From 6 April 2020, a change to the off-payroll (IR35) rules is expected. Draft legislation has already been published and further HMRC guidance is expected. The new rules will affect you if you work via your own personal service company (PSC), and off-payroll workers should be aware that their clients are likely to investigate the… Continue reading Hot Topic: Working off-payroll
Having quality management accounts can be beneficial to your business as they can help you to grow by making it more efficient and hopefully more profitable. Management accounts are a set of detailed accounts prepared to illustrate the company’s performance. The goals of the accounts are to provide key financial information which will help with… Continue reading Would your business benefit from monthly or quarterly management accounts?
Self-development allows individuals not just to achieve their career and personal goals, but also helps to support the achievement of business objectives since skilled, fulfilled employees will make more effective contributions to the activities of businesses. It is also beneficial as you may well receive more positive feedback from stakeholders and greater client retention. Personal… Continue reading Managing self-development
So, we already knew about some of the announcements before the chancellor, the Rt. Hon. Philip Hammond MP, spoke yesterday, so much so he even made a joke about toilets and leaks. As ever there was good news and bad news for taxpayers, a full summary is on our website but here are some good… Continue reading Autumn Budget – 29 October 2018
The government has decided not to proceed with plans to abolish Class 2 National Insurance Contributions (NICs) from April 2019. Class 2 NICs are currently paid at a rate of £2.95 per week by self-employed individuals with profits of £6,205 or more per year. The government had planned to scrap the Class 2 contribution and… Continue reading Self-employed Class 2 National Insurance will not be scrapped
A married couple or civil partnership can apply to transfer 10% of the income tax personal allowance from one to the other. Although called the marriage ‘allowance’, it is a transfer rather than an additional allowance. To qualify for the allowance, neither of the partners can be higher rate taxpayers and cannot be claiming the… Continue reading Have you taken advantage of the Marriage Allowance?
If you’re building a new home, you may be able to reclaim the VAT back on the materials used, potentially making a lot of difference to the final costs. You can apply for a VAT refund on building materials and services if you’re: building a new home converting a property into a home building a non-profit communal… Continue reading VAT on building a new home
(A-levels, further education or an approved training course, you MUST tell the taxman if you're claiming child benefit or risk losing out on thousands of pounds a year) June was a busy period for students throughout the UK as they completed their GCSE and A-Level exams, but what happens to your child benefits afterwards? Your… Continue reading Is your child about to collect their GCSES? – You need to tell the Tax Man
For the times when you need a second opinion, simply don’t know the answer, or it’s outside of your business remit, you can contact our dedicated Employment Law, Health & Safety and Commercial Legal Advice lines. Because we have partnered with Croner Taxwise you’ll receive access to the UK’s leading Employment Law firm, free of… Continue reading Help When You Need It
HMRC has issued a warning to taxpayers regarding the latest tax refund scams. These scams are targeting individuals via email and SMS messages. HMRC is currently processing genuine tax refunds for the 2017/18 tax year and the fraudsters are sending scam messages which claim that taxpayers are entitled to a rebate. These messages go on… Continue reading Tax refund scams warning from HMRC