Companies House Fines

By Gary Robinson / November 2, 2024

Companies House will start issuing fines of maximum £2,000 for repeat offenders for failures to comply with registration rules as part of a sweeping crackdown on abuse of the register The new powers are a key plank of the Economic Crime and Corporate Transparency Act 2023, which introduced tough new laws to fight corruption, money…

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Registering for Self-employment

By Gary Robinson / October 19, 2024

Registering for Self-employment Once you have made the step of deciding to go self-employed once of the first things you need to do is to register with HM Revenue & Customs. Registering for tax is an essential step in becoming a sole trader. It ensures that you are compliant with the law and can accurately…

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Attracting the Talent in your Company

By Gary Robinson / October 12, 2024

Recruiting new employees is tough just now so be different! For example, some employers are now offering “Wellbeing leave” in addition to the usual holiday package. If you want to recruit more, you have to get serious about the process and be on it 24/7, 365! There are several actions you can take to make…

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Payroll

By Gary Robinson / October 5, 2024

Payroll If you are running a limited company, partnership or a sole reader employing people is the same process and principles. When you need to employee a person you will need to register this first with HM Revenue & Customs (https://www.gov.uk) and then once set up HM Revenue & Customs will send you’re the payroll…

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Autumn Tax Update

By Gary Robinson / September 28, 2024

RTI reporting changes delayed HMRC has delayed planned changes to real-time information (RTI) reporting requirements for employee hours worked. Draft legislation was published in May aimed at improving the range of data collected by HMRC. The proposed changes will require businesses to provide more detailed information to HMRC via self assessment (SA) and PAYE real-time…

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Payments on Account

By Gary Robinson / September 21, 2024

Payments on Account What are payment on account in tax and on your self-assessment tax return. Payments on account’ are advance payments towards your tax bill (including Class 4 National Insurance if you’re self-employed). You have to make 2 payments on account every year unless: Each payment is half your previous year’s tax bill. Payments…

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Partnerships

By Gary Robinson / September 14, 2024

Partnerships A partnership is defined a one or more people joining together in business with a view to make a profit and each partner receiving a share of the profit according to their share ratio for example 3 partners each holding 33 shares each. Partnership Tax Partnerships do not pay tax, but all partners pay…

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P11d Benefits

By Gary Robinson / September 7, 2024

If you have a team of employees, you have several options for rewarding them in addition to paying wages or a salary. One of the most flexible options is to offer benefit in kind, also known as fringe benefits. Benefit in kind take several different forms, which we’ll describe later, and they can be offered…

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Making Tax Digital

By Gary Robinson / August 24, 2024

The way that the self-employed and landlords’ pay their tax is changing and form April 2026 they will be required to use the Making Tax Digital for Income Tax. This is where you will no longer complete a tax return, but you make data submissions every quarter and the period are as follows: Quarter 1…

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