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Happy New Year everyone! In this edition we take a look at getting ready for Making Tax Digital, the Corporate Tax Roadmap, Payrolling Benefits in Kind, an HMRC scam warning and upcoming dates on the accounting horizon. GET READY FOR MAKING TAX DIGITAL FOR INCOME TAX Prior to the Autumn…
‘Payrolling benefits in kind’ means that employee benefits in kind (eg. company cars and medical insurance) are reported to HMRC through the employer’s payroll. Employees’ tax codes are amended so that any income tax due on the benefits is paid throughout the tax year. If a benefit has been payrolled,…
Spread the cost of your Self-Assessment tax bill with HMRC’s Time to Pay With the holidays and end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self-Assessment tax returns, the prospect of having to make a heavy…
As the holiday season approaches, many businesses may need to pay their employees earlier than usual due to closures or other operational adjustments. Important Note Regarding Early Payments: HMRC Guidance: HMRC has relaxed RTI reporting obligations for early Christmas payments. Accurate Reporting: When submitting your Full Payment Submission (FPS), report…
Check your State Pension Entitlement HMRC has developed a valuable tool to help you plan for your retirement: the State Pension Forecast app. This app allows you to: Determine Your State Pension Age: Understand when you can start receiving your State Pension. Estimate Your State Pension Amount: See how your…
A Festive Guide for Employers As the festive season approaches, employers often consider ways to reward their staff. It’s important to be aware of tax implications to ensure that your holiday cheer doesn’t lead to unexpected tax bills. Tax-Free Christmas Gifts A thoughtful Christmas gift can boost employee morale. Good…
We begin Advent with our December Tax Update. In this edition we take a look at Inheritance Tax on two fronts, State Pension entitlement, paying employees early before Christmas, employee Christmas gifts and parties, fuel rates for company cars and upcoming dates on the accounting horizon. FARMERS CAMPAIGNING FOR AGRICULTURAL…
If you have employees, it is important to note the significant changes that have been made in the Autumn Budget to both the National Minimum Wage and Employers’ National Insurance Contributions. These changes will mean increased costs for many employers from April 2025. In this Insight we take a look…
It’s Friday 15th November, so hopefully it’s safe to start talking about the build-up to Christmas! From Monday 2nd December, we’ll be starting our Advent prize giveaway for our followers on Linked In. Every working day throughout Advent, there will be a prize sent to one follower of our Linked…
Are you an animal breeder? If so, it’s important to be aware of HMRC’s recent outreach to individuals who may have underpaid tax on income from breeding or selling animals, including dogs and cats. HMRC’s Letter Campaign HMRC is sending letters to individuals they believe may have failed to declare…