Welcome back to the HB Accountants Podcast. After the success of our first episode, we are excited to bring you Episode Two, where we tackle a crucial topic for every business owner – tax planning.
During the lockdowns of 2020-2021, a number of people were asked to work from home. The Working From Home Rules on Tax Relief were relaxed to cover additional energy and other household costs encountered by working from home. The rules for working from home tax relief have evolved now that people are back to working from the office but you can still claim for the covid-years and may still be eligible for relief today.
A number of workers are not being paid the National Minimum Wage (NMW). Often, this isn’t intentional, it’s because the NMW is more than just a pay rate, it’s a calculation. The main reason why so many companies accidentally underpay their workers is because they do not know about the calculation. Here is the HB overview of the NMW – our payroll team is always on hand if you need advice.
The UK Chancellor of the Exchequer, Rachel Reeves has delivered her second fiscal statement announcing her focus is on growth. In the run up to the event, the Chancellor stated that she ‘remains committed to one major fiscal event a year to give families and businesses stability and certainty on upcoming tax and spending changes and, in turn, to support the government’s growth mission’.
When starting a business, one of the first decisions you’ll need to make is whether to operate as a sole trader or set up a limited company. Both options has its own advantages and drawbacks. From taxation and liability to administrative responsibilities and credibility. Choosing the right option depends on factors like the nature of the your business, your long-term goals and how much risk you are willing to take. Here we will explore the key differences between being a sole trader and running a limited company to help you make an informed decision.
We know that it’s tough for small businesses and sole traders right now, and it’s more important than ever for businesses to access the advice and support they need. Whilst every business is different, we recognise that there are actions that every business can take to help mitigate the cost of doing business.
Unintentionally making an error that is picked up by the financial regulator or other authorities can damage a business, damage a Financial Director’s reputation and is likely to be costly. Find out the most common major regulatory breaches and our top tips to help keep your business compliant
From 6th April 2025, HMRC’s definition of a double cab pick up (DCPU) is changing. From this date, most double cab pickups are likely to be classed as cars rather than vans. This is what you need to know.
You may wish to change how you pay a director’s salary and dividends due to the changes to Employer’s National Insurance Contributions (NICs) announced in the October budget. NICs are not payable on dividends so despite salaries being tax deductible, the optimum balance between paying a salary and a dividend may have shifted – depending on how many directors are in your business. If you are a director or shareholders of a small, limited company, read on to find out more.
From 6 April 2026, Making Tax Digital for Income Tax (MTD ITSA) will transform the way self-employed individuals and landlords manage their tax affairs. If you earn income through self-employment or property rentals, you’ll need to keep digital records and submit updates to HMRC every quarter. While payment deadlines remain the same, the shift to more frequent reporting means you’ll need to stay on top of your bookkeeping because the way you report your earnings is changing – are you prepared?
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