The 31 January is deadline day for self-assessment tax returns. And despite the efforts of accountants and individuals the month of January typically involves a last minute scramble for records and receipts. This year, according to data from HMRC, 1.1 million individuals missed the 2023/24 deadline; the same number as last year. The tax […]
The start of a year is always good time to look ahead at what tax and financial changes will take effect over the coming months. For SMEs there are a number of changes in 2025 which could have an impact on operations and which it makes sense to plan for. Increase in National Minimum Wage […]
The new Labour government has confirmed that the Making Tax Digital (MTD) initiative will go ahead. It had been unclear whether the policy introduced by the Conservatives would be followed in the same way and to the same timeline. However, the Autumn budget appeared to support the programme’s existing timeline. What is Making Tax Digital?Making […]
New rules are being introduced for claiming employment expenses. To help reduce ineligible claims and tax abuse employees now need to use a P87 form and provide supporting evidence. The new rules took effect on 14th October 2024. The new process to “check first, pay layer” follows feedback that more ineligible claims were being made. […]
With the Christmas period approaching you may be considering you might like to reward your employees. So what are the tax rules when it comes to Christmas gifts or extending festive bonuses to your team? This time of year can be a good opportunity to recognise hard work and commitment from your team. But ahead […]
Choosing whether to register for self-assessment can be a difficult decision. Certain myths have also thrived, making the decision more complex. To help, HMRC has clarified some of the most common misconceptions surrounding self-assessment and when you’ll need to pay tax when you’re self-employed. With more people now working for themselves, HMRC has highlighted five […]
SMEs are claimed to be responsible for £4.4 billion of unpaid tax as a result of tax evasion, according to a new report from the National Audit Office (NAO). Tax evasion is the practice of deliberately falsifying or omitting information to reduce a tax bill. The research – which focused on the high street […]
HMRC has begun clamping down on new tax reporting rules covering cryptocurrency gains. As part of a steady push over the last 12 months it’s become clear that any crypto gains would see greater attention from the tax authorities. In 2024/25 it’s also likely that crypto assets will need to be fully declared for the […]
Client entertainment used to be common practice, even with tax rules hampering what was and wasn’t possible. But the arrival of Covid, and restrictions on gatherings, changed the landscape significantly. Today face to face business meetings are much more infrequent, and the opportunity to gather with clients to eat, drink and be merry is rarer […]
Understanding whether to register your small business for VAT can be confusing. You might need to consider your current revenue, how much you plan to grow, and your customer base. Recent research has shown that 26,000 businesses are delaying their growth plans to avoid hitting the VAT threshold, with concern about increased costs and admin […]
As a result of the pandemic, new working patterns have emerged, and many companies have adopted hybrid working policies for employees. But with the news that more businesses are keen for staff to return the office there’s been a call from hybrid workers for their travel expenses to be reimbursed. So, from a tax perspective, […]
The complexity of the tax system means that there are a number of business expenses which you might have overlooked or are unaware of. The following are particularly useful for sole traders or if you’re self-employed. So what will HMRC allow you to claim? Don’t forget that to be classed as allowable expenses, any of […]