In the 2022 Spring Statement, a significant increase in the National Insurance Threshold from £9,880 to £12,570 was announced. This increase saw the alignment of the Primary Threshold (PT) for Class 1 NICs and Lower Profits Limit (LPL) for Class 4 NICs with the personal allowance of £12,570. This change was effective from 6 July […]
What is credit control and the importance of getting paid on time. Credit control is an important part of all businesses in order to avoid cash flow problems and ensure customers pay within your credit terms. Many businesses fail due to poor cash flow caused by payment delays and bad debts mounting up over time.
If you are a sole trader or property landlord change is on the way. Making Tax Digital (MTD) will become mandatory for not only VAT-registered businesses but sole traders and property landlords. Making Tax Digital for Income Tax Self-Assessment (ITSA) will apply to individuals from April 2024, if their total gross income from self-employment and
The Bank of England will be withdrawing legal tender status of £20 and £50 paper bank notes after 30th September 2022. After this date, £20 and £50 paper bank notes will no longer be legal tender. We would like to take this opportunity to encourage anyone or any business who still have these to use
If you are a sole trader or partner in a business partnership, then you must keep self-employed business records. These business records will include your business income and expenses for your tax return if you are self-employed. You will also need to keep records of your personal income. If you are the nominated partner in
New grant opportunities have been announced by the Government. The new grants will help farmers boost their businesses and add extra value to their produce. The ‘Adding Value’ grant opened for applications on 9th June 2022 and will close on 21st July 2022. The funding available will be offered in sums between £25,000 and £300,000.
As a new business, there are a number of rules you must follow when you start to employ staff. When to register for PAYE is a question we often get asked. HMRC advise that you should register for PAYE as an employer before the first payday and this process must also be completed by directors
There are many reasons to encourage the use of electric cars such as lower running costs, environmental advantages and reduced noise pollution. There are also tax benefits. The benefit-in-kind (BIK) due on company cars can be significantly reduced. This means that company car drivers who switch to an electric car should see their tax bill significantly reduced.
When you issue an invoice to your customer, you must ensure that you charge the correct rate of VAT. 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 you should be aware of. As a VAT-registered business, you must charge VAT on
The general rule applies that there is no tax relief for the ordinary commute to work. The term ‘ordinary commuting’ is defined as the travel between a permanent workplace and home or any other place that is not a workplace. It has also been confirmed that travel between home and a permanent workplace is ordinary