What’s a trivial benefit worth to employers? The tax and NI exemption for trivial benefits is much misunderstood, but nonetheless very useful to employers. When can you use it, what are its advantages and are there any pitfalls to watch out for? What’s a trivial benefit? As the name implies, a trivial benefit in kind ... Read More
MONTHLY FOCUS: CGT RELIEF FOR SHARE DISPOSALS Business asset disposal relief is available where businesses are sold, but can also apply to the disposal of company shares and, in some circumstances, assets used by the company. What are the rules? Page Content:- Shareholders Assets used by companies Shareholders How does BADR apply to shareholders? There ... Read More
Further relaxation of self-assessment thresholds announced The government has announced changes to the threshold at which some taxpayers need to complete a tax return. What’s the full story? Self-assessment The criteria for the requirement for self-assessment varies between different types of taxpayer. Previously, self-employed traders have enjoyed a turnover threshold of £1,000 with no requirement ... Read More
One-person companies and the employment allowance The NI employment allowance has increased from £5,000 to £10,500. The bad news is that companies with only one person who’s also a director on their payroll aren’t entitled to it. How can they qualify with just one simple low-cost step? What’s the employment allowance? The employment allowance (EA) ... Read More
Permanent increase to penalty interest rates The new tax year saw a change to the way interest on late paid taxes is calculated. What’s changed and what are the new charges? for more help with your Business see our Services Page Prior to 2025/26, interest was charged at the Bank of England base rate plus ... Read More
Do hybrid workers take fewer sick days A survey of 2,000 hybrid workers by International Workplace Group has revealed that more than a third are taking fewer sick days than they did when they were working full time in the office. What are the potential reasons for this? for more help with your Business, see ... Read More
Hidden MTD news in Spring Statement documents Chancellor Rachel Reeves kept her pledge that there would be no more tax rises at the Spring Statement, but there are some important Making Tax Digital developments hidden away in the tax related documents. What do you need to know? The timetable for Making Tax Digital for Income ... Read More
The Spring Statement 2025 Chancellor of the Exchequer, Rachel Reeves, held the Spring Statement on Wednesday 26 March 2025. In the run up to the event, the Chancellor stated that she ‘remains committed to one major fiscal event a year to give families and businesses stability and certainty on upcoming tax and spending changes and, in ... Read More
HMRC MTD ITSA webinar – worth a look Making Tax Digital will be mandatory for some traders and landlords next year. Ahead of this, the government is ramping up its guidance to help you get ready. What is the latest offering? Some sole traders and landlords will be mandated into Making Tax Digital for Income ... Read More
Relaxation of self-assessment threshold HMRC has promised a change to the threshold at which self-employed taxpayers need to complete a tax return. What do we know so far? Currently, those with trading income exceeding £1,000 must submit a tax return each year, even if they do not have any tax to pay. HMRC has announced ... Read More
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