As the deadline for 2022/23 self-assessment tax returns and payments draws closer, you must take pre-emptive action if you cannot pay your obligations on time. HMRC normally issues a reminder letter initially if your tax return or payment is not received by 31st January.Howe...
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If you’re self-employed or work as a sole trader, you might have just received your HMRC income tax statement, showing a final payment due on 31st January for the 2022/23 tax year and your first payment on account, due on the same date, for 2023/24.Payments on account are ...
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As we approach the winter period, many clients report increasingly busy trading environments as so many sectors gear up for the festive season and make preparations for holiday closures and heavy demand during the next few weeks.While there are often many priorities over the...
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From the 2023/24 tax year, HMRC has introduced changes to the reporting period requirements for partnerships and self-employed taxpayers. Your 'basis period' is the 12 months over which you prepare your accounts and submit details of your income and taxable profits to the ta...
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The question of asset financing often comes up when it’s time for a business to invest in new equipment, software or vehicles – larger outgoings that can put a strain on cash flow.However, it can be tricky for managers and owners to determine whether they would be better...
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Auto-enrolment was first introduced back in 2012 as part of a government initiative to make it easier for more people to save towards retirement and place obligations on employers to offer accessible pension schemes.However, we often speak with clients unsure of the current ...
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Nudge letters are issued where HMRC has reason to believe an individual has undeclared taxable income, often because of information-sharing agreements that may indicate a revenue or gain occurring in another jurisdiction that does not marry with the declarations made.The imp...
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Hiring students during the summer break is a common strategy, helping businesses manage increased demand during this busy period and providing students with an income and work experience during their time away from school, college or university.Many business owners are confu...
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As more and more people and businesses switch to electric cars – not least due to the government ban on sales of new fuelled vehicles from 2030 – all parties must understand what this means for benefits in kind.Benefits in kind exist to levy a tax liability against benef...
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As noted in our earlier article covering the Tax Changes to Be Aware of From April 2023, the standard Corporation Tax rate increased from 1st April onward – although many companies will not feel the impact for several months.It is, however, important that all business owne...
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