News

Late interest penalties hit 1.4 million taxpayers – and it could get worse
12 June 2023

The 2020/21 tax year saw 1.4 million people charged interest on overdue tax payments – a 15 per cent increase on pre-pandemic figures. The data was released after a Freedom of Information request by investment platform, AJ Bell, but this did not disclose how much money HM Revenue & Customs (HMRC) raised from these late payment penalties.
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Trivial benefits in kind and the advantages they give to employers
12 June 2023

It is important for employees to feel valued in the workplace. A lot of the time, it is the little things that employers can provide to their staff that have the most substantial impact. One such ‘little thing’ is the concept of trivial benefits in kind. Trivial benefits are best described as small ‘token gifts’...
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Changes to free childcare, but higher earners will still miss out
12 June 2023

In the Spring 2023 Budget, the Government laid out plans to shake up the current free childcare system – but many higher earners will be disappointed to find that the changes keep them excluded from the scheme. The existing childcare rules mean that parents are eligible for up to 30 hours of free childcare...
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Constantly asked for pay rises? Here is what you need to know about pay in the UK
12 June 2023

As an employer, you will likely face the delicate situation of employees asking for pay rises. With the cost-of-living crisis and rise in inflation, these requests will have become more frequent as people look to keep up with spiralling living costs.
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The ins and outs of pre-notification of R&D claims
12 June 2023

The UK Government has long encouraged businesses to invest in Research & Development (R&D) projects, believing it to be at the forefront of economic growth. R&D tax reliefs are, therefore, lucrative and aimed at both Small and Medium Sized Enterprises (SMEs) and larger organisations.
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P11D – Are you ready to report and pay tax on Benefits in Kind?
15 May 2023

Benefits in Kind (BIK) cover a number of different perks or additional payments made by employers to their employees. They can include any of the following: Private Healthcare Loans Company cars Gym memberships And much more. The above are all taxable benefits, and it is an employer’s responsibility to ensure they are noted...
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Changes to the repayment of Student Loans begin in August
15 May 2023

The way in which Student Loans are repaid is changing and employers need to be prepared. Currently, graduates and students who have taken out student loans are required to repay their loan when they earn an annual salary of £27,295 or more, with repayments at a rate of nine per cent on any income earned above this threshold.
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Fiscal drag bites on earners
15 May 2023

Changes to personal tax allowances and higher interest rates have seen a growing number of people being affected by fiscal drag. Fiscal drag is the phenomenon where taxpayers are pushed into higher tax brackets due to wage increases as they keep pace with inflation. With the UK Government freezing most tax bands until 2028...
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What is the Residence Nil-Band Rate? And why does it matter to you?
15 May 2023

The Residence Nil Band Rate (RNRB) was introduced by the Government in 2017 and benefits families passing on their main property to a direct descendent. Since its introduction, millions of families around the UK have benefitted from its ability to minimise Inheritance Tax (IHT) bills.
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Landlords are latest group targeted by HMRC ‘nudge’ letters
15 May 2023

Residential landlords are the latest group to have been targeted in receiving ‘nudge’ letters from HM Revenue & Customs (HMRC). The letters are part of a targeted ‘nudge’ campaign from HMRC to remind landlords of their obligation to declare their full rental income.
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