Most businesses have exposure to cyber risk Almost every modern business relies on computer networks for day-to-day operations, and this means that most firms are exposed to cyber risk. A cyber-attack is any attempt to steal data, damage or disrupt a computer system. In the event of a cyber-attack, itâs…
Welcome to our May Tax Update In this edition we take a look at beta testing for MTD for Income Tax, guidance on work travel, official rate of interest, investing in an unquoted trading company and upcoming Accounting Events. WANT TO BE PART OF BETA TESTING OF MTD FOR INCOME…
What counts as a business journey for tax purposes? With COVID came the necessity for some employees to work remotely from home. Post-Pandemic, some employees have chosen to continue this hybrid working, whilst others have no choice as regional offices close down to help cut costs. HM Revenue and Customs…
Lump sum death benefit charge What do you need to tell HMRC? New guidance has been published by HM Revenue and Customs (HMRC) to help legal representatives find out what they need to tell HMRC to calculate the lump sum death benefit charge. When someone passes away and their estate…
HM Revenue and Customs (HMRC) is running a campaign to help people avoid being caught out by tax avoidance schemes. This is particularly relevant to those who are contractors, agency workers, or are working through an umbrella company. Tax avoidance schemes are schemes designed to bend the rules of the…
Have you checked your tax code? Prior to the tax year starting each 6th April, HM Revenue and Customs (HMRC), will issue new tax codes to employees, usually where there is a change of tax code. These tax codes, a series of letter and numbers, allow employers to deduct the…
New R&D tax relief guidance available For accounting periods beginning on or after 1st April 2024, a new merged scheme for research and development tax credit comes into force. The new merged scheme replaces the old RDEC and small and medium-sized enterprise (SME) schemes. The new scheme reduces the amount…
The Health and Safety Executive (HSE), via its Working Minds campaign, has declared April Stress Awareness Month. Work-related stress is an important consideration for businesses since all employers have a legal duty to prevent work-related stress to support good mental health in the workplace. Managing work-related stress doesnât just help…
Are training costs tax deductible for the self-employed? HM Revenue & Customs has recently updated and clarified its guidance on training costs paid by the self-employed. The general rule for whether the cost of a training course can be deducted from your self-employed profits is that it must be incurred…
Keeping your accounting records up-to-date can feel like a chore, but when your bookkeeping is kept up-to-date, you and your business can gain some significant benefits. Letâs review a few: Financial clarity Regular bookkeeping ensures that your businessâ financial transactions are accurately recorded, categorised, and updated regularly. Having up-to-date information…