What will it mean for your payroll? It’s already been a month since the Autumn Budget, but the significant changes the Chancellor, Rachel Reeves, made to the Employers National Insurance (NI) rate and threshold are still sinking in with businesses…
Agricultural and business property relief: What happened in the Budget?
Changes to inheritance tax were announced in the Budget that have caused consternation to farmers and business owners across the UK. What exactly is changing and what could this mean for you? What are agricultural and business property relief? Agricultural…
Companies House introduces new financial penalties regime
Companies House have rolled out a new penalties regime as part of a broader effort to boost corporate transparency and combat economic crime, following the implementation of the Economic Crime and Corporate Transparency Act 2023. This could mean tougher consequences…
Are you National Minimum Wage compliant?
As HMRC intensifies its crackdown on National Minimum Wage (NMW) non-compliance, 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…
Do you need to register for self-assessment?
HM Revenue and Customs (HMRC) have issued a press release debunking some common myths about whether or not someone needs to register to complete a self-assessment tax return. The basic requirement is that anyone who needs to complete a self-assessment…
Abolishment of furnished holiday lettings tax regime confirmed
HM Revenue & Customs (HMRC) have published draft legislation and a policy paper outlining the proposal for the abolition of the furnished holiday lettings (FHL) tax regime. This was originally announced by the previous government and any hopes that this…
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…
New rules on distributing tips: Understanding the Employment (Allocation of Tips) Act 2023
On 1 October 2024, the Employment (Allocation of Tips) Act 2023 will come into effect, introducing significant changes to how tips are managed and distributed in the hospitality industry. This legislation aims to improve fairness by mandating that all tips,…
Buying a second home: what should you think about?
As accountants, we are often asked about the financial and tax implications of buying a second home. Sometimes the pull of a country or seaside retreat might inspire you to think about having a second home. Or maybe you have…
