Whether the hot weather lasts or not, summer is here to stay, bringing with it seasonal challenges and opportunities for business owners. You may think summer is business as usual, but many companies face disruption and delays due to: More people taking holiday than at other times The heat disrupting transport or the supply chain […]
When developing your business exit and succession strategy, you must consider all possible avenues, including those which might not seem so obvious. A management buyout (MBO) is one such approach that has gained traction for its flexibility and the ability to leave your business knowing that an experienced team is in place to run it. […]
Self-employed workers will see a substantial reduction in their Class 4 national insurance contributions (NICs) for the current tax year after two percentage cuts were announced in the 2023 Autumn Statement and 2024 March Budget. Maximum saving Class 4 NICs are earnings-related with the main rate paid on profits between £12,570 and £50,270. For 2023/24, […]
As the sun rose on Friday morning, Labour began its celebration of a significant victory, claiming a majority that fell short of its last landslide success in 1997. With a manifesto focused on change, its proposals for the next five years of Parliament are far-reaching, but not revolutionary. Now in power, it is important to […]
From April 2026, all employers which offer benefits-in-kind (BIKs) to employees must report them for tax purposes via their payroll system – a reporting method known as payrolling. Under current regulations, employers may report taxable BIKs to HM Revenue & Customs (HMRC) via either: Payrolling – Recording all taxable benefits through your payroll system, which […]
Weybridge-based accountancy firm, TWP Accounting, has urged employers to keep an eye out for upcoming changes to benefit reporting for tax purposes, set to come into effect in April 2026. Employers offering taxable benefits – benefits-in-kind (BIKs) – to employees will need to report these to HM Revenue & Customs (HMRC) for tax purposes via […]
Both the Conservative and Labour parties have pledged not to increase income tax, national insurance or VAT, although the Labour party have pledged to introduce VAT on private school fees. Both parties are also committed to clamping down on tax avoidance and evasion which they claim will fund their spending plans. Both of the main […]
The Institute of Fiscal Studies (IFS) indicates charging VAT on private schools would generate revenue of £1.6bn per year, which Labour claim would fund 6,500 extra teachers. Many parents have been asking if there is any planning to avoid the 20% increase in private school fees. However, the actual increase may not technically be a […]
The time of supply is the earlier of: the date when the supply is ‘really’ made, referred to as the basic tax point; the date when a tax invoice is issued in respect of the supply; and the date when payment is received for the supply. There are a number of refinements to be borne […]
As mentioned in the diary of main tax events, form P11D for reporting benefits provided to employees and directors needs to be submitted online by 6 July. The most common benefits provided are company cars, private healthcare and loans at less than the 2.25% HMRC official rate of interest. Where company cars are provided it […]
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