Benefits in Kind (BIK) cover several different perks or additional employer payments to their employees. They can include any of the following: Private Healthcare Loans Company cars Gym memberships And much more.  It is the employer’s responsibility to confirm all above-mentioned taxable benefits are on a P11D form and submitted annually to HM Revenue & […]

Student Loans repayments are changing, and employers must prepare. Currently, graduates and students who have taken out student loans must repay their loan when they earn an annual salary of £27,295 or more, with repayments at a rate of 9% on any income earned above this threshold. The threshold is then adjusted annually for inflation

Have you heard of fiscal drag? A growing number of people are affected by changes to personal tax allowances and higher interest rates. A phenomenon known as fiscal drag sees taxpayers pushed into higher tax brackets due to wage increases as they keep pace with inflation. With the UK Government freezing most tax bands until

Introduced by the Government in 2017, the Residence Nil Rate Band (RNRB) is an allowance to reduce inheritance benefits for families passing on their main property to a direct descendent. Since its introduction, millions of families around the UK have benefitted from its ability to minimise Inheritance Tax (IHT) bills. Will the Residence Nil Rate

Residential landlords are the latest group receiving ‘nudge’ letters from HM Revenue & Customs (HMRC). A part of a targeted ‘nudge’ campaign from HMRC, the letters remind landlords of their obligation to declare their rental income. What is a ‘nudge’ letter? Since 2017, HMRC has used these ‘nudge’ letters to communicate and prompt responses from

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