Tax on Tips and Gratuities

Tax on Tips and Gratuities

Tax on Tips and Gratuities All tips and gratuities, whether received in cash directly from the customer or added electronically via card or cheque, are subject to Income Tax. Depending on how these tips are managed and distributed, National Insurance Contributions...
High Income Child Benefit Charge

High Income Child Benefit Charge

High Income Child Benefit Charge If you or your partner earn over £60,000 annually, you may be subject to the High Income Child Benefit Charge (HICBC). The HICBC is a tax charge that applies if either you or your partner have an individual income exceeding £60,000....
Payments on Account (2023/2024)

Payments on Account (2023/2024)

Payments on Account Payments on account (POA) are advance payments towards your personal tax and, where relevant, your Class 4 National Insurance bill. You may need to make them if you are self-employed or if you are a landlord and you complete an annual...
Chattels and Their Tax Implications

Chattels and Their Tax Implications

Chattels and Their Tax Implications Chattels are legally defined as ‘tangible movable property’, also referred to as Personal Property. These are physical items that can be touched and moved without altering the structure of a building or land. Examples...
Double Cab Pick Ups – Ruling Overturned

Double Cab Pick Ups – Ruling Overturned

Double Cab Pick Ups Double Cab Pick Ups (DCPUs) are versatile vehicles popular among businesses for their dual functionality; they can be used both as a passenger and as a goods vehicle. Their classification affects how they are taxed and what tax benefits they can...
P60 Deadline

P60 Deadline

P60 Deadline Following the end of the financial year in the UK, all employers should be looking to issue their employees with their P60. This document summarises an employee’s total earnings and deductions for the year just ended. Ensuring that the P60 is issued...
Side Hustles: New Tax Changes

Side Hustles: New Tax Changes

Side Hustles: New Tax Changes As the gig economy continues to flourish, many people in the UK are turning to “Side Hustles” to earn an additional income. However, with the new tax year comes some new changes that every side hustler needs to be aware of....
R&D Tax Relief Reformation 2023

R&D Tax Relief Reformation 2023

R&D Tax Relief Reformation 2023 Research and Development (R&D) Tax Relief is set to undergo Reformation in 2023, following the review of R&D tax reliefs launched at Budget 2021. The government announced changes to the reliefs at Autumn Statement 2021 to...
Happy New Tax Year!

Happy New Tax Year!

Happy New Tax Year! As of today, the new UK tax year has officially started. It’s time to get your finances in order, review your tax code and start planning for the year ahead. Whether you’re self-employed, employed or a business owner, this is the...
Higher Earners Tax Rate

Higher Earners Tax Rate

Higher Earners Tax Rate The highest rate of tax will be paid by more people after the threshold is reduced, following the Chancellor’s Budget announcements. The Chancellor has changed the level at which the 45% additional rate of tax applies from, lowering it...
Childcare Benefit Changes – The Good and the Bad

Childcare Benefit Changes – The Good and the Bad

Childcare Benefit Changes – The Good and the Bad Following the Chancellor’s Budget announcements, there will be some changes to childcare benefit and depending on your personal circumstance, this could be a blessing or a curse. Parents will get up to 30...
A Significant Overhaul for Pensions

A Significant Overhaul for Pensions

A Significant Overhaul for Pensions and Retirement Saving Following the Chancellor’s Budget announcements, pensions got a significant overhaul to make retirement saving more appealing. This comes with an increase in the amount you can put into your pension each...
ISA Allowance Frozen for 2023/24

ISA Allowance Frozen for 2023/24

The ISA Allowance has been frozen for 2023/24 The annual Investment Savings Account (ISA) allowance has been frozen once again for the 2023/24 tax year. By freezing it again, the allowance is being left at £20,000 for every individual – However there will be an...
Corporation Tax 26.5% – The Real Cost of the Marginal Rate Relief

Corporation Tax 26.5% – The Real Cost of the Marginal Rate Relief

Marginal rate will be charged at 26.5% As of 14 October 2022 it has been re-announced the Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A rate of 19% will be available for business with profits of up to...
Key Tax Changes for the 2023/24 Tax Year

Key Tax Changes for the 2023/24 Tax Year

Key Tax Changes for the 2023/24 Tax Year We’re here to inform you about the Key Tax Changes for the 2023/24 Tax year and how these changes will affect companies, as well as sole traders. National Insurance The introduction of the new “Health and Social...
Payroll Year End 2023

Payroll Year End 2023

The Payroll Year will End on the 5th of April 2023 This year’s Payroll Year will end on the 5h of April 2023 and we’re here to help you get prepared for the next Payroll Year, with the dates you need to be aware of and tips to help you get ready. The Dates...
Budget Highlights 2023

Budget Highlights 2023

Budget Highlights 2023 The Chancellor presented his Spring Budget on the 15th of March 2023 and we’re here to discuss some of the highlights. The Economy: The OBR expects inflation to fall from 10.7% to 2.9% by the end of 2023. UK economy will shrink by 0.2%...
Topping up NI Contributions – Deadline Extended

Topping up NI Contributions – Deadline Extended

Topping up NI Contributions – Deadline Extended The Government have announced that taxpayers will have until the 31st of July 2023 to make Class 3 voluntary National Insurance (NI) contributions going back to April 2006. This will help them plug gaps in their...
New VAT penalty points regime – the changes explained

New VAT penalty points regime – the changes explained

A new VAT penalties regime was brought in this from January 2023, and any firms or individuals missing their filing deadline from January 2023 onwards will receive penalty points even if there is no VAT due to be paid. While this may sound more less effective than...
What is Tax Investigation Insurance?

What is Tax Investigation Insurance?

Anyone who submits an annual tax return can be picked at random for a compliance check by HMRC tax inspectors to see whether the right amount of tax and national insurance contributions are being paid based on the income. HMRC has in recent months adopted a more...
Corporation Tax – marginal relief from 1 April 2023

Corporation Tax – marginal relief from 1 April 2023

Corporation Tax will increase to 25% As of 14 October 2022 it has been re-announced the Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A rate of 19% will be available for business with profits of up to...
Letting conditions for Furnished Holiday Lets

Letting conditions for Furnished Holiday Lets

Many property owners opt to rent their property as a Furnished Holiday Letting (FHL). There are several benefits to FHLs including Capital Gains Tax relief and capital allowances for furniture and fixtures. To access these benefits, there are several conditions that...
End of year tax planning

End of year tax planning

End of year tax planning – what you need to consider The new tax year on April 6 is accelerating quickly towards us, and now is the time to make sure that any last-minute tax planning will enable you to make the most of the 2021/22 tax year allowances – Click...
Urgent – Reclaim Married Couple’s Allowance before 5 April

Urgent – Reclaim Married Couple’s Allowance before 5 April

Married Couple’s Allowance can be transferred between spouses and civil partners, and while 2m couples have claimed this since it was introduced back in 2015, there are many more people who are entitled to claim it. Go back four years The allowance, which is worth up...