03-Oct-2024

Is your business National Minimum Wage compliant?

As HMRC intensifies its crackdown on National Minimum Wage (NMW) noncompliance, it’s vital to make sure you don’t fall foul of NMW laws. Compliance can have more complexities to it than many assume, and the risks of getting it wrong are significant. HMRC is focusing on SMEs It seems that HMRC are targeting SMEs. For […]

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30-Sep-2024

Companies House online services to move to GOV.UK One Login

Companies House has confirmed that its online services will move to the GOV.UK One Login beginning this Autumn. The GOV.UK One Login is becoming an increasingly important way of accessing government digital services. It means that you only need one account, one username, and one password to access a range of government services. The Login […]

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26-Sep-2024

Plan 1 student loan interest rate to change to 6%

The Plan 1 student loan interest rate reduced to 6% (from 6.25%) from 30 August. This rate change applie across the UK with the Department for Education (DfE), the Welsh Government and the Department for the Economy in Northern Ireland (DfE NI) all confirming the change. The reduction follows the Bank of England Base Rate […]

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20-Sep-2024

HMRC checking on workplace nurseries

With the ever-increasing costs of childcare, a very attractive benefit provided by more and more employers is a creche or nursery for employees’ children. If correctly structured, this is a tax-free benefit and will help employers attract and retain staff. Larger employers may provide an on-site nursery but for smaller employers it is more common […]

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16-Sep-2024

Advisory fuel rate for company cars

ADVISORY FUEL RATE FOR COMPANY CARS The table below sets out the HMRC advisory fuel rates from 1 September 2024. These are the suggested reimbursement rates for employees’ private mileage using their company car. Where there has been a change the previous rate is shown in brackets. You can also continue to use the previous […]

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13-Sep-2024

SHOULD YOU PASS ON WEALTH NOW TO AVOID INHERITANCE TAX?

Many wealthy individuals are apparently passing on substantial amounts of their wealth in anticipation of possible changes to inheritance tax (IHT) in Labour’s first Budget on 30 October. This allegedly includes a number of high-profile individuals such as TV presenter Anne Robinson who confirmed that she had passed on £50 million to her children and […]

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06-Sep-2024

September and October Tax Deadlines

Date What’s Due 1 September Corporation tax for year to 30/11/23 unless pay by quarterly instalments 19 September PAYE & NIC deductions, and CIS return and tax, for month to 5/9/24 (due 22 September if you pay electronically) 1 October Corporation tax for year to 31/12/23 unless pay by quarterly instalments 5 October Deadline for […]

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30-Aug-2024

Need to register for Self Assessment? Top 5 myths debunked

Anyone who needs to complete a Self Assessment tax return for the first time to cover the 2023 to 2024 tax year, should tell HM Revenue and Customs (HMRC) by October 5th 2024. There are plenty of myths about who needs to file a Self Assessment return before the 31 January 2025 deadline and HMRC […]

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08-Aug-2024

Beware the 60% income tax trap

It has recently been reported over half a million taxpayers paid a marginal income tax rate of 60% in 2022/23, up by 23% from the number in 2021/22. This marginal rate applies where an individual’s adjusted net income falls between £100,000 and £125,140, where every £2 income over £100,000 reduces the £12,570 personal allowance by […]

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01-Aug-2024

PLANNING A STAFF SUMMER BARBEQUE?

Employers may meet the cost of certain social events for staff without creating a tax liability. This used to be a concession but is now a statutory exemption provided certain conditions apply. The exemption applies to an “annual party or similar function” provided it is available to all employees or available generally to those at […]

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