Blog
Lower interest rates for those owing HMRC
Following the Bank of England’s base rate cut to 4.5% on 6 February, HMRC lowered its late payment and repayment interest rates from 25 February. The late payment interest rate dropped from 7.25% to 7.0%, while the repayment interest rate decreased from 3.75% to 3.5%....
How taxing will 2025 be?
As the new year begins planning is essential especially with the current tax year ending on 5 April 2025. The effects of announcements made last October are still to be seen. Although Rachel Reeve’s Spring Forecast on 26 March 2025 isn't a fiscal event, it might still...
The Tax Treatment of Joint Property Income
The taxation of joint property income depends on the relationship between the individuals holding the income-generating asset. It is important to note that it is necessary to look at the beneficial ownership (not the legal ownership) for tax purposes. It is possible...
Should you be paying tax on your side hustle?
Conventional approaches to work and earning an income are changing and with the cost of living rising, many of us now use various ways to make some extra cash outside of their main job. Do you need to pay tax on these earnings? Our guidance below looks at five...
Navigating HMRC Payroll Year-End for Small Business Owners
As a small business owner, your payroll year-end is a crucial time to finalise payroll records for the tax year. It's all about reporting your total payments and deductions to HMRC, ensuring everything is squared away before stepping into a new tax year. Key Steps to...
Would you benefit from a top up contribution to your State Pension?
HM Revenue and Customs (HMRC) have revealed that 37,000 people have plugged gaps in their National Insurance (NI) record since last April, boosting the amount of State Pension they will receive when they reach retirement age. The amount of State Pension you will...
Secure Your Time To Pay Arrangement with HMRC
Paying tax can result in financial difficulties, particularly where cash flow can be a problem. HMRC therefore offer ‘Time To Pay (TTP)’ arrangements, where the liabilities are paid in agreed instalments over a set period. It is important to note that interest does...
Refresh Your Business Goals
Is your business on the right path for 2025? Have you recently evaluated your performance and future direction? Managing a business often involves dealing with urgent tasks, making it easy to lose sight of bigger objectives. That’s why it’s essential to carve out time...
Why You Should Use a Bookkeeper and What They Do
If you run a business, managing finances can quickly become overwhelming. From keeping track of expenses to ensuring tax compliance, the responsibilities pile up. This is where a bookkeeper comes in. But what exactly do they do, and why should you hire one? A...
Lower interest rates for those owing HMRC
Following the Bank of England’s base rate cut to 4.5% on 6 February, HMRC lowered its late payment and repayment interest rates from 25 February. The late payment interest rate dropped from 7.25% to 7.0%, while the repayment interest rate decreased from 3.75% to 3.5%....
How taxing will 2025 be?
As the new year begins planning is essential especially with the current tax year ending on 5 April 2025. The effects of announcements made last October are still to be seen. Although Rachel Reeve’s Spring Forecast on 26 March 2025 isn't a fiscal event, it might still...
The Tax Treatment of Joint Property Income
The taxation of joint property income depends on the relationship between the individuals holding the income-generating asset. It is important to note that it is necessary to look at the beneficial ownership (not the legal ownership) for tax purposes. It is possible...
Should you be paying tax on your side hustle?
Conventional approaches to work and earning an income are changing and with the cost of living rising, many of us now use various ways to make some extra cash outside of their main job. Do you need to pay tax on these earnings? Our guidance below looks at five...
Would you benefit from a top up contribution to your State Pension?
HM Revenue and Customs (HMRC) have revealed that 37,000 people have plugged gaps in their National Insurance (NI) record since last April, boosting the amount of State Pension they will receive when they reach retirement age. The amount of State Pension you will...
Secure Your Time To Pay Arrangement with HMRC
Paying tax can result in financial difficulties, particularly where cash flow can be a problem. HMRC therefore offer ‘Time To Pay (TTP)’ arrangements, where the liabilities are paid in agreed instalments over a set period. It is important to note that interest does...
If you’ve submitted your 2024 Tax Return, please don’t forget to pay your tax bill on 31 January 2025!
…but if you are struggling to pay, did you know that H M Revenue and Customs (HMRC) provide an option to pay monthly under their ‘Time to Pay’ arrangement? Providing you owe less than £30,000 under self-assessment, you might be able to set up a payment plan...
Were you peeling brussels or completing your 2023-24 Tax Return on Christmas morning?
HM Revenue and Customs (HMRC) have revealed that 4,409 people chose Christmas Day to file their 2023-24 Tax Return. In fact, 40,072 taxpayers submitted their Tax Returns over the Christmas break, proving that even amidst the festive cheer there’s always time for a...
Beware of Scams – A warning for Taxpayers
HMRC has warned taxpayers to stay vigilant as the Self Assessment season gets underway. In the past year, nearly 145,000 scam attempts were reported, marking a 16.7% increase from the previous year. Fraudsters often impersonate HMRC, offering fake tax refunds or...
Following the Bank of England’s base rate cut to 4.5% on 6 February, HMRC lowered its late payment and repayment interest rates from 25 February. The late payment interest rate dropped from 7.25% to 7.0%, while the repayment interest rate decreased from 3.75% to 3.5%.... As a small business owner, your payroll year-end is a crucial time to finalise payroll records for the tax year. It's all about reporting your total payments and deductions to HMRC, ensuring everything is squared away before stepping into a new tax year. Key Steps to... Is your business on the right path for 2025? Have you recently evaluated your performance and future direction? Managing a business often involves dealing with urgent tasks, making it easy to lose sight of bigger objectives. That’s why it’s essential to carve out time... If you run a business, managing finances can quickly become overwhelming. From keeping track of expenses to ensuring tax compliance, the responsibilities pile up. This is where a bookkeeper comes in. But what exactly do they do, and why should you hire one? A... Cloud accounting software allows you to manage your finances online, giving you instant access to your financial data from anywhere, anytime. Unlike traditional systems tied to a single computer, cloud-based solutions keep everything stored securely in the cloud. You... Xero is a cloud-based accounting platform designed to simplify financial management for small and medium-sized businesses. With over 1,000 third-party apps available, Xero offers tools to enhance business operations beyond just accounting. These apps help with... Planning for the future of your business is one of the most critical responsibilities of an owner. An effective succession plan will ensure a smooth transition of ownership or leadership, and protects the legacy you've worked hard to build.Failing to plan can lead to... Some employers need to pay their employees earlier than usual in December. This can be for several reasons, such as businesses closing during the festive period and needing to pay workers earlier than normal. As in earlier years HMRC have announced that they have... Budgeting is essential for businesses of all sizes, providing a roadmap for managing resources management, addressing potential challenges, and setting achievable goals. For small and medium-sized enterprises (SMEs), a strong budget can be the key to success rather...
Lower interest rates for those owing HMRC
Navigating HMRC Payroll Year-End for Small Business Owners
Refresh Your Business Goals
Why You Should Use a Bookkeeper and What They Do
Thinking of making the move to Cloud Accounting?
Xero – Boosting efficiency with key app integrations
Seven Steps for effective Business Succession Planning
Paying employees early before Christmas
Effective Business Budgeting
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