09-05-2023
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
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09-05-2023
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
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09-05-2023
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
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09-05-2023
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
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09-05-2023
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.
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09-05-2023
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
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08-05-2023
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
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06-05-2023
Accounting and audit technology is changing the way many conduct business and how data is analysed. When used intelligently, it can deliver real benefits to renewable energy companies and the wider society. As the renewable energy sector expands, the importance of accurate accounting and audit technology has become increasingly apparent. Technology is essential in ensuring
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25-04-2023
The Economic Crime Levy (ECL) is an annual charge that affects organisations supervised under MLR (Money Laundering Regulations) with a UK revenue exceeding £10.2 million annually. HMRC-supervised entities affected will have to: register for the ECL, submit a return yearly, pay an annual fee. However, not all entities must submit a return or register for
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17-04-2023
With the new April 2023-24 tax year upon us, we want to take a moment to look at what changes are coming and how these could impact your business. Business owners are encountering many challenges, with rising energy costs hitting hard, supply chain complications and high inflation. As we approach the new financial year, we
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14-04-2023
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
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14-04-2023
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
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