New Fair Payments Code launched
Personal tax liabilities – due 31 January 2025
If you have any personal tax liabilities due, these will be payable on 31 January. This will not only be a payment of any balance of tax due for the 2023/24 tax year, but also a “payment on account” for the 2024/25 tax year. A simple example: Fred has a tax liability of £25,000 for […]
Be wary of Self Assessment scams
Property – Annual Tax on Enveloped Dwellings
ATED is an annual tax payable mainly by companies that own UK residential property valued at more than £500,000. You’ll need to complete an ATED if your property: is a dwelling -a property used as a residence for example a house or flat. is in the UK was valued at more than: £2 million (for […]
Get Britain Working White Paper
Are you declaring your rental income?
There are still cases “coming out of the woodwork” where properties are being let out, but rents are not being declared to HMRC. Some seem to think there is no need to do so as they are not making a “profit” as expenses exceed income. However, in many cases this is after taking into account […]
Scottish Budget announcement
Welsh Budget announcement
Highlights for businesses from the Budget The Welsh budget was announced on 10 December. The key decisions for Welsh businesses and individuals were as follows: Welsh Rates of Income Tax The Welsh rates of income tax for 2025/26 will remain at 10p for the three income tax rates (Basic, higher and additional). This means that […]
Are you still word processing, using a spreadsheet or even handwriting your sales invoices?
There are many cost-effective tools and products to streamline this aspect of your business. Using such products have significant advantages – reducing the risk of errors in calculations, free up time, a more professional look, makes chasing unpaid bills easier…. the list goes on. With software, it is possible to see if or when […]
Businesses count the cost of increases to Employers National Insurance
What will it mean for your payroll? It’s already been a month since the Autumn Budget, but the significant changes the Chancellor, Rachel Reeves, made to the Employers National Insurance (NI) rate and threshold are still sinking in with businesses across the country. From 1 April 2025, the rate for Employers National Insurance (NI) will […]