HM Revenue and Customs (HMRC) is reminding working families to give their childcare budget a boost by opening a Tax-Free Childcare account. Parents can use Tax-Free Childcare to help with childcare costs for school holiday clubs, breakfast or after school clubs, childminders…
Tax-free childcare costs
Do you have a side income?
It is important to record any side income accurately as HMRC is going to be able to see exactly how much income you receive when using a digital platform from 1 January 2024. HMRC have new powers which means that…
Electric charging of company cars and vans at residential properties
HMRC has published amended guidance on EIM23900 about a change in interpretation regarding home charging of electric company cars. Section 239 ITEPA 2003 provides an exemption on payments and benefits provided in connection with company cars and vans. This legislative provision therefore…
Managing your cash flow
With increasing supplier prices and economic uncertainty, managing your business’s cash and understanding its flow are now vital tools in maintaining resilience and being able to adopt flexible strategies for success. Cash flows are a reflection of all the cash…
Child benefit may create a tax charge for those with income over £50,000
Parents and carers (including partners who live with them) need to be aware that if either of the couple have ‘adjusted net income’ in excess of £50,000 then the one with the higher income will potentially be charged tax on…
Provide additional information of R&D claims from 1 August 2023
The latest Finance Act includes two changes that will affect all R&D claims: (1) a requirement to provide additional information before an R&D claim is made; and (2) a requirement for certain companies to make a claim notification within six…
National Insurance
What is National Insurance? It is effectively a tax on the money you earn whether you are an employee or self-employed. You pay National Insurance contributions to qualify for State Pension and certain benefits such as maternity pay. At the…
Managing inheritance tax
Like many other taxes, inheritance tax (or IHT) allowances have been frozen. This sounds generous of the chancellor at a time when the government is strapped for cash. But it actually means that we are paying more. Data from HMRC…
Corporate taxes – changes from 1 April 2023
New rates from 1 April 2023 From 1 April 2023, the rate of Corporation Tax will increase to 25% if a company’s profits exceed £250,000 a year. The current 19% rate will however continue to apply where profits are no…
Retiring soon? – Check your entitlement to the State Pension now!
If you are planning to claim the UK state pension you should check your national insurance (NI) record before 5 April 2023. At present, voluntary contributions can be made to plug gaps back to April 2006, but this will be…
Load More
