Spring Budget 2024
The Chancellor announced a “budget for long term growth”, however, with fiscal projections remaining flat and recognising a limited amount of wiggle room, significant tax cuts were not on the table. How will it affect you? The elephant in the room is the continued theme concerning personal finances with the extended freezing of various allowances (namely income tax and inheritance tax) beyond […]
Open Consultation reply: Navigating HMRC’s Proposed Tax Changes
Recap on the consultation change: In April 2023, the government initiated a consultation process to gather opinions on a potential legislative amendment enabling HMRC to offset tax and National Insurance Contributions (NICs) paid by a worker against the deemed employer’s PAYE liability. The objective was to address the existing double taxation issue. Fast forward to […]
The Incoming Offset Rule: What Hirers and Contractors Need To Know
How will the offset rule affect contractors and their hirers? In April 2024, a small but potentially significant change is being introduced to the off-payroll working rules, commonly known as IR35. This mechanism, designed to offset a double payment of tax, has the potential to make working with independent contractors more attractive to hirers. What […]
Recap – Looking back at 2023
As we step into 2024, let’s take a reflective journey through the pivotal events that defined the landscape of 2023. Amidst the dynamic tapestry of developments, HMRC took centre stage by reaching out to private sector businesses for investigations into Off-payroll working rules, initially focusing on the transport and distribution industry. The intricacies of their […]
What does my National Insurance table letter mean?
The table letter tells employers how much National Insurance an individual needs to contribute.
Autumn Statement 2023
Today’s Autumn statement, delivered against a back-drop of inflation falling and the economy and public finances stabilising, was anticipated with a degree of optimism. Whilst there is some good news in there for the majority of the workers, I think there has been a missed opportunity to extend the tax cuts to all of the […]
Electric vs Petrol/Diesel? What are the Pros and Cons when looking to buy a Company Car?
Generally, there are company and personal tax efficiencies when buying an electric company car compared to a petrol/diesel car. However, you do need to consider the commercial aspects of your finance plans/funding of the company car in your company, as electric cars are usually more expensive.
Working through your PSC – what are our most commonly asked expenses questions?
We explore some of the most frequently asked expense questions when working through your PSC.
Joining the Flat Rate Scheme for VAT: Quick Guide
Explore the Flat Rate Scheme for VAT with this quick guide. Learn eligibility criteria, benefits, and considerations before joining.
Risks to a Business: Failing an HMRC Investigation
Running a successful business is a complex journey filled with triumphs and challenges. Among the many hurdles a business may face, an investigation by HMRC can be one of the most daunting and disruptive experiences. In this blog, we will delve into the risks a business faces when failing an HMRC investigation and explore the […]