by Paul Whyatt | Mar 24, 2023 | Business Tax, Personal Tax, Taxation
Making tax digital for income tax self-assessment (MTD ITSA) was set to take effect from 6 April 2024. This has been postponed until 6 April 2026. From this new date, the new regime will require sole traders and individual landlords to keep their business records...
by Paul Whyatt | Mar 6, 2023 | Business Advice, Business Tax, Personal Tax, Taxation
Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends. Other family members may also hold shares in the company and receive a dividend each year. Currently, the first £2,000 of dividends received by each...
by Paul Whyatt | Nov 3, 2022 | Business Advice, Business Tax, Taxation
As an employer you’ll soon need to implement the new NI rates. What actions should you take to ensure that your payroll software can cope? The 6 November is the date on which the new reduced NI rates apply. However, the new rates only apply when you run your payroll...
by Paul Whyatt | Nov 3, 2022 | Business Tax, Taxation
One of the few changes announced in the now notorious mini-budget was the reversal of the 1.25% increases in national insurance contribution rates, which were introduced from 6 April 2022. The rates of Class 1 NIC are taken back to the levels that were in place on 5...
by Paul Whyatt | Oct 10, 2022 | Business Advice, Business Tax, Personal Tax, Taxation
Many employers will advance modest loans to employees to meet upfront costs which they necessarily incur to enable them to work, such as the cost of a travel season ticket or a deposit for childcare costs. Such loans can also be provided to help towards other...
by Paul Whyatt | Oct 4, 2022 | Business Tax, News, Personal Tax, Taxation
In his recent mini-budget, the Chancellor said that he will abolish the hugely complicated off-payroll working rules from 6 April 2023. These rules require large businesses and public sector bodies to decide whether the contractors that they engage act as employees...
