Posts by Nettie Buss
National Minimum Wage – avoiding the pitfalls
National Minimum Wage – avoiding the pitfalls It is often assumed that following national minimum wage (NMW) law is as simple as paying your workers the correct amount. But there is far more to consider to make sure you are compliant. With the UK now into the 2024 national living wage increase to £11.44 (for…
Read MoreVenture Capital Trusts and Enterprise Investment Schemes – tax breaks explained.
Venture Capital Trusts and Enterprise Investment Schemes – tax breaks explained. Investing in new and usually unquoted companies offers a number of tax breaks for investors in venture capital trusts (VCT’s) and the enterprise investment scheme (EIS). It is often an overlooked fact that both VCTs and EIS tax-advantaged investments have been extended to 2035.…
Read MoreSelf-Assessment – What is a payment on account and do we have to pay it?
Self-Assessment – What is a payment on account and do we have to pay it? When you start working for yourself as a sole trader, you do need to plan ahead for your ‘payments on account,’ which is an advance charge made against your future tax bill. Let us explain how this works? When you’re self-employed…
Read MoreUnpaid tax on share sales
Unpaid tax on share sales Taxpayers are being warned to pay tax on any sales of shares that they have left off self-assessment tax returns or face the risk of a HMRC enquiry. HMRC has advised that it has analysed thousands of tax returns and identified people who have not paid capital gains tax on…
Read MoreDo you keep your savings under the mattress??
Do you keep your savings under the mattress?? Figures announced claim that a staggering quarter of a trillion pounds is sitting in low interest bank accounts with rates of under 1%. While savers are clearly losing out, they also risk facing an unexpected tax bill as income tax is charged on all bank interest unless…
Read MoreEU e-invoicing rules
EU e-invoicing rules Electronic invoicing and real-time tax reporting are coming and will fundamentally change the way businesses operate. Businesses of all sizes will soon have to issue and accept e-invoices, a standardised electronic form of invoice, and report them to national tax authorities in real-time in an effort to streamline data reporting, improve tax…
Read MoreSelf employment and Partnerships – HMRC has clarified transition profit
Self employment and Partnerships – HMRC has clarified transition profit HMRC have now issued guidance on how to work out ‘transition profit’ for the 2023 to 2024 tax year under basis period reform – but what does this actually mean? This change in reporting for the self-employed and partnerships came into effect from April 2024…
Read MoreAuto Enrolment thresholds remain at £10,000
Auto Enrolment thresholds remain at £10,000 The auto enrolment pension thresholds for 2024-25 will remain at its current levels, with the initial earnings figure of £10,000 unchanged. The lower earnings limit for qualifying earnings will remain at £6,240, and the upper earnings limit will remain at £50,270, in line with the higher rate tax band…
Read MoreHMRC advanced notification rules for R&D and the potential risks
HMRC advanced notification rules for R&D and the potential risks Since the new rules have come into play, Companies claiming research and development (R&D) tax relief now need to submit details in advance making it harder to backdate claims. In 2023 HMRC introduced a requirement which means that companies have to advise in advance if…
Read MoreUndeclared dividend payments are being targeted by HMRC
Undeclared dividend payments are being targeted by HMRC Company directors that HMRC suspect of earning dividends, which are not being declared on their self-assessment tax returns are being contacted by HMRC. If you have received a letter from HMRC regarding this, please get in touch with us here at Kennedys Accounting if you need some…
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