Why Thinking Like a CFO Can Help You Shape Your Business For many small and medium-sized business owners, bookkeeping, payroll and VAT returns are seen as a necessary part of their routine. These tasks are essential, but in terms of shaping your business, they can only tell you what has…
Why getting minimum wage calculations right matters more than ever Matthew Taylor CBE, author of the influential Taylor Review of Modern Working Practices, has been appointed as the first Chair of the new Fair Work Agency – a body that’s set to change how the UK enforces employment rights. The…
Welcome to the September Tax Update. In this issue we take a look at adjustments for private use, statutory sick pay, stamp duty land tax, winter fuel payments, VAT, Artificial Intelligence and upcoming dates on the Accounting Horizon. ADJUSTMENTS FOR PRIVATE USE HMRC will be running a digital campaign aimed…
Welcome to the August Tax Update. In this issue we take a look at the government’s Legislation Day’, HMRC’s Transformation Roadmap, what’s new in Making Tax Digital, proposed changes to Inheritance Tax, Class 2 NIC, and dates on the Accounting Horizon. LEGISLATION DAY 2025 – WHAT WAS PUBLISHED? On ‘Legislation…
On 21 July 2025, HM Revenue & Customs (HMRC) announced its Transformation Roadmap – a plan to modernise the UK’s tax and customs systems by 2030. HMRC have said that the aim of the Transformation Roadmap is to make the tax administration system more automated, more focused on self-service and…
I AM A ‘WORKING PERSON’ The Labour government has said it remains committed to providing security, higher levels of disposable income and higher living standards to working people. You will see below that the taxes you will pay on your income in 2025/26 remain, in the main, at 2024/25 levels.…
The new National Living Wage and National Minimum Wage rates will come into force from 1 April 2025. There are also changes to the National Insurance employers pay that take effect from 6 April. For many businesses, the April payroll will represent a sizeable step up in labour costs. As…
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,…
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…