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’.
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
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.
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.
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
An audit is an independent review of your company’s accounts to ensure that the business has been maintaining proper financial records and completing financial reporting requirements. An audit gives you peace of mind but it can feel quite traumatic to have external experts reviewing your finances. As ICAEW registered auditors, we have audited many businesses, subsidiaries and charities. Following are our tips about how to prepare for an audit to ensure that everyone involved has a relaxed and profitable experience.
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