Attention UK Taxpayers – do you understand the 500T tax code?
The 500T tax code in the UK is a temporary, non-cumulative code used by HMRC when they lack information.
Read more...31 Jan 2024
Month: January 2024
30 Jan 2024
Management accounts – Why SMEs should embrace regular reporting
Consistent financial reporting needs to be a core part of your financial strategy to ensure sustainable business growth.
Read more...25 Jan 2024
New payrolling of Benefits-in-Kind (BIK) system: A guide for SMEs
From April 2026, small and medium-sized businesses will be required to report and pay taxes on employee benefits like company cars and accommodation directly through their payroll software.
Read more...24 Jan 2024
Warning to all taxpayers – Pay your taxes on time amidst rising interest rates
As the deadline for paying any tax approaches, it is crucial you make your payments accurately and on time before it is too late.
Read more...23 Jan 2024
Debt management strategies for SME business owners
Although it can have negative connotations, debt is inevitable for most businesses.
Read more...19 Jan 2024
So, you want an electric company car? The tax perspective
Environmental consciousness is becoming more and more aligned with business operations, and electric vehicles (EVs) are becoming a popular choice for company cars as a result.
Read more...18 Jan 2024
The growing role of the ‘Bank of Mum and Dad’ in property purchases
In recent years, the ‘Bank of Mum and Dad’ has become an increasingly vital resource for first-time property buyers. Recent research by the Institute of Fiscal Studies (IFS) has revealed that half of first-time buyers now rely on financial support from their parents to secure deposits for property purchases. The average financial assistance provided by […]
Read more...18 Jan 2024
What you need to know about interest rates and why banks are hesitating to pass down the savings
The Bank of England’s (BOEs) decision to maintain the base interest rate at 5.25 per cent for the third consecutive time in December, following a series of fourteen increases in less than two years, has significant implications for savers. Since December 2021, interest rates went from a historic low of 0.1 per cent to the […]
Read more...18 Jan 2024
Enhancing your pension – The strategic use of tax relief
The recent surge in pension tax relief, exceeding £50 billion for the first time, marks a significant opportunity for savers to enhance their retirement funds. This £14 billion increase over five years highlights the importance of strategic pension contributions and the effective use of tax reliefs. Boosting contributions In the 2022-23 tax year, taxpayers received […]
Read more...18 Jan 2024
Here’s how you can boost your SME’s efficiency and beat rising costs in 2024
If you’re concerned about how rising costs will impact your SME, you’re not alone.
Read more...16 Jan 2024
Payroll tax obligations – Have you got it covered?
If you employ one or more people for paid work, it’s essential that you have a properly managed payroll.
Read more...12 Jan 2024
Trivial benefits in kind: A quick guide for employers
Making employees feel valued is critical for their morale, engagement, and overall well-being. Often, it’s the smaller gestures that have the most significant impact on employees’ perceptions of their work environment and employers. What are trivial benefits in kind? The term ‘trivial benefits in kind’ refers to minor token gifts that employers can offer staff […]
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