All workers are legally entitled to be paid the National Minimum Wage (NMW). This includes temporary seasonal staff, who often work short-term contracts in bars, hotels, shops and warehouses over the summer. The National Minimum Wage hourly rates from 1 April 2022 are: £9.50 – age 23 or over (National Living Wage) £9.18 – age […]
HMRC have issued guidance for VAT-registered business and their agents on how to avoid penalties for non-compliance with the Making Tax Digital for VAT (MTD) rules. In particular, there is a new £400 per return penalty if you file a return but do not use functional compatible software. There are additional penalties if the business […]
Employment Ownership Trusts can give business owners looking for an exit strategy an opportunity to sell their shares to an employee-owned trust free from Capital Gains Tax whilst rewarding their team. How do EOTs work? Employees do not directly own shares, as they are transferred to a trust that later benefits them through the payment […]
New data from Saga suggests that parents’ plans to pass on wealth are changing, with many choosing to give wealth to loved ones while they are still alive, often choosing to refinance assets to provide support. According to the study, around one in four over-50s anticipate supporting their children through the cost-of-living crisis by dipping […]
Memories of the 2008 recession and financial crisis are still very fresh in the mind of investors and businesses. So, the prospect of a recession remains high on the agenda for savers and their financial strategies. With the economy shrinking and inflation hitting a 40-year high, there are warning signs that recession may be on […]
The last month has seen the number of scam warnings issued by police, banks and financial regulators rise, as fraudsters prey on the cost-of-living crisis to target savers’ money. ‘Advance fee’ loans Lloyds Bank is one of the institutions to warn individuals about ‘advance fee’ loan scams, which have seen the average victim lose around […]
Small businesses are the lifeblood of the UK economy, but with rapid inflation and other economic headwinds making trade difficult, they can struggle to access support. There is a wide range of important tax reliefs available to SMEs, which could provide some much-needed financial assistance. These include: Employment Allowance claims This scheme allows eligible businesses […]
Changes to charges and penalties applied to late submission of VAT returns will kick in from January next year. For the VAT period starting on or after 1 January 2023, new penalties will replace the default surcharge for returns submitted or paid late. Any VAT returns received late will also be subject to late submission […]
New legislation allows HM Revenue & Customs (HMRC) to recover Coronavirus Job Retention Scheme (CJRS) grants that have been overclaimed. Those who fall foul of the legislation could face interest charges, financial penalties and even be named and shamed. If a business overclaimed a CJRS grant and has not repaid it, it needs to inform the tax […]
A leading business organisation has highlighted the problems faced by industry after new figures show a steep rise in business costs. According to figures from the Office for National Statistics (ONS), producer input price inflation stands at a record-high 18.6 per cent, and the consumer prices index at nine per cent and could go higher. It says the disparity […]
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