Category: Industry News

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 …

Continue reading "Basis period reform: it could impact your tax bill"

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"

2 minutes to readEmployment status and employment rights are knotty issues.  The employment status and associated rights of the workforce of Pimlico Plumbers Ltd have been battled out at the highest judicial levels for years. There is now another verdict. What is the takeaway message if you run a business with a labour force that doesn’t fit the …

Continue reading "Holiday pay on tap: what you need to know about the Pimlico Plumbers"

3 minutes to read  At the March 2022 Spring Statement it was announced that there is an increase to the Employment Allowance from £4,000 to £5,000 as of 6 April 2022. It is estimated that around 495,000 businesses will benefit from this increase being almost a third of all UK firms. Tax cut of £1,000   An increase …

Continue reading "£1,000 Employment Allowance boost to SMEs"

< 1 minute to readIt’s now a year since major change to the off-payroll working (OPW) rules. The OPW regime requires a decision on employment status to be made for tax purposes, broadly analogous to the decision required by the IR35 regime for those working through an intermediary, typically a personal service company. The government’s aim is that those …

Continue reading "IR35 and off-payroll: 2022 matters "

4 minutes to readJust over five years ago saw the introduction of the Spring Statements with the narrative that ‘The Chancellor will not make significant tax or spending announcements at the Spring Statement, unless the economic circumstances require it.’ Given the current economic circumstances it is therefore not surprising that the 2022 Spring Statement included some significant announcements. …

Continue reading "Spring Statement Update"

3 minutes to readIf you sell or dispose of a property and make a profit on the sale, a “capital gain” will arise and you may have to pay Capital Gains Tax (CGT). The capital gain is calculated after taking the proceeds of sale and deducting the costs of acquisition and any enhancements costs, as well as incidental …

Continue reading "Thinking of Selling a Property? What you need to know – Capital Gains Tax!"

< 1 minute to readThe Government is introducing a new tax on plastic packaging from 1st April 2022. The tax applies to manufacturers and importers of plastic packaging components that contain less than 30% recycled plastic. The tax will affect a very wide range of businesses due to its broad scope. This will apply to clients that import / …

Continue reading "Introduction of Plastic Packaging Tax – April 2022"

2 minutes to readSince April 2019, all VAT registered businesses with a taxable turnover above the £85,000 VAT registration threshold have needed to keep their accounting records digitally and submit their VAT Returns via MTD-compliant software. Those below the threshold were exempt from these requirements. From April 2022 all VAT registered businesses, yet to register for MTD for …

Continue reading "MAKING TAX DIGITAL FOR VAT – APRIL 2022 – WHAT YOU NEED TO KNOW"