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UK company size thresholds are set to increase, but what does this change for you?   In his recent economic speech on 18th March 2024, Rishi Sunak unveiled significant changes aimed at simplifying reporting requirements for businesses. Among these measures, he announced an increase in the thresholds used to determine company size.   Understanding Company…

A further cut in employee National Insurance (NI).   Following rapidly on the heels of the 2% cut in employee National Insurance Contributions, the chancellor announced a second 2% cut to come into effect at the start of the new tax year. This means that a monthly paid employee earning £30,000 per year will see…

Yet again we have a tinkering of the rules regarding holiday pay in the seemingly forlorn hope for simplification. Basic holiday entitlement hasn’t changed. Employees are still entitled to 5.6 weeks holiday per annum and the changes apply to those workers who have no set hours or work irregular hours.   One little known aspect…

The National Minimum Wage increase from April 2024 will be welcomed by many employees. The rise will take place from 1 April for the next pay reference period post increase.   Perhaps the biggest change of all is the abolition of the 21–22-year-old band. Employees reaching the age of 21 will now enjoy a pay…

One of the areas we find that generates more enquiries than any other is the murky world of Maternity Pay and all associated areas such as paternity, adoption and shared parental leave. Paternity Leave is the easiest area to get to grips with: Statutory Paternity Pay (SPP) lasts for 2 weeks. The employee can take…

Annual Tax on Enveloped Dwellings (ATED) is an annual tax charge payable by companies, partnerships (with at least one corporate partner) and certain collective investment schemes that own UK Residential properties exceeding £500,000.   The annual chargeable period starts on 1 April each year and both a return should be submitted online to HMRC and…

Making Tax Digital for Income Tax will soon be upon us.   Over the past few years’ rents have been increasing and will continue to increase as inflation remains high. Many landlords will now be affected or will be coming close to the qualifying limits. With April 2026 fast approaching for those with qualifying income…

Did you know that there is finance available for start ups?   Starting in business can be an expensive task and a lot of businesses are not always aware of the funding that is available from the government to help with this.   Where to start The most popular is the government backed start up…

The recent Budget announcements will bring an end to the tax advantages afforded to the owners of Furnished Holiday Lettings (FHL) and set them apart from the owners of normal residential properties.   At present, qualifying FHL’s provide a number of tax advantages: Unrestricted tax relief for mortgage interest Entitlement to claim capital allowances, including…

Our Whitings 2024 Annual Farming Seminar is just around the corner.   Farming always has to cope with changing environment, weather, commodity prices, political changes, etc. This year these challenges feel heightened and this is why we are pleased to welcome back speakers from the Andersons Centre to inform us of these changes and what…