Posted 20/05/2024 All sole trader and partnership businesses must now report their profits on a tax year basis, beginning with the Self Assessment return due by 31 January 2025 (covering the tax year 2023 to 2024) and going forward. Any business that previously had a different accounting period must declare profits from the end of…Read More
Posted 14/05/2024 From 01 January 2024, platforms such as Etsy, Vinted, eBay and even media platforms such as Instagram, were required to report seller earnings to HMRC. Also, platforms which provide services such as Uber, Deliveroo and Airbnb, have to share their seller data as well. This first full year of data does not need to…Read More
Posted 30/04/2024 The government is making it easier for customers to check for and fill any gaps in their National Insurance (NI) record to help increase their State Pension by launching a new online service on 29 April 2024. The Check your State Pension forecast service has been enhanced to include a fully end-to-end digital…Read More
Posted 26/04/2024 HM Revenue and Customs (HMRC) are running a campaign to help people avoid being caught out by tax avoidance schemes. This is particularly relevant to those who are contractors, agency workers, or are working through an umbrella company. Tax avoidance schemes are schemes designed to bend the rules of the tax system in…Read More
Posted 25/04/2024 New employment laws came into force on 6 April 2024 that apply to all businesses. Here is a brief summary of the changes. Flexible working: Carer’s leave: Pregnancy and family leave: Paternity leave: For the Government release, please see: https://helptogrow.campaign.gov.uk/new-changes-to-employment-law/ For further updates, please follow us at: Linked In https://www.linkedin.com/company/accountants-congleton-cheshire Twitter https://twitter.com/Hammond_McNulty
Posted 23/04/2024 HM Revenue and Customs (HMRC) have published guidance on a new online service to help businesses with their import duties and VAT accounts. If you or your business are involved in importing goods into England, Scotland, Wales and Northern Ireland, you can use the new service to: This new service should help to…Read More
Posted 16/04/2024 For accounting periods beginning on or after 1 April 2024, a new merged scheme for research and development tax credit comes into force. The new merged scheme replaces the old RDEC and small and medium-sized enterprise (SME) schemes. The new scheme reduces the amount of benefit that would generally have been received under…Read More
Posted 15/04/2024 Prior to the tax year starting each 6 April, HM Revenue and Customs (HMRC), will issue new tax codes to employees, usually where there is a change of tax code. These tax codes, a series of letter and numbers, allow employers to deduct the right amount of tax to be deducted from each…Read More
Posted 08/04/2024 It is important to remember that the minimum wage pay rates are increasing with effect from 1 April 2024. Failing to increase to the new rates can result in penalties being charged. The new minimum wage payment rates are set out below: 2023/24 rate 2024/25 rate 21 and over (previously 23 and…Read More
Posted 26/03/2024 Thresholds based on a company’s accounts and employee numbers determine whether a company is categorised as small or not. Being able to qualify as a small or medium sized business can cut red tape for a business with the reduced amount of both non-financial and financial reporting a small or medium sized business…Read More
Posted 26/03/2024 The Prime Minister, Rishi Sunak, has announced reforms to apprenticeships that will enable up to 20,000 more apprenticeships and could be especially welcome news to small businesses. With effect from April 1st, the government will pay the full cost of training for anyone up to the age of 21. If you are a…Read More
Posted 18/03/2024 The new measures allow Companies House to combat the criminal acts and money laundering being carried by criminals abusing the company registration system.These abuses have been well documented in the news, with many examples of individuals and businesses receiving correspondence and demands addressed to companies that they have no knowledge of. Annual confirmation…Read More
With the tax year ending on 5 April, March is a good month to check whether sharing unused tax allowances with your partner could save you some money. HM Revenue and Customs (HMRC) say that March is the most popular month for Marriage Allowance applications. Almost 70,000 couples applied in March last year. As there…Read More
It is with profound sadness and heavy hearts that we announce the death of our colleague, business partner and friend Colin Higginson, who passed away suddenly and unexpectedly on Saturday 20th January. Colin first joined our team as a recent school leaver in 1990 and, apart from a brief stint elsewhere, has been with us…Read More
Posted 23/11/2023 On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament. Please find below a summary of the main items announced in the Chancellors speech, but also some of the other items that were not mentioned that may impact you. Please note that ‘tax years’ run to 5 April each…Read More
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