Setting up as a Sole Trader – All You Need To Know Being self-employed as a sole trader is one of the easiest ways to set up your own business. However, it’s important to take a few steps when setting up to ensure you remain compliant and...
Resources – News & Articles
A selection of business news and articles to help make your business a success
HMRC Aims to Help Prevent Scam Emails
HMRC is encouraging people to check that any email purporting to be from the taxman is genuine before you make any effort to respond and potentially fall foul of a phishing or other fraudulent email scam. It has created a page that allows you to check what emails HMRC...
Smaller Employers Should be Careful with Salary Advance Schemes
Small employers thinking of using a salary advance scheme to support the financial wellbeing of their employees should be fully aware of how they work before using them, the Low Incomes Tax Reform Group (LITRG) is warning. These schemes, which are also known as Earned...
Action Needed for a UK Pension Regime Fit for the Next Generation
Pension reforms proposed by the Institute for Fiscal Studies (IFS) in partnership with the abrdn Financial Fairness Trust aim to help move the UK’s pension system towards one fit for future generations. The proposals have been released ahead of the Government’s own...
Around 600,000 HMRC Penalties Paid by People Owing No Tax in 5 Years
Around 600,000 late-filing penalties have been paid to HMRC in the last five years by some of the lowest earners in the UK despite them not owing any tax, according to Tax Policy Associates. Missing the filing deadline of January 31 for a self-assessment tax return...
Less than Half of Self-Employed Workers Use Simplified Mileage Rates
Less than half of self-employed workers, who use their vehicle for work purposes, are aware of HMRC’s simplified mileage rates, according to its own research. The flat rate deduction is 45p per mile for the first 10,000 miles and 25p for every mile after this. These...
Parents of Teenagers can Extend Child Benefit Claim Online
HMRC is reminding parents of 16 to 19-year-olds to extend their Child Benefit claim by August 31 to ensure their payments continue. Last year, 870,000 parents extended this benefit, with most confirming the extension online. You can use either the HMRC app if you have...
HMRC Surveys Suggest Job Perk Changes are on the Horizon
HMRC has published two new surveys which leading advisory firm BDO are concerned could result in the removal of valuable employment perks, such as salary sacrifice pension schemes and Benefit in Kind arrangements, during the Chancellor’s Autumn Statement. One survey,...
New Pension Schemes Bill to Benefit 20 million Workers
The Government’s new Pension Schemes Bill is expected to make it easier for millions of people to manage their pensions, by improving returns, and combining smaller pension pots to create bigger and better pension funds. The benefits of combining smaller pension pots...
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