The UK government’s initiative, Making Tax Digital (MTD), aims to simplify tax processes and ensure accurate record-keeping through digital means. For businesses and individuals alike, staying compliant with MTD is crucial. Here’s an easy-to-understand breakdown of the current HMRC status on Making Tax Digital for Income Tax, with a focus on key dates you need…
From April 1st, 2024, businesses across the UK will need to adjust their payroll systems to accommodate the latest changes to the National Minimum Wage (NMW). This update is crucial for both employers and employees to understand, ensuring compliance and fairness in the workplace. Here’s a breakdown of the changes from the old rates to…
Navigating New Changes at Companies House: The Essential Update for Limited Companies In a world where digital communication reigns supreme, staying abreast of regulatory changes is crucial for businesses. Companies House, the United Kingdom’s registrar of companies, has recently announced significant updates that impact limited companies directly, emphasizing the importance of an accessible email…
Introduction As part of its ongoing efforts to streamline services and ensure sustainability, Companies House has announced forthcoming changes to its pricing structure for various filing services. For businesses across the UK, understanding these changes is crucial to ensure compliance and effective financial planning. This blog post will delve into the specifics of the upcoming…
Title: Understanding 2023 Tax Changes: A Case Study for Limited Companies 2023 brought some important updates for Limited companies, especially regarding associated companies and corporate tax. This will impact those businesses where the control relationship is the same for multiple businesses owned or managed by the same individual or company. 1. Refined Definition…
A quick summary of the 2024 Spring Budget – not as impactful as the media had promised, small changes to the VAT Registration and De-registration thresholds, and changes to the National Insurance rates for employees. We have to bear in mind that there is likely to be a General Election at some point in…
The Autumn Statement 2023, delivered by Chancellor Jeremy Hunt on November 22, outlines significant tax and spending plans set to impact businesses and individuals across the UK. Here are the essential points: Tax Measures: A notable 2% reduction in employees’ National Insurance contributions, effective from January 6, 2024. Self-employed individuals will see Class 2 National…
Running a business is a bit like juggling. You’re always keeping several balls in the air – client needs daily tasks, hitting those financial targets. But every now and then, it’s essential to put the juggling balls down and take a good look at the bigger picture. This is where Business Development Days come in…
As we start a new tax year, with the recent tax changes that have come into force from the start of April 2023, many business owners are now looking at their budgets and revisiting their plans to ensure that they are taking proactive action to achieve the best results. See our blog here for…
The payment of National Insurance contributions entitles people to certain state benefits such as the state pension, maternity allowance and bereavement benefits. NICs are payable if you are: aged over 16; an employee earning more than £190 a week (2022/23); self-employed with profits over £6,725 (2022/23). In order to get a full state pension, you…