Latest News and Updates
27-09-2021
As more people are getting vaccinated, organisations are encouraging their staff to return to the office on a more regular basis – but it’s safe to say that an element of flexible working is here to stay. For many business owners, the move towards flexible working can offer cheaper options for office space. Offices can
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14-09-2021
Official research has found increasing confidence amongst SME employers, with 26 per cent saying they expect to increase their employee headcounts over the coming year. The findings from the Small Business Survey, carried out by the Department for Business, Energy and Industrial Strategy (BEIS), show that the number of small employers – those with fewer
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14-09-2021
The National Minimum Wage has been in place for more than two decades. It currently stands at £8.91 per hour for adults over the age of 23 (The National Living Wage), while the lowest figure is £4.30 per hour for an apprentice. While a sizeable number of breaches will be down to errors or incorrect
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14-09-2021
Couples may be missing out on tax breaks without realising it, according to HM Revenue & Customs (HMRC). Savings can be made both with Income Tax and Capital Gains Tax (CGT) by using their personal tax allowance. For CGT, a couple’s two allowances (each equal to £12,300) can be combined to reduce the final tax
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14-09-2021
It is a nightmare that plagues both business and private users alike, but cyber security experts are continuing to fight back against the online crooks using email scams targeting their organisations. The UK’S cyber police force, the National Cyber Security Centre (NCSC), has published guidance for businesses on a new reporting tool that can be
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14-09-2021
While rising property values may seem like good news, as prices go through the roof it could land you with a hefty Inheritance Tax (IHT) bill. The latest data from HM Revenue & Customs (HMRC) show that the average IHT tax bill stood at nearly £210,000. IHT is a charge on the value of the
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14-09-2021
As the UK emerges from the economic crisis caused by the pandemic there are many positive indicators of financial recovery, such as a fall in COVID-induced public spending, a rise in job vacancies and a decline in unemployment, all of which are encouraging businesses to grow. The economic indicators are good news for SMEs with
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17-08-2021
Where grants claimed under the self-employment income support scheme (SEISS) do not correspond with records held by HM Revenue & Customs (HMRC), it will auto-correct 2020-21 tax returns and issue a new SA302 calculation to both taxpayer and acting agent. Corrections may be necessitated if: The grant amount was omitted; The amount received appears in
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17-08-2021
With predictions that the UK economy is set to grow at its fastest pace in 80 years and could recover to its pre-pandemic size by the end of this year, SME owners are feeling more optimistic and are keen to invest in growth. However, they are also frustrated by the mix of financial options open
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17-08-2021
HM Revenue & Customs (HMRC) has warned that debt collection will resume as the UK emerges from the pandemic. HMRC will contact taxpayers who have fallen behind with their taxes. HMRC says it will take an understanding and supportive approach to dealing with tax debts or concerns about their ability to pay their tax. During
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17-08-2021
As the UK economy gets back to full speed and confidence grows amongst small businesses, the super-deduction and the special rate allowance (SRA) should encourage further growth. According to HM Revenue & Customs (HMRC), the super-deduction will give companies a strong incentive to make additional investments and bring planned investments forward. The super-deduction allows companies to cut
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17-08-2021
On 20 July, the Government announced the taxation and other measures for consultation for the Finance Bill 2021-22. The draft legislation largely covers pre-announced policy changes, along with accompanying explanatory notes, tax information and impact notes, as well as responses to consultations and other supporting documents. The Government has also revealed three new policies that it
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22-10-2024
As the Autumn Budget approaches, the Government has pledged that it will “make the tax system fairer” and avoid raising taxes on working people and certain businesses. The Government has said that it will not raise: Income Tax National Insurance (NI) Corporation Tax VAT While Corporation Tax is not levied on individuals, the fact that
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