Important news from The House of Commons last night, in response to the economic impact of coronavirus the IR35 off-payroll rules for private sector engagers have been delayed until 6th April 2021.
The IR35 delay came in response to growing calls for the government to offer support to the self-employed and freelancers.
Continue readingThe question echoing throughout Hertfordshire, Essex and businesses throughout the UK during these testing times is “What can you do to help your business/sole trade through the COVID-19 crisis?” – HB Accountants are here to help you.
Continue readingChanges to Capital Gains Tax on Property Sales will only affect you if you sell or gift a residential property other than your main residence on or after 6 April 2020.
For such disposals it will be necessary to file a separate capital gains tax (CGT) return within 30 days of completion of the disposal and it will also be necessary to pay any capital gains tax within the same period. The capital gain will also need to be reported on the normal tax return filed after the end of the tax year and the tax already paid will be treated as paid on account of the final liability.
As the end of the tax year approaches, it’s a great time to review your personal financial position and look for more efficient ways of managing your income. Here are our top tax tips for individuals as we approach the end of the tax year on 5th April 2020. If you want to know more, give the tax team at HB Accountants a call.
Continue readingAs we approach the end of the tax year, many businesses will be reviewing how much profit they have made over the year and therefore, calculating how much money they could take out of the business in dividends.
A question that I am regularly asked is whether to pay out dividends BEFORE the end of the tax year or AFTER it? Of course, there is not one clear answer, but the following information may help you decide.
Continue readingThe National Insurance Contribution Threshold will rise to £9,500 a year on 6th April 2020, consequently 31 million UK taxpayers will begin to pay less national insurance!
This means that the typical employee will pay around £104 less in 2020/21, and self-employed people who pay national insurance at a lower rate will have £78 cut from their bill.
Continue readingWe are delighted to be celebrating Vicki’s first Year with HB Accountants. It was a whole year ago that she joined as our Marketing & Office Manager.
Team HB’s Director Karen says “Happy work anniversary Vicki, the year has certainly flown by and you’ve achieved so much in just a year. We are lucky to have you, we can’t wait to see what the year ahead brings and we couldn’t imagine HB without you now”.
Continue readingAs the end of the tax year approaches, it’s a great time to consider if there are any opportunities to benefit from tax relief. Here are HB’s top tax tips for businesses for the year end – if you want to know more, give the tax team at HB Accountant a call.
Continue readingBeware of a potential 60% tax rate risk on your bonus. If you receive a bonus this year then it’s possible you will pay an effective 60% tax rate on your additional income. There are ways to mitigate this very high tax rate but you need to act now!
Continue readingWork related ill health is a serious issue and with recent government figures suggest that 1.3 million workers suffered from work-related ill-health. This equates to potentially over 25 million working days lost, hence promoting employee health and wellbeing has never been so important and is considered a vital part of a successful business. This, however, does not necessarily come cheap. It is estimated to cost £522 per employee which equates to up to £32 billion per year for UK business alone.
Here are some areas where you as an employer can use tax breaks and exemptions to help encourage a healthy mind and a healthy body at work.
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