Can I Get a Mortgage if I’m Self Employed?
If you work for yourself, getting a self-employed mortgage can often be less straightforward than if you were employed – but it’s not impossible. Understanding your options and the criteria you’ll need to meet and prove will help you be prepared and get approved for a mortgage. The following guidance looks at the general criteria […]
Is It Illegal To Pay Employees Late?
Employers will want to avoid causing inconvenience and distress to their workforce by paying wages late. But what if your business is going through financial difficulties, and cashflow problems are impacting your ability to pay wages on time – could you face legal action if you pay your employees’ wages late? The law on paying […]
Retained Profit Advantages & Disadvantages
There are several advantages and disadvantages to using retained profit within a business. In this way you can assess for yourself, in the context of your own business, whether retained profits are the best way forward for you and your shareholders. In this practical guide, we explain the rules, pros and cons of retaining profit […]
Fire Safety Regulations (Employers’ Guide)
Employers are legally required to carry out a fire risk assessment in the workplace and put resulting fire safety measures in place to ensure the safety of their workers and the general public in the case of a fire. This requirement is in accordance with the Regulatory Reform (Fire Safety) Order 2005 in England and […]
Manual Handling Regulations (A Guide)
By law, employers have to take all reasonable steps to ensure the health and safety of their workforce. In particular, manual handling is dealt with under specific legislation, which employers must comply with or risk penalties. What are the manual handling regulations? The Manual Handling Operations Regulations (MHOR) 1992, later amended by the Health […]
How Do National Insurance Contributions Work?
National Insurance Contributions are a deduction that the majority of employees and workers will be accustomed to seeing on their payslips, and a mandatory tax payment that the majority of employers and the self-employed will be accustomed to paying. Still, many of us will not be familiar with how this is calculated and how much […]
Voluntary National Insurance Contributions
Gaps in your National Insurance record can leave you ineligible for a State Pension and certain benefits. You may be able to fill these gaps by making voluntary National Insurance contributions. Under current rules, you have until 5 April 2025 to ‘buy back’ any missing national insurance years from 2006 to 2016 using voluntary national […]
Overtime Pay: Advice for Employers
Calculating overtime pay and holiday entitlement can quickly become complicated for employers. In this overtime pay guide, we will help you understand employees’ rights and your obligations relating to UK overtime laws. What counts as overtime? Typically, an employee will be contractually required to work a fixed number of hours per week in […]
Downsizing Relief: Cut Inheritance Tax Bill
Downsizing relief can offer homeowners an effective way to lower inheritance tax (IHT) liability, by moving to a smaller home. In this guide, we look at what downsizing relief is, how it works and who can claim it. What is downsizing relief? Downsizing relief is a form of tax relief that can enable […]
Selling a Business as a Going Concern
Selling a business as a going concern can provide prospective buyers with the chance to invest in an established and affordable enterprise, saving valuable time, resources and start-up capital as the business can continue trading from day one of the transfer, without any interim transition period. However, it may not always be possible to sell […]
What is COSHH? Control of Substances Hazardous to Health Regulations
With the maximum penalties for COSHH non-compliance standing at fines amounting to thousands of pounds and possible imprisonment, it is in any employer’s best interests to be fully informed on their legal standing in regard to hazardous substances in their workplace. What is COSHH? The Control of Substances Hazardous to Health Regulations 2002 (COSHH) […]
RIDDOR Regulations: Reporting Accidents at Work
The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (RIDDOR) sets out the guidelines and requirements of responsible parties, such as employers, to record and report work-related incidents. Who is responsible for reporting under the RIDDOR regulations? Any employer who is in control of and responsible for a work premises is required to […]
Mileage Claim for Electric Car Rules 2023
With more than 1.1 million electric cars on the road, it’s inevitable that some of these journeys will be made for business purposes, and as such, would be eligible for mileage reclaim. Understanding the rules relating to submitting or processing a mileage claim for electric cars can ensure they are dealt with fairly and correctly […]
What are UK Capital Gains Tax Rates?
How do you know which capital gains tax rate applies to you? There are four main considerations to bear in mind: What category of asset has been disposed of? Has the disposal led to a gain? What is the financial value of that gain? What is the personal tax position of the individual who made […]
How to Calculate PILON Tax
Following a change in the law in 2018, payments in lieu of notice (PILON) are now subject to tax and national insurance contributions. However, the amount of tax that is due on PILON will depend on what the termination payment is made up of. In this guide, we explain the current rules on calculating tax […]
HMRC Tax Investigation: What To Expect
HMRC tax investigations into whether a person or business have met their tax obligations vary greatly depending on the details of the individual case, from relatively informal checks to a more in-depth investigation into your tax situation. It may be that an HMRC tax investigation is opened to confirm that the information supplied in a […]
How to File a Companies House Confirmation Statement
Limited companies have to meet certain compliance obligations to Companies House, such as filing annual accounts and filing an annual confirmation statement. In this guide, we look at the rules relating to confirmation statements, including their purpose, what information needs to be checked, the filing process and submission date, and the consequences of not filing […]
What is Capital Gains Tax on a Buy to Let Property?
As with any form of income, buy to let property investment carries various tax implications, including that of capital gains tax. Buy to let property is generally seen as a medium to long term investment, building on the initial cost of purchase, legal fees and refurbishment to ideally enjoy regular rental income and eventually, a […]
Capital Allowance Rates 2023
Understanding the rules for capital allowance and how those rules apply to your business’s circumstances can be a complicated process with an ongoing need to stay up to date with changes in tax legislation, although taking professional advice can help to clarify your tax situation. One important element in this process is an awareness of […]
How To Do Self-Employed Accounts
If you work for yourself as a sole trader, you’ll need to familiarise yourself with the rules on self-employed accounts. Sole traders have to keep financial records relating to the income generated and expenses incurred while doing business. At the end of each tax year, you will be required to report your business income and […]