The success of our hospitality and service industries is driven by a diverse and exceptionally talented workforce. Starting Tuesday, 1st October, new laws will come into effect ensuring workers receive 100% of the tips they’ve earned.
Author Archives: Amy Thompson
Has the Dividend Allowance or Capital Gains Cut Put You in Self-Assessment?
Significant tax changes are coming for 2024-25, with reductions to both the Dividend Allowance and Capital Gains Tax (CGT) annual exempt amount. These changes could impact how you manage your investments and finances, making it important to stay informed and plan ahead. Here’s what you need to know and how to prepare.
VAT on independent school fees – what we know so far
The new Labour Government is proposing to apply VAT to independent school fees. Both independent schools and independent school parents are advised to start anticipating the change and plan for additional costs.
Navigating IR35 Rules: A Guide for Businesses
The IR35 off-payroll working rules have seen significant changes in recent years. Historically, this has impacted public companies but since 2021, this is also an issue for all businesses. This is a brief overview of the current IR35 situation and how it may impact your business if you employ contractors.
Important Update: HMRC Revises Advisory Fuel Rates (AFRs) from 1st June 2024
In an update for businesses and employees alike, HMRC has revised the advisory fuel rates (AFRs) for company car drivers. These changes, effective from 1st June 2024, will impact all journeys where employees claim back fuel costs from their employer. It is essential for companies to stay informed about these updates to ensure compliance and accurate reimbursement processes.
Employment Related Shares and Securities transactions : time to report to HMRC
Companies have until 6 July 2024 to inform HMRC about ‘Employment Related Securities’ (ERS) arising in the tax year that ended 5 April, 2024. These are securities acquired by a person ‘by reason of employment’. ‘Securities’ include shares and share options – failure of the company to inform HMRC, could mean heavy penalties. If you haven’t already registered your scheme, and your employees have, for example, acquired shares in your company or options to acquire them, then you need to take action.
How Long Do I Have To Live In A Property To Get Tax Relief When Selling It?
Principal Private Residence (PPR) relief can wipe out or significantly reduce the tax you owe when selling your home. A Principal Private Residence (PPR) is a house or apartment which you own and occupy as your only, or main, residence.
There isn’t a simple answer so speak to your tax adviser. You must prove that you intended to make it your permanent residence.
Safeguard Your Business: HMRC Alerts on VAT Bank Details Fraud
In a recent development, HMRC has issued a critical warning regarding fraudulent activities targeting businesses’ VAT repayments. Exploiting Form VAT 484, fraudsters manipulate businesses’ contact, return, and bank details, posing a significant threat to financial security.
Not Claiming Child Benefits? How This Could Affect Your Child
A number of children currently in year 11 at school, who are turning 16 years old, have not received a National Insurance number. This is why.
UK Tax Rates for 2024-25 – Key Changes
The start of the 2024-25 tax year is almost here. It is important to understand any changes to UK tax rates and allowances because this allows you to make the most of the opportunities available to you. This applies to your business, and for you personally.