Thousands of people found themselves caught up in the IR35 tax avoidance problems, where freelancers who were earning through a limited company set up to deal with their income were deemed – retrospectively – by HMRC to have been involved in tax avoidance. In short,...
Could you have money sitting in lost or forgotten accounts?
The cost-of-living crisis is hitting many of us hard, no matter how well off we might be. But there are many people who have money sitting in lost bank or building society accounts, pensions or investments who could reclaim it to help them meet their financial...
Redundancies expected to rise this year – what you need to know
The latest official figures show that redundancies are on the rise this year. Expected redundancies are up from 22,525 in June to 23,975 in July, based on the number of HR1 forms filed to HMRC. While this data lags behind real-world figures because of the way it is...
Alcohol duty changes – what it means for pubs, stores and small brewers
Up to 38,000 pubs and bars which have seen cuts in the tax they pay on the draught products they serve will be better off thanks to changes to the way that Alcohol Duty is calculated from August 1, 2023. The cuts will make pints and other products sold on tap 11p...
Deed of assignments won’t be treated as nominations for income tax
The ability to legally assign an income tax repayment, or the right to an income tax repayment, to a third party has been removed by HMRC from March 15 this year, meaning any repayment will remain the legal property of the taxpayer in question. The change affects...
Pension tax overpayments – £56m returned in Q2 2023 alone, so here’s how to claim
People making the most of flexible pension withdrawals have been facing tax overpayments due to miscalculations by HMRC. In Q2 2023 alone, the taxman repaid £56,243,842 to people who had been taxed more that they should on their pension withdrawals. This amounts to an...
What employee perks will the taxman help you fund?
We all love a perk of the job, and a major industry has built up around the types of employee perks companies are able to offer. The best news of all is that most of these will be tax deductible, which means the taxman will fund at least part of them. Everything from...
Reduce your company tax bill by doing a good turn
Charitable giving is something many organisations might not be considering in the current climate, especially as everyone is struggling to pay their bills. But if you have money to spare within your business, then charitable giving is a great way to reduce your tax...
Why you must keep Companies House data up-to-date
When your business was registered at Companies House, you would have provided lots of detail about the business and the people who run it – including who are your directors, company secretary, the breakdown of share capital, and the type of business your company does....
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