In an effort to crack down on undeclared income, HMRC has launched a targeted campaign aimed at persons with significant control (PSC) who may have failed to disclose all their earnings. This initiative serves as a wake-up call for individuals who have not been forthcoming about their income and serves as a reminder of the importance of tax compliance. Understanding the implications of being a...
In an effort to improve transparency and compliance within the business sector, Companies House has implemented stricter rules regarding registered office addresses. Failure to adhere to these regulations can result in fines of up to £1,000. It is crucial for companies to understand the implications of these changes and take the necessary steps to ensure compliance. Understanding the ‘Appropriate Address’ Requirement The newly enacted regulations...
Inheritance tax can be complicated and subject to lots of misunderstanding and mistakes. Furthermore the topic can even be controversial and occasionally even inflammatory. However, as with all forms of tax, it’s vitally important to understand the fundamentals, especially when it applies to you. We have put together a simple, easy-to-understand guide to UK inheritance tax. Inheritance Tax – How Does It Work Inheritance tax...
Income tax is collected by the government, from your personal income, to pay for public services including but not limited to education, welfare and the NHS. Most personal income is subject to tax including earnings from employment, self-employment, some benefits and pensions, rental income and returns from savings and investments, over certain thresholds. Why do we Pay Income Tax? Income tax is one of the...
National Insurance Contributions (NICs) are a type of tax paid upon earnings for employees and the self-employed. NICs are the UK’s second largest tax revenue source, after Income Tax. NICs are only paid by those who earn over the tax threshold annually. What are NICs? The majority of revenue from NICs is generated by employer contributions. Followed by employee contributions. Class 2 and 4 NICs...
The self assessment (SA) threshold for taxpayers taxed through PAYE only, is rising to £150,000, from the 2023/24 tax year onwards. Changes to Self Assessment Tax Threshold This increase in the Self Assessment (SA) threshold was first announced in May 2023. The threshold for the 2022/23 tax year, which many taxpayers and accountants are currently preparing, remains unchanged at £100,000. Which means that people who...
VAT is one of the most essential components of business tax to get right. It can pose challenges in terms of accounting. It can also affect your profitability. So getting the best tax advice for your small business is about more than simply maintaining compliance with HMRC, it is a fundamental element of managing all small businesses successfully. Getting the Best VAT Advice for Your...
Chancellor Jeremey Hunt’s Spring 2023 Budget has a focus on retaining workforce and his four ‘E’s – Enterprise, Employment, Education and Everywhere. Mr Hunt himself calls this his ‘back to work’ budget. Here we examine what that means. Spring 2023 Budget Review Mr Hunt says that by the end of the forecast period, the government’s current budget deficit will be in surplus. He says the...
The Chancellor, Jeremy Hunt is due to present his Spring Budget in the House of Commons on 15 March. But what changes can we expect him to announce? What to Expect in the Spring Budget 2023 This will be Mr Hunt’s second fiscal policy proposal since he became Chancellor. It follows November’s Autumn Statement, which announced changes to tackle inflation and settle the markets after...
New chancellor Kwasi Kwarteng is reversing the recent increase to national insurance (NI) rates, taking effect from 6 November 2022. This will see millions of employees take home more pay each month. This is how employers can prepare for these changes to national insurance. What’s Changing? In April 2022 a 1.25% increase in national insurance contributions (NIC) came into effect. This was originally proposed to...
© 2024 — Prestige Business Management Ltd / Prestige Business Management and MLM Accountant are registered trademarks of Prestige Business Management Ltd