New measures will be introduced to strengthen HMRC’s data gathering powers. From 2025/26: Employers will be required to provide data on employee hours paid as part of their PAYE reporting; and Shareholders in owner-managed businesses will be required to include on their self-assessment tax return their percentage shareholding and dividend income from their company (separately […]
Date What’s Due 1/12/23 Corporation tax payment for the year to 28/2/23 (unless quarterly instalments apply) 19/12/23 Employer PAYE & NIC deductions, and CIS return and tax, for the month to 5/12/23 (due 22/12/23 if you pay electronically) 30/12/23 Submission of 2023/24 self-assessment return (if the taxpayer wants HMRC to collect the tax owed through […]
The Surrey-based accountancy firm TWP warns that measures announced by Chancellor Jeremy Hunt in the Autumn Statement could hit small business cash flows before they feel the benefit of new measures. In the wake of falling inflation – reaching 4.6 per cent in November 2023 from 10.1 per cent in January – and anxiety around […]
With a General Election looming on the horizon, Jeremy Hunt rose to deliver his second Autumn Statement as Chancellor in the knowledge that his latest measures could have a substantial impact, not only on the future economic success of the nation but the electoral success of his own party.
Making sure you’re paying the right amount of tax can be taxing! If you receive a State Pension or other type of pension, then you may still need to pay tax on it. Without the pay-as-you-earn (PAYE) structure of the workplace, you may find it hard to know when and how to pay tax on […]
Financial initiatives to support business growth are continually being announced by the Government, local authorities, individuals and private-sector companies. Funding from private companies often aims to nurture specific industries, particularly high-growth sectors like technology, sustainable manufacturing and healthcare. They might target general growth or specific projects, such as the development of a new product. If […]
Recent years have held a lot of uncertainty for small and medium-sized enterprises (SMEs) and independent businesses. While there are signs of recovery, SMEs have seen slow growth in recent months. However, with employment increasing at a faster pace than in large firms, there is a variety of ways in which small businesses can protect […]
Inheritance tax (IHT) can be a sore subject for some taxpayers, especially when it comes to passing on the family home to the next generation. Often referred to as a “death tax” it cannot be ignored if you intend to leave considerable wealth to your beneficiaries. Recent developments indicate that more families than ever could […]
The recent update to HM Revenue & Customs’ (HMRC) Employment Income Manual is a significant development for businesses and employees utilising company cars, particularly electric vehicles (EVs). The revised guidance now aligns with existing legislation, specifically, Section 239 of the Income Tax (Earnings and Pensions) Act 2003, which states that reimbursements for expenses incurred in […]
The recent survey by the British Chambers of Commerce (BCC) reveals a concerning lack of preparedness among UK small and medium-sized enterprises (SMEs) for ongoing EU regulations and tax changes. A staggering 80 per cent of SMEs surveyed are unaware of the reporting requirements for the EU’s new Green Tax, which took effect on 1 […]
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