Are you monitoring your turnover on a regular basis for the purposes of VAT?
For those smaller businesses, the business must register for VAT where the turnover, on a rolling 12-month basis, exceeds £90,000. The threshold for deregistration is £88,000. HMRC estimate that 28,000 businesses will no longer have to be VAT-registered. However, please be aware there are situations where it might still be beneficial to remain registered – […]
Beware the lower tax exemption for Capital Gains
Capital Gains Tax is a tax on the profit made when you sell certain assets that have increased in value. CGT may be due when you dispose of a range of assets. These can include: It is estimated that in the last 10 years less than 3% of UK adults paid CGT. However, the CGT […]
Started employing staff? Don’t forget the workplace pension…
Pension auto enrolment was set up in 2012. All employers must provide a workplace pension scheme. This is called ‘automatic enrolment’. UK employers are legally required to set up a workplace pension scheme into which they must enrol their employees and contribute to their savings. if you do not offer one already, you must arrange […]
Do you need to register for self–assessment?
HMRC provide an online tool to enable you to check if you need to send a SA return. If you need to register, you must do so before 5 October 2024 for the 2023/24 tax year. The above deadline does not apply where HMRC have already asked you to file a tax return for the […]
File your tax return early…
With the July 2024 payment on account approaching, it may be possible to reduce the amount of this payment. Completing the tax return before that date means the figure can be accurately quantified. Even if it cannot be filed due to some “loose ends”, the amount can also be “estimated”, although care is needed. Accounts […]
P11D and Class 1A National Insurance
A reminder about payments relating to benefits in kind and National Insurance. Employers must pay Class 1A National Insurance contributions on work benefits given to their employees, such as a company mobile phone Unless taxed through the payroll, forms P11D detailing the benefits in kind should be given to affected employees by 6 July 2024, […]
Confirmation bias
Confirmation bias is a cognitive bias where individuals tend to search for, interpret, favour, and recall information that confirms their existing beliefs or hypotheses. Essentially, it’s the tendency to selectively perceive information in a way that reinforces one’s preconceptions or hypotheses, while disregarding or downplaying contradictory evidence. This bias can influence various aspects […]
Are training costs tax deductible for the self-employed?
HM Revenue & Customs have recently updated and clarified their guidance on training costs paid by the self-employed (March 2024). The general rule for whether the cost of a training course can be deducted from your self-employed profits is that it must be incurred wholly and exclusively for the purposes of the trade being carried […]
The data economy
The creation, processing and utilisation of data for commercial or societal purposes. Data is a valuable business asset. The data economy represents a fundamental shift in how businesses and societies operate, with data emerging as a critical asset driving economic growth, innovation, and transformation across various sectors and industries. As ever larger volumes […]
Gift Aid – should you pay more for admissions to properties etc?
When you visit a stately home or gardens, you are likely to be asked if you want to use Gift Aid. Under this scheme, for every £1 you donate, the Government gives a further 25 to the charity. You may have noticed though that the price lists for some attractions shows a higher price if […]