Category Archives: Payroll

Updates to National Insurance Contributions (NICs) and Tax Policies – Spring Budget April 2024

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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.

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Unbelievable excuses for tax returns that miss the Jan 31st filing deadline

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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

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Changing Accountants: moving to a new accountant

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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

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2023 Autumn Statement: HB Accountants’ Summary

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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.

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A Benefit-In-Kind: Are you clear about what they are and what you need to do about them?

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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!

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Important changes to self assessment criteria for 23-24 returns – threshold raised to £150,000

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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.

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Strengthening Our Team: Building a Vigilant Workforce at HB Accountants

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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.”

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Elevate Your Finance Department: How Your Accountant Can Be Your Strategic Ally

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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.

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Need to know – Minumum Wage Rate Increases from 1 April 2023

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On 1st April each year, all minimum wage rates are increased. This includes all National Minimum Wages rates and the National Living Wage rate. By law, your employer must pay a minimum amount on average for the hours you work. This is called the:

  • National Living Wage (NLW) if you’re aged 23 or over
  • National Minimum Wage (NMW) if you’re aged under 23 or an apprentice
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Should my business accept crypto currency as payment?

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With the growing popularity of cryptocurrencies, some businesses have started to accept crypto payments. Accepting crypto works well for some companies but how do you decide if it is right for your business? This blog will share some information that may help you to decide, although we always recommend taking professional advice before you adopt it as a new payment method.

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