Self Assessment Deadline Reminder: 31 January 2024
Anyone required to file a self assessment tax return for the 2022/23 tax year must do so online by 23:59 on 31 January 2024 or risk a fine and 7.75% interest. Late filing & payment penalties Missing the deadline and filing your tax return late will result in a £100 penalty, even if you […]
How to Apply for a UTR Number
Applying for a UTR number forms an essential part of the self assessment process. If you come under the self assessment rules, but fail to register and file a tax return, you risk financial penalties. In this guide, we answer frequently asked questions about UTR numbers, including how to apply for a UTR number to […]
Working From Home Tax Allowance
In the UK, workers can claim a working from home tax allowance as a simplified way to cover expenses if you work for 25 hours or more a month from home. In this guide for employed and self-employed workers, we explain the rules on claiming What is the working from home allowance? If […]
HMRC Self Assessment: Tax Return Guide
Being self-employed carries with it a number of financial responsibilities, including the requirement to report your earnings to HM Revenue and Customs (HMRC) under the self assessment regime. It’s important to meet your obligations as a self employed individual to ensure you are paying the correct amount of tax and to avoid paying a penalty […]
UK Resident Receiving Inheritance From Abroad
If you have inherited money from overseas, you will need to check the tax position and whether there is a UK tax liability on the inheritance. The tax rules on receiving inheritance money from abroad can quickly become complex. In this guide, we look at when liability to UK tax on inheritance from abroad arises, […]
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 […]