Latest blogs for Services

The forthcoming Self Assessment payment date of 31st January 2024 is looming. HMRC last increased the late payment and repayment interest rates on 22nd August 2023 and this applies to the main taxes and duties that HMRC currently charges and pays interest as follows:   Late payment interest rate — 7.75%   Repayment interest rate — 4.25%…

The Chancellor, Jeremy Hunt, has announced that the Spring Budget will take place on Wednesday 6 March 2024. This will be the Chancellor’s second budget and will include the government’s tax and spending plans as well as new growth and borrowing forecasts.   The Spring Budget could be followed by a general election in as…

With the 6th March Budget just around the corner, many SME business owners are beginning to wonder what’s in Mr Hunt’s red ministerial box, which got us thinking, ‘what might the SME wish-list look like in the ideal world?’   There are 2 reasons to be a little more optimistic than usual this time around:…

‘How to pay your Self Assessment Tax’ will be a question that many people are asking with the payment deadline of 31st January 2024 just around the corner.   It is important to ensure your payment is made by the 31st January to avoid any late payment interest which HMRC charge daily.     For…

From January 2024 digital platforms like eBay, Vinted, Etsy and Airbnb will have to collect seller data and send onto HMRC.   Do you sell items on these digital platforms? If you are one of the many who sell on digital platforms such as eBay, Vinted, Airbnb and Etsy then be warned that from 1…

‘Sole Trader V Limited Company – Which is better for me?’   Minimising the tax paid on profits is a key aim of most SME businesses. The tax benefits of trading through a limited company, as compared to operating as a sole trader or partnership, were attractive as profits grow.   However with the increase…

Let’s discuss the cost to employers of the minimum wage rise April 2024.   During the last Tory Party conference, Prime Minister Rishi Sunak pledged that April 2024 would see the minimum wage increase to at least £11.00 per hour. The actual figure, announced on November 21st, is higher than expected, rising to £11.44 per…

Don’t forget the 30 December Self Assessment Deadline!   If you want HMRC to automatically collect tax you owe from your wages and pension you need to submit your tax return online by 30 December and if so you are able to pay your Self Assessment bill through your PAYE tax code as long as all these apply:  …

Autumn Statement: The Follow Up   The Chancellor used his 2023 Autumn Statement to ‘go for growth’.  He has used increased tax receipts from better-than-expected economic performance to fund a headline-grabbing 110 growth-promoting measures.  Highlights include making permanent the ‘full expensing’ capital allowance, R&D tax credit reforms and business rates support for small businesses.  …

Alongside the Autumn Statement, the government has announced the outcome of its ‘Making Tax Digital’ review for small businesses. The outcome of the review has prompted some welcome simplifications and tweaks to the regime that should make it easier for taxpayers to interact with the Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) regime.…