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 […]
Re-energise your sales strategy
In a tough market it takes an innovative sales strategy to succeed. In today’s challenging economic environment with its shifting consumer preferences, intense competition and high costs of doing business, your firm will need an innovative and effective sales strategy in order to succeed. Start by doing some research in order to gain […]
Will you qualify for a full state pension?
There may be gaps in your national insurance contributions due to various circumstances. Career breaks and time out to care for children are common reasons, and women are therefore more likely to have gaps than men. Under current rules 35 qualifying years of NI contributions are required to get the maximum amount on retirement. […]
The 9-box grid
The 9-box grid is a tool for talent management and succession planning. The 9 box grid segments employees into 9 groups based on two dimensions – performance and potential. The purpose of the matrix is to align talent management and development initiatives to where they add the most value. When making talent management decisions, it […]
Are you claiming the full tax relief on pension contributions?
A basic rate taxpayer will obtain 20% pension tax relief on contributions up to the earnings in a tax year A higher rate taxpayer can claim 40% pension tax relief, and an additional rate taxpayer can claim 45% pension tax relief. A non-taxpayer can pay £2880 net into a pension scheme, and this is made […]
2024 General Election
We knew it was coming – but we did not know the date – until recently. What will happen on 4 July? Whilst an interest rate cut looks increasingly more likely, the next decision regarding these is due on 20 June, but the Bank of England may delay any cuts to avoid making it “political”. […]
Tax E-Newsletter – June 2024
Welcome to the June edition of our Tax newsletter. We hope that you find this informative. Please contact us if you wish to discuss in more detail any of the points highlighted. REPORT EMPLOYEE BENEFITS ON FORM P11D BY 6 JULY P11D forms for reporting expenses and benefits in kind provided to employees and directors […]
Navigating GDPR
The General Data Protection Regulation impacts business worldwide GDPR mandates stringent requirements governing the processing of personal data, emphasising transparency, accountability, and individuals’ rights. Businesses must grasp the fundamental principles and obligations outlined by GDPR to align their practices accordingly. Conducting a Data Audit A critical first step for businesses is conducting a […]