Introduced in 2013, the High Income Child Benefit Charge (HICBC) charges tax on individuals claiming child benefits who earn over £50,000 annually.  The tax charges equate to the following: 1%of the total Child Benefits received for every £100 earned over £50,000 100% of the total Child Benefit received for individuals earning over £60,000 annually A […]

Determining the ideal salary for company directors can be tricky for business owners. Often, most directors want to balance their salary and dividend payments to be as tax efficient as possible. The 2023/24 tax year presents an array of factors to consider, such as income tax thresholds, National Insurance contributions (NICS), and personal tax allowances.

A new failure to prevent employee fraud offence is being introduced by the Government to encourage businesses to do more to deter offending, which will ultimately protect themselves, consumers, and other businesses. The new legislation, which is likely to come into force by the end of 2024, will make it easier to prosecute a large

Tour operators, travel agencies and hoteliers must understand their financial position and put plans in place for stable, durable growth. Budgeting and forecasting are indispensable tools for the travel and hospitality industry to formulate, determine and align organisational short-term and long-term goals. The practices are slightly different, but combined, they help businesses in the travel

A new shake-up in Benefits in Kind (BIK) payments allows tax agents to run payroll BIK for the first time for the clients. The recent announcement from the Government aims to help reduce administrative burdens on employers and enable agents to support their clients more effectively. All taxable benefits must be valued, such as using

The Valuation Office Agency (VOA) has published the official rateable values for non-domestic properties and all businesses in England and Wales.  Local authorities use the reevaluation list to determine business rates to levy offices, shops, pubs, and warehouses. Most non-domestic properties will attract business rates, even if only part of the building operates for non-domestic

Changes in the Corporation Tax (CT) amount businesses pay came into effect on 1 April. The main rate of CT rose from 19% to 25% for the most profitable companies for the financial year beginning 1 April 2023. Companies whose year-end is 31 March will pay 19% CT for the 2022/23 period and 25% for