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In order to qualify for a full State Pension at retirement age you need to have paid 35 years’ worth of National Insurance Contributions.   If you are Self Employed you usually achieve this by paying Class 2 and Class 4 National Insurance when your profits are more than £11,908 a year. If your profits,…

HMRC have guidance on their website to assist landlords, that now includes a couple of useful webinars, which you can find here: https://www.gov.uk/guidance/help-and-support-for-landlords.   This is however just a general overview and, as there are many aspects of letting businesses which are not clear, we would always suggest getting advice from the outset. Failure to…

As we approach another tax year end our thoughts turn to any tax planning that can be undertaken. You can find a link to our tax planning guide as a reminder of the basic planning opportunities to be considered each year. But with a Budget looming on 15 March 2023, it would be prudent to…

If you run an SME business based within the Ely area and you have a success story to share, why not enter the 2023 SME Ely Business Awards. Timetable: 1 March 2023         Entries close 25 May 2023          Black tie awards ceremony, The Maltings, Ely As well as a…

Former rugby player and Sky commentator, Stuart Barnes, has won his £695k appeal against HMRC. HMRC determined his contract for Sky from 2013 to 2019 should be subject to Income Tax and National Insurance.   Using previous case law, it was agreed there was mutuality of obligation (MOO) and a sufficient degree of control by…

As employers approach the new tax year, those who do not have the administrative capabilities or expertise to run a payroll function may wish to consider outsourcing. Payroll outsourcing involves the hiring of an external individual, or company, usually in the form of an accountant/bookkeeper, or via a specialist bureau to complete the payroll function…

The 31st January payment deadline is fast approaching. Here are some tips to ensure you get your payments to HMRC on time: HMRC accepts payments on date of payment rather than date it reaches their account You can pay via the secure HMRC App You can pay via scanning the QR code within your HMRC…

With the forthcoming Self Assessment payment date of 31st January 2023 just 3 weeks away HMRC have increased the late payment and repayment interest rates applied to the main taxes and duties that HMRC currently charges and pays interest from 6th January 2023: late payment interest rate — 6% from 6 January 2023 repayment interest…

Do you jointly own a property? Is this actually funded/owned other than 50:50? Are you a high earner and your spouse a basic earner?   If you have answered yes to these, then tax election notification Form 17 is an easy way to help save tax as a couple! Without this, HMRC will default to…

Divorce and CGT Under current legislation, married couples and civil partners can transfer chargeable assets between them without incurring CGT under the ‘no gain, no loss’ principle. However, for separating couples, this only applies until the end of the tax year of separation.   A couple who separated in February 2022 could therefore only transfer…