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Working within Accountancy and Taxation, we are always evolving our services, keeping in line with new government legislation and exploring new technology to support our digital accountancy services.
Boosting your State Pension
HMRC has issued a new press release reminding readers of a limited-time opportunity to enhance their State Pension. Currently, there is an opportunity for affected individuals to address gaps in their
Payments on account for self-assessment
Self-assessment taxpayers typically need to pay their Income Tax liabilities in three instalments each year. The first two payments on account are due by 31 January during the tax year and by the 31
Class 4 National Insurance payments
Self-employed individuals are usually required to pay Class 4 National Insurance contributions (NICs) if their annual profits exceed £12,570. For the 2024-25 tax year, Class 4 NIC rates are set at 6%
Who qualifies for Tax-Free Childcare?
The Tax-Free Childcare (TFC) scheme helps working families manage childcare costs by providing support through a wide network of registered providers, including childminders, breakfast and
Pension fund withdrawal options
Most personal pensions set a minimum age at which you can start withdrawing money, typically not before age 55. Some pension benefits can be taken tax-free. Generally, you can withdraw 25% of your
Deferring Class 1 NIC contributions
Employees with more than one job may be eligible to defer or delay paying Class 1 National Insurance in certain situations. This deferment can be considered if any of the following apply:
You pay
New brooms to deliver better pension frameworks
The Department for Work and Pensions has published an outline of the new Pensions Scheme Bill. There are three main objectives that the government want to achieve, and they are set out below. However,
An outline of the Employment Rights Bill
Legislation has been introduced in Parliament to upgrade UK workers’ rights.
The legislation is wide ranging with the intention of tackling poor working conditions and benefitting businesses. A
New powers for banks to combat fraudsters
Banks will be granted new powers to delay and investigate payments suspected of fraud, enhancing consumer protection against scammers.
Under new laws being proposed by the Government, banks will be
Service tipping law now in force
New regulations that prohibit employers from withholding tips for employees in the hospitality, leisure, and services sectors took effect on 1 October 2024. This change follows the enactment of The
Using the GOV.UK ID Check app
The GOV.UK ID Check app is used to allow applicants to verify their identify when they sign in to a government service with GOV.UK One Login. Once this had been completed satisfactorily, your identity
Construction industry – VAT reverse charge
There are special VAT reverse charge rules in place for certain building contractors and sub-contractors. These regulations, which came into effect on 1 March 2021, make the supply of most
Chancellor unveils new measures
Chancellor Rachel Reeves has recently introduced a series of new measures aimed at advancing the priorities of the new government. The key announcements include:
New funding for breakfast clubs at
Will 10% tax on business disposals survive?
While there have been no specific announcements regarding changes to Business Asset Disposal Relief (BADR), the Chancellor may consider modifying this relief in the upcoming Budget. If you are
Government crack-down on late payers
The government has unveiled new measures to support small businesses and the self-employed by tackling the scourge of late payments, which according to the Smart Data Foundry is costing SMEs £22,000 a
New residence-based relief for non-doms
A reminder that the government has stated that it will remove preferential tax treatment based on domicile status for all new foreign income and gains (FIG) that arise from 6 April 2025. To replace
Tax Diary November/December 2024
1 November 2024 – Due date for Corporation Tax due for the year ended 31 January 2024.
19 November 2024 – PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax
Cash in Child Trust Funds
HMRC has issued a press release urging 18-22 year olds who have yet to claim their Child Trust Fund (CTF) cash to do so as soon as possible. According to HMRC, over 670,000 young adults in this age
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