Campaigners are angry over the fact that more and more people will be drawn into paying Inheritance Tax (IHT), after a big rise in receipts. They are angry that Chancellor Rishi Sunak has frozen the IHT nil rate band and residence nil rate band at £325,000 and £175,000, respectively, until […]
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PAYE Settlement Agreement can save time and costs
For busy small businesses, a PAYE Settlement Agreement (PSA) offers a simpler alternative to pay your employees. It allows you to make one annual payment to cover all the tax and National Insurance due on minor, irregular or impracticable expenses or benefits for your workforce. According to HM Revenue & Customs (HMRC), if […]
Read moreSelf-Assessment taxpayers warned over fraudsters trying to steal information
Self-Assessment taxpayers have been warned to be on their guard against fraudsters trying to steal their information. Over the last year, HM Revenue & Customs (HMRC) received nearly 900,000 reports from the public about suspicious HMRC contact, which included phone calls, texts or emails. More than 100,000 of these were […]
Read moreShould payments made by an employee for vehicle and uniform rental be treated as reductions when calculating the National Minimum Wage (NMW)?
Well according to a recent Employment Appeals Tribunal (EAT), yes, they should. In this latest case, a taxi driver in Watford was employed by a firm, which dictated that as part of his conditions of employment he was required to provide a vehicle and uniform, both of which were rented […]
Read moreSimple steps you can take to cut business costs and maximise profits
Cost-saving will be key for many businesses struggling to get back up to speed after the pandemic. Many small and medium-sized enterprises (SMEs) were hit hard and now face higher inflation, skills shortages and rising wages. The Bank of England says the inflation figure could even hit four per cent […]
Read moreIs your business struggling with debt? Regain control today
Many small and medium-sized enterprises (SMEs) were hit hardest at the beginning of the pandemic. They had access to support, like the Bounce Back Loan, which was easier to access and had lower interest rates, but those only helped during the short term. Now a growing number of SMEs are […]
Read moreTop tips for filing your Self-Assessment tax return
If you have to submit a Self-Assessment tax return to HM Revenue & Customs (HMRC), you only have a few weeks left to submit it online. The clock is ticking on the 31 January 2022 online tax return deadline – miss it, and you could face fines. The 2020/21 tax […]
Read moreHow businesses can avoid becoming the victims of fraud
UK businesses have had plenty to cope with over the last 20 months or so. Hammered by COVID-19, hit by a skills shortage and coping with sometimes patchy supply chains. So, it’s even more important that they have robust measures in place to tackle fraud. Fraud is simply the intent […]
Read moreNeed Help to Grow? Learn about the latest Government-backed support for SMEs
The Help to Grow campaign was first announced in the Spring Budget earlier this year but received yet another mention in the Autumn Budget as the Government ramps up support for smaller businesses. It has been designed to help more than 100,000 SMEs access management training and advice on innovations […]
Read moreBusiness rates reform – How will it affect you
For years businesses on the British high street have been calling for reforms to the business rates system. The Chancellor has finally announced new measures in the Autumn Budget that he claims will reduce the burden of business rates in England by over £7 billion over the next five years. […]
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