From April 2027, Benefits in Kind (BIK) payments will need to be paid and recorded via payroll each month. Businesses need to prepare for this change.
Benefits in Kind via the Payroll
Category Archives: Tax
Company Directors and Partnerships – you need to be aware of these Companies House Changes
The registration system used by Companies House is changing in 2025 due to the Economic Crime and Corporate Transparency Act. The changes are designed to prevent fraud and ensure that businesses are more transparent. If you are a director of a UK company, a person with significant control (PSC) or a member of a LLP, this will impact you. This is what you need to know.
3 reasons why a local accountant is better for your business
You may not know that local accountants HB Accountants, based in Hoddesdon in Hertfordshire and on the Essex border, was originally a London accountancy practice. We moved out to this lovely market town over 40 years ago and are so happy that some of our original London-based businesses are still our clients.
HB Accountants Podcast: Episode 2 Smart Tax Planning Tips for Businesses
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.
National Minimum Wage – What counts as working time?
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.
No further Tax Increases: Spring Statement 2025
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’.
Last chance to check for gaps in your National Insurance to qualify for your full state pension
You only have until 5 April 2025 to check your National Insurance record to enable you to fill in any gaps in your NI contributions from 2006 to 2018. If you have a shortfall in your record you have a few days to 5 April 2025 to buy back missed years to qualify for a full state pension – from 6 April you will only be able to fill in gaps for the last six tax years
Upcoming UK Non-Dom Reforms – Effective 6th April 2025
Significant changes are due to come into effect for non-UK domiciled individuals – also known as non-doms. From 6th April 2025, the current rules for the taxation of non-UK domiciled individuals will end to be replaced by a new residence-based foreign income and gains (FIG) regime. There is a transition provision for those already working under the existing rules.
Cost of doing business survival tips for SMEs and sole traders
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.
Double cab pick up drivers – this tax change is likely to impact you
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.
