The Government has withdrawn draft regulations for company reporting after consultation with businesses raised concerns about imposing additional requirements. Instead, the Government will pursue options to reduce the burden of red tape to ensure the UK is one of the best places in the world to do business. Draft regulations published in July would have […]
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If you have ever stopped to ask yourself, why does the tax year start on April 6, you are definitely not alone. The idea that the tax year doesn’t begin until we are a quarter of the way into the year is a somewhat perplexing concept for many. Accountants and taxpayers alike often wonder why […]
When a bank hits the headlines, it isn’t usually for good reasons. Such is the case for Metro Bank which has found itself the talk of the town. Share prices took a massive dip amid concerns for its future, although the news has improved with a £925m investment package preventing it from collapsing. But, while […]
Tougher measures to address late payments to small businesses have been announced by the Government. In 2022, SMEs were owed, on average, an estimated £22,000 in late payments. This can slow down growth with many companies spending disproportionate time chasing payments that can lead to cash flow problems. Small Business Minister Kevin Hollinrake said: “Small […]
Two million people will receive a pay rise next year when the National Living Wage increases to at least £11 an hour. It means the annual earnings of a full-time worker on the National Living Wage – currently set at £10.42 an hour – will rise by more than £1,000. It will be welcome news […]
Hundreds of thousands of young adults have an average of £2,000 sitting unclaimed in Child Trust Funds. The long-term, tax-free savings accounts were set up for every child born between September 2002 and January 2011, with the Government contributing an initial deposit of at least £250. Funds can be withdrawn once the account matures when […]
A raft of money changes comes into play this month which could affect your finances, and as we are approaching the winter season – dark nights and lower temperatures – these support payments to help with energy costs will be gratefully received. These include adjustments to the Ofgem energy price caps, while the latest Cost […]
The Chancellor, Jeremy Hunt, has announced that he will deliver his Autumn Statement to the House of Commons on Wednesday, 22 November 2023. This move would imply that the annual Budget will not take place until the spring of 2024. The Autumn Statement is used to give an update on the state of the economy […]
There is a benefit-in-kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, or a bouquet of flowers given occasionally to employees, or any other BiK classed as 'trivial' that falls within the exemption. By taking advantage of the exemption employers can simplify the treatment of BiKs whilst at the […]
HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don't have an account, you can apply to set one up online. By signing in to the 'Check your National Insurance record' service you […]