Income tax basis periods – What unincorporated businesses need to know

Business News

Income tax basis periods – What unincorporated businesses need to know

All unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April (or 31 March) each year from 2024-25. Here is what you need to know: The Government has proposed changes that will move the tax basis period for all unincorporated businesses This …

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How the penalty system for late tax submissions is changing

Under new rules set by the Government, the system of penalties for VAT and Income Tax Self-Assessment (ITSA) are changing. The new system of fines is aimed at tackling non-compliance by taxpayers who repeatedly fail to meet their obligations to provide returns and other information requested by HMRC. Those who make occasional and infrequent mistakes …

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accountants critical to the success of SMEs

Accountants critical to the success of SMEs

At the start of 2021, there were estimated to be 5.6 million UK private sector businesses. Small and medium-sized enterprises (SMEs) are the lifeblood of the country, accounting for 99.9 per cent of all businesses across the UK. According to a survey commissioned by Sage, SME’s acknowledge that their operations would struggle to function efficiently without …

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Should payments made by an employee for vehicle and uniform rental be treated as reductions when calculating the National Minimum Wage (NMW)?

Well according to a recent Employment Appeals Tribunal (EAT), yes, they should. In this latest case, a taxi driver in Watford was employed by a firm, which dictated that as part of his conditions of employment he was required to provide a vehicle and uniform, both of which were rented from a company associated with …

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Self-Assessment taxpayers warned over fraudsters trying to steal information

Self-Assessment taxpayers have been warned to be on their guard against fraudsters trying to steal their information. Over the last year, HM Revenue & Customs (HMRC) received nearly 900,000 reports from the public about suspicious HMRC contact, which included phone calls, texts or emails. More than 100,000 of these were phone scams, while over 620,000 …

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PAYE Settlement Agreement can save time and costs

For busy small businesses, a PAYE Settlement Agreement (PSA) offers a simpler alternative to pay your employees. It allows you to make one annual payment to cover all the tax and National Insurance due on minor, irregular or impracticable expenses or benefits for your workforce. According to HM Revenue & Customs (HMRC), if you get a PSA for these items, you …

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Homes price boom sparks a big rise in Inheritance Tax receipts – What can you do to save tax?

Campaigners are angry over the fact that more and more people will be drawn into paying Inheritance Tax (IHT), after a big rise in receipts. They are angry that Chancellor Rishi Sunak has frozen the IHT nil rate band and residence nil rate band at £325,000 and £175,000, respectively, until 2026, while the value of …

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