnb letting, renting out …

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19th December 20233rd January 2024

Scotland: new high earner tax band

< 1 minute to readThose living in Scotland who earn between £75,000 and £125,140 will pay more tax than they currently do following an announcement by the Scottish government today. The new 45% band unveiled by Finance Secretary Shona Robinson means that Scotland will now have six income tax bands. In addition, the top rate of tax, paid by …

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29th November 20233rd January 2024

Autumn Statement: Corporation Tax review

3 minutes to readAfter better-than-expected inflation figures and the desire to shed his party’s reputation as overseeing the biggest increase in the tax burden since the Second World War, for businesses the Chancellor: – made full-expensing of capital expenditure a permanent feature of the UK tax framework – confirmed the planned start date of 1 April 2024 for …

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1st November 202322nd November 2023

Autumn statement: 22 November 2023

4 minutes to readA ‘transformational’ Autumn Statement? With better-than-expected inflation figures the Chancellor of the Exchequer, Jeremy Hunt appeared keen to shed his party’s reputation of having overseen the biggest increase in the tax burden since the Second World War. With a total of 110 changes, the speech was billed as ‘a plan to unlock investment, reward work and …

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31st October 20233rd January 2024

Tips: ensuring staff get payments

< 1 minute to readThe new Employment (Allocation of Tips) Act 2023 means that it will soon be illegal for an employer to withhold tips from its employees. As the festive season approaches, here’s a recap on the law due to come into force early in 2024. We look at this from 3 aspects – 1 Businesses A Code …

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18th October 20233rd January 2024

Capital Gains Tax and property: 60 days to declare

2 minutes to readThose selling or disposing of residential property in the UK should be aware of the 60-day deadline for reporting and paying Capital Gains Tax (CGT) to HMRC. Failure to do so will result in penalties. Who qualifies? UK residents have Private Residence Relief (PRR), so no tax to pay, if they sell a property that …

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23rd August 202329th August 2023

Exporting goods? Prepare for new customs platform

2 minutes to readThose exporting goods need to be aware of HMRC’s new Customs Declaration Service (CDS). Originally planned to become mandatory on 30 November 2023, there has been an extension to the deadline for some businesses. Now – 1. Between now and 30 November 2023, high-volume exporters will be supported to move to the new platform. 2. …

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7th August 20237th August 2023

Claiming R&D tax relief? New process from 8 August 23

4 minutes to readChanges to the process for claiming R&D tax reliefs and allowances, and what they mean for your business need careful attention right now. From 8 August all R&D claims must be made electronically through HMRC’s portal, alongside detailed information regarding the claim. R&D tax relief R&D tax relief supports companies that work on innovative projects …

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