News

A third of UK business owners do not know their company’s value – do you?
15 April 2024

New research by Marktlink suggests that around 33 per cent of UK business owners are unaware of the value of their company – only slightly lower than the European average figure of 40 per cent. While you are not alone if this applies to you, you must know what your business is worth. Why? Let us show you.
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HMRC income tax receipts rise by £2 billion
15 April 2024

HM Revenue & Customs (HMRC) recently reported a £2 billion increase in income tax receipts, reflecting a strong self-assessment period and an evolving dynamic within the tax landscape. The Government's recent changes, including adjustments to National Insurance Contributions (NICs), have both mitigated and exacerbated the overall NIC burden.
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Redundancy regulations are changing – What it means for your payroll and policies
15 April 2024

From 6 April 2024, UK redundancy rules will change, particularly surrounding pregnant employees and those on family-related leave. The new legislation extends the 'protected period' for redundancy to 18 months after the birth or adoption placement, requiring employers to prioritise these employees for suitable alternative employment in case of redundancies.
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New tax year – New tax rules
15 April 2024

With the start of the new tax year, taxpayers can expect significant changes that will directly impact their finances in the next tax year (2024/25). If you haven’t already, it's time to closely examine your financial planning, including savings, investments, and tax compliance. So, what changes should you be aware of from 6 April 2024?
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What are the implications of MTD for ITSA for SMEs?
22 March 2024

The introduction of Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) is going to create some upheaval within the SME sector. No doubt, some of you are already using MTD-compliant software to file your taxes or your accountant is doing it for you. However, if you are yet to make this change, you should be aware that this will soon become the standard for ITSA. It is best, therefore, to make the necessary changes to your processes now, rather than having to scramble to remain compliant when MTD for ITSA comes in.
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The Employment (Allocation of Tips) Act 2023 – Understanding the impact on pay in the hospitality sector
22 March 2024

In a significant development for the hospitality industry, the Employment (Allocation of Tips) Act 2023 (the Act), which received Royal Assent on May 2, 2023, is set to revolutionize tipping payment practices across the UK. Due to come into force on 1 July 2024, and affecting approximately two million workers in the sector, this new Act presents substantial implications for employers’ cash flow and payroll processes.
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Economic Crime and Corporate Transparency Act 2023 – Companies House changes now in effect
22 March 2024

The initial provisions of the Economic Crime and Corporate Transparency Act 2023 came into effect on 4 March 2024. These updates mandate that from 5 March 2024, every company must, when submitting their next Confirmation Statement (form CS01): utilise this email for correspondence with the company, though it won’t appear on the public record; and
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Run your business from home? Get to know your VAT entitlement
22 March 2024

If you are a business owner and work or run your business from home, then you may be entitled to reclaim VAT on certain costs. In practice, this means that you can reduce the amount of VAT you have to pay on business income against the amount of VAT you have had to pay on services rendered to your business.
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Holiday accrual to come in for zero-hours workers
22 March 2024

Following changes to the Working Time Regulations 1998 in January 2024, further amendments are set to come into force on 1 April 2024 relating to leave entitlement for workers on irregular hours. Upcoming changes will apply to workers on zero-hours or irregular hours contracts, as well as those who are on ‘part-year’ contracts, such as those who work seasonally.
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Overhaul of non-dom tax status – What does it mean for those affected?
22 March 2024

You may have already heard that the Chancellor, Jeremy Hunt, has announced an end to the preferential tax treatment that non-domiciled individuals (non-doms) currently receive. At the moment, a non-dom – someone living in the UK but domiciled in another country – has two options when it comes to taxation.
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