Getting ready for the end of your tax year might appear daunting but don’t dread it, consider embracing it. This is an excellent opportunity to organise your business. This is easier when you have a great relationship with your accountant and you keep good records.
Category Archives: Payroll
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.
Updates to National Insurance Contributions (NICs) and Tax Policies – Spring Budget April 2024
Changes to National Insurance contributions (NICs) and tax policies have been announced by the Chancellor. Take a look at the upcoming adjustments, including reductions in NICs rates for employees and the self-employed, changes to Capital Gains Tax rates, the introduction of a new British ISA allowance, updates to VAT registration thresholds, and plans to extend Full Expensing to leased assets. These changes are effective from 6 April 2024 and aim to support individuals and foster investment in promising UK enterprises.
Unbelievable excuses for tax returns that miss the Jan 31st filing deadline
The deadline for submitting your Self Assessment tax returns online for the tax year 22-23 is fast approaching! Tax returns must be filed by 11.59pm on 31 January 2024 and any tax owed from the 2021/22 tax year must also be paid to HM Revenue & Customs (HMRC) by this date – you won’t believe some of the laughable excuses HMRC have received in the past for late submissions
Changing Accountants: moving to a new accountant
Switching accountants is easy and doesn’t need to cause stress, effort, or disruption to your business. Despite what an accountant may allude to, it can be a simple process. If changing accountants feels like the right move for you, read on
2023 Autumn Statement: HB Accountants’ Summary
On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. The Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits.
A Benefit-In-Kind: Are you clear about what they are and what you need to do about them?
Benefits-in-kind can feel like a minefield for business owners. In this blog we will tell you what you need to know, what you need to do, and show that it is possible to reward your team for doing a brilliant job without being taxed for it!
Important changes to self assessment criteria for 23-24 returns – threshold raised to £150,000
From the 2023/2024 tax year onwards, the self assessment threshold for taxpayers will rise to £150,000 as long as your only income is via PAYE. This means that you only need to submit a self assessment tax return if your income exceeds £150,000 or you receive income from sources. Other sources of income include but are not limited to self employment income over £1000, dividends, high income child benefit, or rental income.
Strengthening Our Team: Building a Vigilant Workforce at HB Accountants
Accountants play a vital role in preventing serious crimes like human trafficking by being watchful and reporting suspicious financial activities. HB Accountants are serious about this responsibility. Strengthening our team and building a vigilant workforce is paramount. Continuous Professional Development (CPD) is a mandatory part of our commitment to professional ethics. We ensure our team stays well-informed by using resources such as the ICAEW‘s AML educational drama, “All Too Familiar.”
Elevate Your Finance Department: How Your Accountant Can Be Your Strategic Ally
Finance directors of growth businesses, like you, are constantly faced with the challenge of steering the financial ship toward greater prosperity. To help you navigate this dynamic journey, let’s delve into how partnering with the right accountant, can be a game-changer for your role and your business’s success.