Capital Gains and losses?
The current annual capital gains exempt amount is £3,000. However, we may see this alter in the October budget. Be aware that if you realise gains and losses in the same tax year, losses will be offset against gains before the exempt amount is applied. So if gains are covered by the exemption, losses could […]
New tipping laws
What employers need to know As of 1st October, the Employment (Allocation of Tips) Act came into force that ensures workers keep 100% of the tips, gratuities, and service charges they earn. While many employers already pass on tips to staff, this new legislation will close loopholes so that all tips go directly to workers. […]
Surprising drop in inflation for September
Will it lead to interest rate cuts? The government published the Employment Rights Bill in October, which is intended to help deliver economic security and growth to businesses, workers and communities across the UK. The Office for National Statistics (ONS) reports each month on inflation and other economic indicators each month. During October they reported […]
The 60% tax trap
Apparently, over half a million taxpayers paid a marginal tax rate of 60% in 2022/23! This 60% tax rate does not appear in tax tables though. For 2024/25 taxpayers in England, the rates shown on the HMRC website are: Band Taxable income Tax rate Personal Allowance Up to £12,570 0% Basic rate £12,570 to £50,270 […]
Employment Rights Bill 2024
Significant changes proposed to workers’ rights. The government published the Employment Rights Bill in October, which is intended to help deliver economic security and growth to businesses, workers and communities across the UK. The bill will bring forward 28 individual employment reforms, from ending exploitative zero hours contracts and fire and rehire practices to establishing […]
How much repetitive manual input is there into your accounting records?
Getting information into the accounting records can be done in a variety of ways. Things have moved on over the years with the advent of IT. In the “good old days” this was often laborious and time consuming and prone to error. Nowadays it can be as simple as uploading an electronic invoice and all […]
Cash basis or accruals basis?
From April 2024, cash basis accounting, where income or costs are recorded at the date the money is either received or paid out, is the HMRC recognised default accounting method for self-employed businesses and partnerships with trading income. Accruals method can be used but a box needs to be ticked on the tax return. […]
Autumn 2024 Budget speech: History in the making?
Good news for workers, but not so much for businesses On October 30 2024, Rachel Reeves delivered her first Budget speech. As the first Budget speech ever delivered by a female Chancellor of the Exchequer, the occasion was bound to be one for the history books regardless of what was said. The Chancellor’s speech lasted […]
HMRC Anti-avoidance campaigns
HMRC is keen to close the “tax gap”, and one of their “tactics” is direct letters to individuals they suspect of having received income from certain sources. The latest is to those suspected of generating income from selling or breeding of animals – particularly dogs and cats – where this has not been disclosed to […]
Resetting your approach after a break
How do you reset at work after a break or a quieter summer period? Resetting at work after a break or a quieter summer period is crucial for regaining productivity and focus. The process begins with getting organised and prioritising tasks. Reviewing upcoming projects, deadlines, and emails allows you to assess what requires immediate attention. […]