HM Revenue & Customs (HMRC) has recently launched a consultation on new rules aimed at simplifying the reporting of salary advances. This change is expected to have a significant impact on employers, streamlining administrative processes and reducing costs. Under existing legislation, salary advances are treated as a payment on account of earnings. Employers are required […]

HM Revenue and Customs (HMRC) has recently reported a significant increase in Corporation Tax receipts for 2022/23. The receipts have risen by £17.3 billion, reaching a record £84.7 billion. This represents a 26 per cent increase on the previous tax year, which is a substantial figure by any measure. This increase occurred in the year

HM Revenue & Customs (HMRC) has continued to run campaigns to ensure that overseas workers, registered in the UK, are paying the correct taxation rates. Taxpayers that have overseas assets and income may still be obligated to pay UK tax rates under certain circumstances. The first step HMRC will take to determine your tax obligations

Businesses are holding their breath as the upcoming Autumn Statement threatens to change the tax landscape of the UK. Chancellor of the Exchequer, Jeremy Hunt, announced that he will present the Statement to Parliament on 22 November 2023. The cost-of-living crisis is becoming a serious political issue ahead of an upcoming General Election and rising

Research and development (R&D) tax relief claims are a vital way to offset your business costs against profits and promote technological innovation and advances. However, filling in the mountain of paperwork associated with R&D claims can be tedious and time-consuming – and has only gotten more so with recent changes. Almost half of businesses that

As experts in the field of accountancy, we understand the unique challenges business owners face when it comes to payroll. We’ve put together three essential tips to help you manage maternity and paternity pay, ensuring legal compliance and employee satisfaction. Understand the statutory requirements: In the UK, employees are entitled to Statutory Maternity Pay (SMP)

If your company is involved in the creative industry, then it could be eligible for significant tax relief from the Government. These tax reliefs support the Government’s objective of becoming the technological centre of Europe by promoting growth in the digital, creative, and other high-technology areas. Your business can claim creative industry tax relief if

Stagnation is a prolonged period of little or no growth in the economy and it can have a serious impact on your business. Whilst talking to The Guardian, Samuel Tombs, a leading UK economist, claimed that stagnation will cause “businesses to cut employment and investment, and trigger a sharp decline in residential investment.” He added:

After the fourteenth consecutive increase in interest rates since 2021, many business owners will be asking themselves the same thing: “When will interest rates finally fall?” The higher the interest rates, the more money you pay on your debts like loans, overdrafts, and credit cards. Equally, many of your customers will also face higher costs

You must file your company accounts, to avoid late filing penalties, Companies House is warning. All companies must file annual accounts with Companies House each year, regardless of whether they are trading or not, or whether they are public or private. This applies to both large and small companies. LLPs are also subject to these