by Paul Whyatt | Mar 14, 2024 | Business Advice, Business Tax, Personal Tax, Taxation
The national living wage (NLW) will increase by 9.8% to £11.44 per hour from April 2024. The higher rate will also apply to 21 and 22-year-olds for the first time. The NLW currently applies to workers aged 23 and above and stands at £10.42 per hour. Workers under the...
by Paul Whyatt | Feb 23, 2024 | Business Advice, News, Other Insights
In October 2023, the Economic Crime and Corporate Transparency Act became law. This Act introduces the biggest change to the way Companies House operates since corporate registrations were established in 1844. The Government’s stated aim is to give Companies House the...
by Paul Whyatt | Feb 22, 2024 | Business Advice, Business Tax, Personal Tax, Taxation
A simplification of the MTD ITSA processes is to be introduced in 2026 including no EOPS, cumulative submissions each quarter and restrictions for complex situations. Taxpayers with turnover over £50,000 will be brought into MTD ITSA from April 2026. The £50,000...
by Paul Whyatt | Feb 6, 2024 | Business Advice, Business Start-up, Business Tax, Taxation
HMRC has introduced two new measures to tackle the rise in fraudulent research and development (R&D) claims. Claim notification form For accounting periods beginning on or after 1 April 2023, a digital pre-notification form is required to inform HMRC in advance of...
by Paul Whyatt | Jan 2, 2024 | Business Advice, Business Tax, Personal Tax, Taxation
The headline news from the Autumn Statement was the reduction of primary Class 1 and Class 4 NIC and the removal of compulsory Class 2 NIC. The main rate of primary Class 1 NIC paid by employees on earnings between £12,570 and £50,270 per year will be reduced from 12%...
by Paul Whyatt | Aug 17, 2023 | Business Advice, Business Tax, Other Insights
The traditional way to hide sales from HMRC is to take payment in cash and not put it through the books. Nowadays technology helps dishonest traders to hide sales by using electronic sales suppression (ESS) software. The sale is not recorded on the normal till record...
