7 Nov 2023
Making sure you’re paying the right amount of tax can be taxing! If you receive a State Pension or other type of pension, then you may still need to pay tax on it. Without the pay-as-you-earn (PAYE) structure of the workplace, you may find it hard to know when and how to pay tax on
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7 Nov 2023
Financial initiatives to support business growth are continually being announced by the Government, local authorities, individuals and private-sector companies. Funding from private companies often aims to nurture specific industries, particularly high-growth sectors like technology, sustainable manufacturing and healthcare. They might target general growth or specific projects, such as the development of a new product. If
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7 Nov 2023
Recent years have held a lot of uncertainty for small and medium-sized enterprises (SMEs) and independent businesses. While there are signs of recovery, SMEs have seen slow growth in recent months. However, with employment increasing at a faster pace than in large firms, there is a variety of ways in which small businesses can protect
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7 Nov 2023
Inheritance tax (IHT) can be a sore subject for some taxpayers, especially when it comes to passing on the family home to the next generation. Often referred to as a “death tax” it cannot be ignored if you intend to leave considerable wealth to your beneficiaries. Recent developments indicate that more families than ever could
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7 Nov 2023
The recent update to HM Revenue & Customs’ (HMRC) Employment Income Manual is a significant development for businesses and employees utilising company cars, particularly electric vehicles (EVs). The revised guidance now aligns with existing legislation, specifically, Section 239 of the Income Tax (Earnings and Pensions) Act 2003, which states that reimbursements for expenses incurred in
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7 Nov 2023
The recent survey by the British Chambers of Commerce (BCC) reveals a concerning lack of preparedness among UK small and medium-sized enterprises (SMEs) for ongoing EU regulations and tax changes. A staggering 80 per cent of SMEs surveyed are unaware of the reporting requirements for the EU's new Green Tax, which took effect on 1
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12 Oct 2023
New research from the #SBS State of the Nation Roundtable report has revealed that 72 per cent of small and medium-sized enterprises (SMEs) feel they are surviving, rather than thriving. Fewer than one-third of small businesses have enough cash in hand to be able to keep their businesses afloat for more than six months, while
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12 Oct 2023
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
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12 Oct 2023
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
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12 Oct 2023
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
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12 Oct 2023
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
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12 Oct 2023
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
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