Accounting News And Articles

For business owners, Christmas is an opportunity to reward staff, show appreciation to customers, and indulge in the celebrations. The good news is that HMRC does offer some tax relief to help with costs but, as always, they come with some pretty strict rules. In this blog post, we will answer some commonly asked questions about Christmas expenses, so you can enjoy the season without getting caught out! Is my Christmas Party tax deductible? The answer to this is a little bit

After weeks of anticipation, Chancellor Rachel Reeves has unveiled her Autumn budget, packed with updates on taxes, wages, and benefits. The Chancellor opened her speech with a bold claim: this budget aims to raise taxes by £40 billion. But what exactly does that mean for you? Here’s everything you need to know about the key changes in this budget. National Minimum Wage Increases One of the biggest announcements in this budget is the rise in the National Minimum and National

When it comes to compensation, most people think of their salary, but many employers also provide something called Benefits in Kind (BIK). These are perks or extras that come in addition to your regular pay and can enhance your overall compensation package. What are Benefits in Kind? Benefits in kind are non-cash perks that employers provide to employees. Instead of giving you additional money, they give you something of value. Examples of Benefits in Kind include: Company ca

The UK state pension is a crucial piece of your retirement plan, and it's important that you understand how it works so you can maximise your benefits and improve your financial stability later on in life. What is the State Pension? The State Pension is a 4-weekly payment from the government that most people can receive when they reach state pension age, provided they have made enough National Insurance contributions. The amount you receive is based on how many year's contrib

The newly appointed government, led by Prime Minister Sir Kier Starmer, has already initiated several changes to legislation. One of the most significant areas they plan to reform is the realm of taxes, changes that will affect everyone from business owners to individual taxpayers. So, let's delve into what we can expect. Personal Tax Changes Labour has made it clear that there will be no increase in income tax or National Insurance rates in the near future. However, they wil

Last year alone, HMRC opened over 320,000 tax investigations , many of which were randomly selected . That means anyone , from individuals to businesses, can be subject to an investigation at any time. These inquiries can cover a wide range of tax areas, including Self-Assessment , VAT , and Corporation Tax . About investigations HMRC has the authority to inspect your business records and assets on-site and can request documentation going back as far as 20 years . These inves

Dividends are a source of income, so inevitably you will need to report and pay tax on any you receive. The tax rate for dividends is different from what you may pay on your regular income, which can make them confusing. In this blog post, we will explain exactly what dividends are, what they entail, and how they are tax-efficient. What is a dividend? A dividend is a payment made by a limited company to its shareholders, to distribute the profits generated in a period after p

We know paying HMRC can feel a little overwhelming sometimes, having to rely on references and bank details to get your payment sent to the right place can be risky. So, we've created this little how-to guide to let you know exactly how and when to pay each type of tax you could come across, just to make your life that little bit easier! Self Assessment Balancing payments from your tax return are due by the 31st January each year, with a possible payment on account due on the

Chancellor Jeremy Hunt announced his Spring Budget in parliament yesterday, bringing us eagerly awaited tax cuts and increased allowances. In this blog post we are dissecting the highlights and implications of his decisions, and letting you know how all of this affects you! National Insurance The first major change made to National Insurance is the rate for employees (class 1) will be decreasing from 10% to 8% from April. This is expected to save workers on an average salary

There are many options when it comes to paying your tax bill, including bank transfer, debit card, and direct debit. Payment deadlines The deadline to pay your balancing payment of tax due for the 2023 tax year is the 31st of January. This is also the deadline for the first payment on account for the 2024 tax year- please see these explained below, as they may not apply to you. HMRC accepts payments towards your tax bill via: Direct debit Bank transfer Telephone bank transfer

For many, Christmas is a respite, a time to unwind. Yet, for us business owners, it's not just a season of relaxation; it's an opportunity to reward, express gratitude, and indulge in festivities. Fortunately, HMRC provides incentives though, as usual, the rules that govern tax relief claims for your Yuletide affairs are pretty strict. Navigating the Festive Landscape: Can I claim my Christmas party as a business expense? Absolutely! Limited companies, not sole traders, can h

Today (22nd November 2023) we have heard the Chancellor Jeremy Hunts's Autumn Budget. There was a lot that was announced in this and below are a few key points we feel you will want to know about. National Minimum Wage The National Minimum Wage (NMW) has been increased for all, with the most notable increase being to the National Living Wage (NLW). To start with, the NLW has increased by more than a pound to £11.44 per hour from April 2024. The current NLW is £10.42. Curre

When it comes to setting up a business, one of the fundamental decisions you'll need to make is the legal structure of your company. Operating as a limited company is a popular choice for many entrepreneurs, but it's essential to understand the advantages and disadvantages before taking the plunge. The Pros: Limited Liability: One of the most significant advantages of a limited company is that your personal assets are protected. Your liability is limited to the amount you've

Hey there, tax season is officially upon us! Whether you're a seasoned filer or a newbie, we often find clients unsure of where to start...

Government gateway accounts prove to be really useful tools, connecting directly to HMRC to provide real-time updates on your tax standings. A personal account enables you to review personal tax codes, tax credits, self-assessment details, and child benefits, while business accounts grant access to PAYE, Corporation Tax, and VAT records. Creating these accounts can be confusing, so we've made a step-by-step guide to help you set one up! 1 - Navigate to the website- Sign in u

You may have gaps in your National Insurance record for many reasons, including low earnings, unemployment, or working outside of the UK....

In today's fast-paced business environment, small companies are constantly seeking innovative solutions to stay competitive. An example...

It's odd to think that I would have been just four years old back when my Dad, Andrew, founded Revis & Co 25 years ago. I started working...

This year at Revis & Co we are celebrating our 25th Anniversary on May 1st! We now have 6 full-time employees including myself, with an...

Chancellor Jeremy hunt has unveiled the contents of his first budget today. There were quite a few interesting announcements- we have...