HMRC Starter Checklist For New Employees
Among your obligations as an employer when onboarding someone new is to ensure they are registered with HMRC for PAYE. If your new starter does not have a recent P45, you will need to make use of the HMRC starter checklist. In this guide for employers, we explain the different steps that you must follow […]
P11D Form: Employers’ Guide
Employers are under strict statutory obligations when it comes to declaring to HM Revenue and Customs (HMRC) what they pay to their employees by way of remuneration, including expenses and benefits in kind that form part of an employee’s salary package. The following article looks at the rules relating to submitting P11D forms to HMRC […]
Money Laundering Regulations Guide 2022
Anti-money laundering rules in the UK are primarily governed by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, commonly referred to as the Money Laundering Regulations. The following guide examines the provisions under these regulations, in particular the duties of any regulated business to register and report, and […]
What is a Debenture? (Fixed & Floating Charges)
Debentures are a common way for business lenders in the UK, especially for traditional lenders such as banks, to grant a loan to a company or limited liability partnership, providing the lender with security in the event that the company defaults on its repayments. As a business owner looking for external lending, it is important […]
AML Compliance Guidance
The UK’s anti-money laundering regime places extensive AML compliance duties on businesses. The following guide examines the meaning of AML and the rules relating to AML compliance across relevant businesses, including offences for AML non-compliance and associated penalties. What is money laundering? Money laundering refers to how criminals change, or ‘clean’ their assets […]
Inheritance Tax Rates Guide
It is important to understand at least the basic rules relating to inheritance tax, including that the latest inheritance tax rates are and when the tax becomes payable. In this way, you can forward plan to help minimise any potential tax bill after you pass away, and maximise the value of your estate for your […]
How to Set Up a Family Trust
Setting up a family trust can be an effective way of controlling your personal assets during the course of your own lifetime and upon your death, ensuring that you have a say in exactly who benefits from your wealth. It can also be a good way of protecting and preserving that wealth for generations to […]
Payment on Account (Self Assessment Guide)
If you work for yourself, you will need to understand the self assessment tax rules. The following guide looks at the HMRC payment on account requirements. How are these advance payments calculated and can they be reduced? We also look at the penalties imposed by HMRC for either late returns or late or non payment […]
What are the Rules on Tax for Freelancers?
If you work as a freelancer, either full-time or in addition to any employed work, you will often be so busy keeping your clients and customers happy, that little time is left to consider your tax liabilities. The following comprehensive guide is here to help you navigate the rules relating to Income Tax, National Insurance […]
Freelancer & Self Employed Sick Pay Rules
Working for yourself comes with many benefits but it can also have drawbacks. One of the biggest downsides is the lack of employment rights, especially when it comes to being unfit for work and claiming sick pay. In this guide, we explain the sick pay rules for self-employed and freelance workers and alternative forms of […]
Freelance & Self Employed Maternity Pay
Under current rules, self-employed workers do not have as many maternity rights or entitlements as employed workers. However, if you work as a freelancer and on a self-employed basis, you may be entitled to a specific type of maternity pay called maternity allowance. Statutory Maternity Pay or Maternity Allowance? Statutory Maternity Pay (SMP) […]
Types of Flexible Working
As businesses adapt to the impact of the pandemic, change has become the norm in workplaces of all descriptions. Following the lockdown and widespread adoption of homeworking, increasing numbers of businesses are planning to adopt flexible working arrangements on a long-term basis. This is hardly surprising when you consider that 80 per cent of business […]
How Does a Trust Protect Personal Assets – An Overview
When considering asset protection, there are many tools and paths open to you. One specific option is using a trust. Trusts have historically been used for the purpose of asset protection, but have also been linked with tax planning and often tax avoidance. Nowadays, the likelihood of tax avoidance through the use of a trust […]
What Are Benefits In Kind?
The use of benefits in kind by employers to compensate or reward employees is a well-established practice in the UK. These benefits very often form part of an overall salary package designed to attract and retain top talent. However, providing employees with non-cash benefits comes with certain statutory responsibilities to HM Revenue and Customs (HMRC). […]
Taxes for Expats: A Guide
Many British expats mistakenly believe that once they have left the UK to live overseas, they are no longer subject to UK tax, but the situation isn’t as clear cut or straightforward as that. An expat living abroad is still liable to pay taxes on any UK income they receive. Any obligation to pay UK […]
Improving Equality Diversity & Inclusion at Work
It is no longer acceptable for organisations to pay lip service to equality, diversity and inclusion within the workplace. As well as meeting legal requirements in these areas, employers should also be attune to the social and cultural expectations that people are treated fairly and equally and that opportunities are made available without discrimination or […]
Non Doms Tax in the UK Rules
If you are UK tax resident but not domiciled in the UK, special rules apply to determine the basis upon which you pay UK tax. In this guide, we explain the rules on non doms and UK tax obligations. Domicile Your domicile is usually the country in which you officially have your permanent […]
Apprenticeship Levy Explained
The introduction of an apprenticeship levy has made a significant contribution to funding developments. The apprenticeship landscape has changed significantly over recent years, providing greater opportunities for individuals to combine work with study to gain skills and knowledge in a controlled environment, and for businesses to benefit from recruiting and developing talent. In this guide, […]
Bookkeeping for Small Businesses & Sole Traders
Bookkeeping plays a vital role in running your own business, especially when it comes to declaring any profit or loss in your annual tax return, and offsetting allowable expenses against your taxable income. The following guide for small business owners and sole traders looks at the importance of good bookkeeping and provides essential best practice […]
Creditors Voluntary Liquidation (Directors’ Guide)
If a company cannot pay its debts, its directors may decide to put the company into liquidation. Creditors’ Voluntary Liquidation offers directors a way to close their company voluntarily, rather than being forced to close under a winding up order. What is Creditors Voluntary Liquidation (CVL)? Liquidation is a legal process involving the […]