Posted 18/07/2024 HM Revenue & Customs have released a new tool designed to help businesses find out what VAT registration would mean for their business. VAT registration becomes mandatory if: Taxable turnover refers to the total value of everything you sell except for anything that is exempt from VAT. It is also possible to register…Read More
So, the election results are in and the Labour party won the country’s mandate to form a new parliament. What could that mean for the tax you pay? Will there be an emergency budget? Labour will likely set out their initial plans in an ‘emergency’ budget. This is unlikely to happen before September or October…Read More
Posted 03/07/2024 The deadline of 6th July 2024 for reporting expenses and benefits to HM Revenue & Customs (HMRC) is rapidly approaching. It’s important for all employers to understand their responsibilities regarding this crucial tax form. What is a Benefit in Kind? A benefit in kind (BIK) refers to any non-cash benefit provided to employees…Read More
Posted 17/06/2024 As accountants, we are often asked about the financial and tax implications of buying a second home. Sometimes the pull of a country or seaside retreat might inspire you to think about having a second home. Or maybe you have spare cash or income and are wondering if a second home could be…Read More
Posted 22/05/2024 Submitting export declarations through the Customs Declaration Service (CDS) becomes mandatory for all businesses on 4 June. CDS will replace the Customs Handling Import and Export Freight (CHIEF) on that date. Businesses that use a customs agent to submit their export declarations should check that their agent is ready for the change. If…Read More
Posted 20/05/2024 All sole trader and partnership businesses must now report their profits on a tax year basis, beginning with the Self Assessment return due by 31 January 2025 (covering the tax year 2023 to 2024) and going forward. Any business that previously had a different accounting period must declare profits from the end of…Read More
Posted 14/05/2024 From 01 January 2024, platforms such as Etsy, Vinted, eBay and even media platforms such as Instagram, were required to report seller earnings to HMRC. Also, platforms which provide services such as Uber, Deliveroo and Airbnb, have to share their seller data as well. This first full year of data does not need to…Read More
Posted 30/04/2024 The government is making it easier for customers to check for and fill any gaps in their National Insurance (NI) record to help increase their State Pension by launching a new online service on 29 April 2024. The Check your State Pension forecast service has been enhanced to include a fully end-to-end digital…Read More
Posted 26/04/2024 HM Revenue and Customs (HMRC) are running a campaign to help people avoid being caught out by tax avoidance schemes. This is particularly relevant to those who are contractors, agency workers, or are working through an umbrella company. Tax avoidance schemes are schemes designed to bend the rules of the tax system in…Read More
Posted 25/04/2024 New employment laws came into force on 6 April 2024 that apply to all businesses. Here is a brief summary of the changes. Flexible working: Carer’s leave: Pregnancy and family leave: Paternity leave: For the Government release, please see: https://helptogrow.campaign.gov.uk/new-changes-to-employment-law/ For further updates, please follow us at: Linked In https://www.linkedin.com/company/accountants-congleton-cheshire Twitter https://twitter.com/Hammond_McNulty
Posted 23/04/2024 HM Revenue and Customs (HMRC) have published guidance on a new online service to help businesses with their import duties and VAT accounts. If you or your business are involved in importing goods into England, Scotland, Wales and Northern Ireland, you can use the new service to: This new service should help to…Read More
Posted 16/04/2024 For accounting periods beginning on or after 1 April 2024, a new merged scheme for research and development tax credit comes into force. The new merged scheme replaces the old RDEC and small and medium-sized enterprise (SME) schemes. The new scheme reduces the amount of benefit that would generally have been received under…Read More
Posted 15/04/2024 Prior to the tax year starting each 6 April, HM Revenue and Customs (HMRC), will issue new tax codes to employees, usually where there is a change of tax code. These tax codes, a series of letter and numbers, allow employers to deduct the right amount of tax to be deducted from each…Read More
Posted 08/04/2024 It is important to remember that the minimum wage pay rates are increasing with effect from 1 April 2024. Failing to increase to the new rates can result in penalties being charged. The new minimum wage payment rates are set out below: 2023/24 rate 2024/25 rate 21 and over (previously 23 and…Read More
Posted 26/03/2024 Thresholds based on a company’s accounts and employee numbers determine whether a company is categorised as small or not. Being able to qualify as a small or medium sized business can cut red tape for a business with the reduced amount of both non-financial and financial reporting a small or medium sized business…Read More
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