News
Crypto transactions to become part of Self-Assessment under new regulations
19 April 2023
The Government has announced there will be greater scrutiny on the reporting of all crypto transactions, including for cryptocurrencies and non-fungible tokens (NFTs). HM Revenue & Customs (HMRC) will now require cryptoasset reporting in Self-Assessment tax returns by requiring separate reporting of gains and income.
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How do changes in Corporation Tax affect my business?
19 April 2023
Changes to the amount of Corporation Tax (CT) businesses pay came into effect on 1 April. From that date, the main rate of CT rose from 19 per cent to 25 per cent for the most profitable companies. Companies whose year-end is 31 March will pay 19 per cent CT for the whole of the 2022/23 period...
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Be prepared for business rate changes as rateable value update takes effect
19 April 2023
The Valuation Office Agency (VOA) has updated the rateable values of all businesses, and other non-domestic, properties in England and Wales from 1 April 2023. The Government levies the charge on offices, shops, pubs, and warehouses. In fact, most non-domestic properties will attract business rates.
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Government announces shakeup in the payment of Benefits in Kind
19 April 2023
The Government has announced a shake-up in how Benefits in Kind (BIK) are paid. The move will allow tax agents to run payroll BIK on behalf of clients for the first time. The Government says it will help to reduce administrative burdens on employers and enable agents to support their clients more effectively.
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Fuel rate boost for electric car drivers, but other advisory fuel rates cut
29 March 2023
Company car drivers will see changes to the amount they can claim back for fuel costs from their employer from 1 March. HM Revenue & Customs (HMRC) has also confirmed that the way the advisory electricity rate (AER) is calculated has been changed to better reflect energy prices, particularly with soaring electricity...
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Employers brace for uplift to the National Minimum Wage
29 March 2023
Workers across the UK will get a pay rise from April as higher National Minimum Wage (NMW) rates are introduced. According to the Government, around two million of the UK’s lowest-paid workers will benefit from the rise in the National Living Wage (NLW) and NMW rates.
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Businesses must be prepared for imminent changes to Corporation Tax
29 March 2023
Businesses should be planning for the rise in Corporation Tax (CT), which comes into force from 1 April 2023, and sees the top rate of tax rising from 19 per cent to 25 per cent. The tax applies to all profitable limited companies – both from trading income and from the sale of investments or assets.
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R&D tax reliefs are changing in April – Are you ready?
29 March 2023
Chancellor Jeremy Hunt announced many R&D tax changes in his Autumn Budget, including how the funding is allocated, which will be implemented in April. He announced changes to the rates paid by the Research and Development Expenditure Credit (RDEC) for larger firms and the small and medium enterprises (SME) R&D relief scheme.
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Make voluntary National Insurance contributions to ensure pension entitlement
29 March 2023
People planning to claim the UK state pension have been advised to check their National Insurance (NI) record to identify any shortfalls in their payment history. NI contributions, or lack of them, can affect a person’s entitlement to the state pension in later life.
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Avoid stress and prepare for payroll year-end
29 March 2023
It is that stressful time of year again with the payroll year-end fast approaching. Payroll year-end ties in with the tax year-end, which is 5 April. The deadline for submitting details to HM Revenue & Customs (HMRC) is 31 May.
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Case Studies
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A modern approach required for music moguls
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Child's play with proactive accounts management
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Taxing demands with old school charm
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Smiles all round for dental practice
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A taste for growth, a thirst for knowledge
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Customer care is top of the list for packaging business
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A shared passion for architecture and a head for numbers
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Cut above the rest in personal management style
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Sometimes a business does exactly as it says on the tin