An increasing number of people are filing their Self Assessment tax returns early.
Expansion of the Trust Registration Service – What you need to know
From 1 September, changes to the rules regarding the Trust Registration Service (TRS) mean that more trusts will need to be registered with HM Revenue & Customs. The TRS was introduced five years ago to make the beneficial ownership of assets held in trust more transparent. While many trusts have had to sign up for […]
Our top tips for hiring your first employee
There has been a surge in new company formations in the last few years, as entrepreneurs develop new and exciting business ideas and bring them to market. On top of this, there are a growing number of workers with ‘side hustles’, who are quickly scaling up their operations to deal with demand from their customers […]
Revenue updates guidance on tipping apps
When HM Revenue & Customs’ (HMRC’s) current guidance on the tax treatment of tips and troncs was first published back in 2014, tips and troncs were paid almost exclusively in cash or through card transactions. Of course, in the eight years since, things have changed dramatically and payments are frequently made via app-based platforms, whether […]
Make sure you are making the correct PAYE payments to HMRC
HM Revenue & Customs (HMRC) is issuing fresh warnings to employers to ensure their payment reference numbers are correct so that payments are recognised. Each payment reference number relates to a specific employer and covers a particular accounting period. HMRC uses these reference numbers to allocate payments and to help process taxes related to PAYE […]
Could Government-backed business loans become permanent?
Throughout the pandemic and into the current recovery period, the Government has offered a number of loans to help businesses survive and invest for their future. However, only the Recovery Loan Scheme remains open, and this is due to end on 30 June, with no replacement taking its place. Despite the popularity and value of […]
Working from home tax relief continues, but fewer employees likely to be eligible this year
HM Revenue & Customs (HMRC) has retained its online portal for claiming working from home tax relief for the 2022/23 tax year. But, while the rules and value of the relief remain unchanged, unless there are any further lockdowns this year far fewer people are likely to be able to claim. That is because only […]
Davis Grant says Spring Statement focuses on the needs of workers, but offers less for businesses
Businesses have been offered minimal support with rising costs in the Spring Statement, according to Davis Grant, but many individuals will receive a boost thanks to changes to National Insurance. The Chancellor faced a challenge as he entered Parliament to deliver his latest Spring Statement, said London-based accountancy firm, Davis Grant. Rapidly rising inflation, a […]
I have been sent a nudge letter by HMRC – What should I do next?
Thousands of taxpayers across the UK have received ‘nudge letters’ from HM Revenue & Customs (HMRC) encouraging them to declare unpaid tax. The reasons for being targeted vary but the impact of being contacted by HMRC can cause a lot of stress, leaving many taxpayers unsure about what they should do. Who is HMRC targeting […]
