Latest General Practice

Here’s what you need to know about the upcoming ID checks at Companies House. From Autumn 2025, Companies House will implement mandatory ID checks for directors and persons with significant control (PSCs) of UK companies. This initiative aims to enhance corporate transparency and combat fraud, addressing concerns over the misuse of corporate structures for criminal…

If you can’t pay your Self Assessment tax bill that was due for payment on 31st January 2025 and need help, you should contact HMRC as soon as possible.   For Self Assessment, you may be able to set up a payment plan online. This will enable you to pay your Self Assessment tax bill in instalments without…

As we approach another personal tax year end, we turn our thoughts to tax planning opportunities and actions that should be considered before 5 April. The list below is not exhaustive; however, it should provide some food for thought.   Pension Contributions Higher rate and additional rate tax can be saved on pension contributions. However,…

This time last month we shared a post warning about Self Assessment Scams – Now we are finding that VAT Returns are also being targeted by criminals.   Keep an eye out for phishing emails pretending to be HMRC – an example below showing a likeness to HMRC emails. HMRC will never ask you to…

Do you have a 31st January 2025 payment on account liability still to pay? Do you know whether you can reduce your 31st January tax payment?   If you are still due to make your 31st January 2025 tax liability payment then there are several payment methods you can use, these are all available to…

Do you have a plan to deal with the April National Insurance Contribution (NIC) increases?   Since Rachel Reeve’s first Budget last October, businesses that employ staff have been worrying over what they should do about the NIC increases being introduced WEF 6 April 2025: Employer’s NIC rate increasing from 13.8% to 15%. The secondary…

Wondering whether there is tax on selling that unwanted jumper from Granny? HMRC continue their focus on targeting areas where they believe more tax can be collected. Their latest campaign is looking at individuals who sell a high value of unwanted items online and checking that such activities are disclosed and taxed as a trade,…

As another year ends, we are now able to see how SME clients faired in terms of turnover growth. As the graph below shows, the average annual growth at 0.4% was lacklustre at best: Within this average were variations between different sectors: Manufacturing               +4.4% Haulage                     …

Whilst one of the main talking points from the recent Autumn Budget was the increased National Insurance burden for employers, has one change gone under the radar?   Key Changes in the Budget Employers’ National Insurance Increase: The rate has risen from 13.8% to 15%, and the threshold at which National Insurance contributions apply has…

Have you considered SME succession post-Budget?   For many business owners, their preferred exit from the family business is to pass it on to their children, for nil consideration. Particularly if the children work in the business. The recent Budget, however, signalled the Government’s intention to change the Business Relief Inheritance Tax rules w.e.f 6…