Latest Business News
Constantly asked for pay rises? Here is what you need to know about pay in the UK
As an employer, you will likely face the delicate situation of employees asking for pay rises. With the cost-of-living crisis and rise in inflation, these requests will have become more frequent as people look to keep up with spiralling living
The ins and outs of pre-notification of R&D claims
The UK Government has long encouraged businesses to invest in Research & Development (R&D) projects, believing it to be at the forefront of economic growth. R&D tax reliefs are, therefore, lucrative and aimed at both Small and Medium Sized Enterprises
P11D – Are you ready to report and pay tax on Benefits in Kind?
Benefits in Kind (BIK) cover a number of different perks or additional payments made by employers to their employees. They can include any of the following: Private Healthcare Loans Company cars Gym memberships And much more. The above are all
Changes to the repayment of Student Loans begin in August
The way in which Student Loans are repaid is changing and employers need to be prepared. Currently, graduates and students who have taken out student loans are required to repay their loan when they earn an annual salary of £27,295
Fiscal drag bites on earners
Changes to personal tax allowances and higher interest rates have seen a growing number of people being affected by fiscal drag. Fiscal drag is the phenomenon where taxpayers are pushed into higher tax brackets due to wage increases as they
What is the Residence Nil-Band Rate? And why does it matter to you?
The Residence Nil Band Rate (RNRB) was introduced by the Government in 2017 and benefits families passing on their main property to a direct descendent. Since its introduction, millions of families around the UK have benefitted from its ability to
Landlords are latest group targeted by HMRC ‘nudge’ letters
Residential landlords are the latest group to have been targeted in receiving ‘nudge’ letters from HM Revenue & Customs (HMRC). The letters are part of a targeted ‘nudge’ campaign from HMRC to remind landlords of their obligation to declare their
683,000 higher rate taxpayers opt out of child benefit as thresholds remain frozen
The High Income Child Benefit Charge (HICBC) was introduced in 2013 and was set up to charge tax on individuals claiming child benefits who were earning a yearly income in excess of £50,000. The tax charges equate to the following:
Striking the perfect balance: Director’s salary and dividends for 2023/24
As a business owner, determining the ideal salary for company directors can be tricky. Often, most directors will want to balance their salary and dividend payments to be as tax efficient as possible. The 2023/24 tax year presents an array
Businesses must get to grips with a Government crackdown on fraud committed by employees
A new ‘failure to prevent fraud’ offence is being introduced by the Government to encourage businesses to do more to deter offending, which will ultimately protect themselves, consumers, and other businesses. The new legislation, which is likely to come into