For more than half a decade the Employment Allowance (EA) has entitled employers to a maximum of £3,000 off their annual secondary Class 1 NIC bill. However, a new restriction on the EA will come into force from April, which means that employers will only be eligible for the EA if their total secondary Class…
The UK has now formally withdrawn from the EU and has until 31 December 2020 to agree new trade arrangements. At present, it is not possible for businesses to move goods into or out of the EU single market without an Economic Operator Registration and Identification (EORI) number. This means that if a UK business…
Keeping on top of payroll poses a huge challenge for businesses of all shapes and sizes – which is why it is wise to seek specialist advice to ensure everything is running smoothly. The legislation governing tax and National Insurance Contributions (NICs) is forever changing, as are the rules relating to the National Living Wage…
According to the latest figures from the Office for National Statistics (ONS) businesses in the UK spent £25 billion on research and development (R&D) during 2018. The figure represents a 5.8 per cent increase on the previous year when the figure stood at £23.7 billion. The ONS claim the figures highlight an upward trend when…
HM Revenue & Customs (HMRC) has urged taxpayers to be vigilant ahead of the self-assessment deadline on 31 January 2020, with a surge in fraudulent activity expected. HMRC has said that it has received 900,000 reports in the last 12 months relating to suspected fraud, with phone calls, text messages and emails being the most…
Since 2015, banks and building societies have been offering help-to-buy ISAs to first-time buyers. To qualify, you had to be 16 or over and be a first-time buyer. However, as of the end of last month, the scheme has been closed to new savers. Under the scheme savers could deposit a lump sum of up…
Small firms are owed a staggering £23.4 billion in late payments, an issue that is continuing to cause greater problems for businesses each year. In the last year alone, the figure has increased by £10.4 billion According to one study by Pay.UK, this is costing small businesses dear in both time and money, as 22…
According to accounting software providers, QuickBooks, over 50 per cent of UK small and medium-sized enterprise (SME) owners have made a mistake when filing their VAT returns, while just a quarter (25 per cent) feel confident that they have filed their VAT accurately. As the business owner, it is important to bear in mind the following…
Over the Christmas period, you may wish to treat your employees. This is a tried and trusted approach to building a strong relationship with your team. But are you aware that you may be breaking PAYE rules by doing so? We want to ensure that you enjoy the holidays just as much as your team,…
Newly cohabiting couples, where at least one of the partners is a parent, have been warned by a leading insurer to be aware of a new tax charge, if either earns more than £50,000 a year. NFU Mutual has said that cohabiting couples need to be aware of the High Income Child Benefit Tax Charge,…