New research has shown that chasing payments are a big problem for small businesses within the UK. Three out of every five (60%) invoices issued by UK-based small businesses are not paid on time. What is even more worrying is that, on average, small businesses are forced to devote 10% (an hour) of their working […]
Running payroll is an essential part of any business, as it involves paying employees for their work and ensuring that they receive the correct amount of compensation. However, it can also be a complex and time-consuming process, so it’s important to understand what it entails. Here are the key steps involved in running payroll: Collecting
From 1 April 2023, the corporation tax main rate will increase to 25% for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000 ensuring these companies pay Corporation Tax at the same rate as currently. Where
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’ and should be aware of the tax implications of the scheme. Under the Construction Industry Scheme, contractors are required to deduct
Whilst most businesses in the UK charge VAT at the standard rate of 20%, there are a number of different VAT rates and exemptions that businesses should be aware of. In the UK, there are three separate VAT rates, the standard rate @ 20%, reduced rate @ 5% and the zero rate @ 0%. HMRC has
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MTD for landlords will require the landlord to register, file, pay and update their information using an online tax account. The introduction of MTD for Income Tax Self-Assessment (ITSA) is not set to commence from April 2024. The rules will initially apply to taxpayers who file Income Tax Self-Assessment tax returns with business or property income
2016 was the first-time dividends tax allowance was introduced and it replaced the old dividend tax credit with an annual £5,000 dividend allowance. Tax was payable on dividends received over this amount. The tax-free dividend allowance was reduced to £2,000 with effect from 6 April 2018 and remains fixed at that level ever since. The
When running your business, you must ensure you are paying your staff the new National Minimum Wage (NMW) and National Living Wage (NLW) rates for the period 1 April 2022 – 31 March 2023. The NLW is the minimum hourly rate that must be paid to those aged 23 or over and this rate is
On Friday 23rd September, Chancellor Kwasi Kwarteng MP, shared the Conservative Government’s mini budget plans in the House of Commons, stating: People need to know help is coming and it is indeed coming Chancellor Kwasi Kwarteng MP You will find a summary below of the key points raised in the mini budget, including the topics of
Employment allowance is used to reduce an employer’s NIC liability. You can only claim against your employers’ Class 1 National Insurance liability up to a maximum of £5,000 each tax year. You can still claim the allowance if your liability was less than £5,000 a year. Are you eligible for employment allowance? You can claim