The UK government has announced that from April 2026, employers will be required to report and pay income tax and Class 1A National Insurance Contributions (NIC) on benefits-in-kind (BIK) via payroll software. This new mandate by HMRC aims to streamline the administrative process, simplify reporting, and enhance digitalization of tax payments related to employment […]
Help to Grow: Management is an initiative designed to bolster the resilience and performance of Small and Medium-sized Enterprises (SMEs), which are crucial to the UK’s economy. Addressing the productivity gap in the UK, this program offers comprehensive training for SME leaders, equipping them with the skills necessary to drive growth and efficiency in […]
The new Labour government has published draft legislation that will subject private school fees to VAT beginning on 1 January 2025. This move, which had been outlined in the Labour Party’s manifesto, removes the uncertainty about how these measures would be implemented and their impact on private schools. The draft measures are currently open for […]
Written by Begbies Traynor Unpaid invoices have the potential to disrupt financial stability for limited companies and create a challenging operational environment. The cash shortages that commonly result from overdue or unpaid invoices can be minimised by adopting robust debt collection processes, however. If debt recovery isn’t prioritised and assigned the required urgency, it hampers […]
On 22 May, Prime Minister Rishi Sunak announced that a general election will take place on 4 July 2024, triggering a 6-week campaigning period. No pre-election fiscal statement will take place; instead the government is standing on the drop in inflation to 2.3% and the claim that the economy is now improving. WILL THERE BE […]
When in business, it’s not uncommon to be approached by another business with a view to you buying the business or entering a partnership deal. It might be a competitor that approaches you, or it could be a customer or supplier. Alternatively, you might identify a business that you would like to acquire as part […]
Date What’s Due 1/04 Corporation tax payment for year to 30/6/23 (unless quarterly instalments apply) 5/04 End of 2023/24 tax year. 2024/25 tax year starts on 6 April 19/04 PAYE & NIC deductions, and CIS return and tax, for month to 5/04/24 (due 22/04 if you pay electronically) 1/05 Corporation tax payment for year […]
From 6 April 2024, the 2% cut in employee national insurance contributions will come into effect. Employees will now be deducted 8%, rather than 10%, on monthly earnings between £1,048 and £4,189. A 2% deduction on earnings above this amount continues to apply. There is no change to the rate of employers’ national insurance, which […]
It is important to remember that the minimum wage pay rates increased with effect from 1 April 2024. Failing to increase to the new rates can result in penalties being charged. The new minimum wage payment rates are set out below: 2023/24 rate 2024/25 rate 21 and over (previously 23 and over) £10.42 £11.44 18 […]
VAT-registered businesses normally submit their VAT returns and payments to HM Revenue and Customs 4 times a year. However, HM Revenue and Customs also offer an Annual Accounting Scheme for businesses with a taxable turnover of £1.35 million or less. In this article we will look at what this scheme is and why you might […]
