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Understanding CITB Levy Returns: What You Need to Know!
Understanding CITB Levy Returns: What You Need to Know! A CITB (Construction Industry Training Board) Levy Return is an annual form that registered employers in the construction industry must complete and submit. The return assesses the amount of levy owed to the CITB, and the funds collected via the levy are used to fund training, such…
Read MoreHMRC expected to raise £255M in late payment interest
HMRC expected to raise £255M in late payment interest HMRC recently cut the late payment interest rate to 8.25% following the Bank of England’s 0.25% base rate cut in May but it is still historically as high as it was in 2007 at the time of the financial crash. With effect from 6 April 2025,…
Read MoreUpdates from Companies House as the Economic Crime and Corporate Transparency Act 2023 (ECCTA) continues its roll out!
Updates from Companies House as the Economic Crime and Corporate Transparency Act 2023 (ECCTA) continues its roll out! Companies House has published updated guidance on the circumstances in which a company can be struck off the register and dissolved, reflecting a number of recent reforms made ECCTA, which have been summarised below. Strike off by…
Read MorePros and cons of PAYE salary, dividends or a combination of both – what is best for company directors?
Pros and cons of PAYE salary, dividends or a combination of both – what is best for company directors? With several tax changes coming into play, have you considered and discussed with your accountant the plan for this tax year (2025/26). So, to start with, let’s look at some of those important changes which may…
Read MoreHMRC has increased late payment interest
HMRC has increased late payment interest HMRC has updated its guidance to reflect the 1.5% increase in the late payment interest percentage that is now in force. Late payment interest is charged from the first day that a tax debt is overdue until the day it is paid in full. It has been calculated at…
Read More£20K threshold for Making Tax Digital Self Assessments expected from 2028
£20K threshold for Making Tax Digital Self Assessments expected from 2028 The government is looking at extending Making Tax Digital (MTD) to those with an income of less than £20,000, which it wants to pull into the MTD system, forcing them to report quarterly and buy software specifically for the purpose. As part of the…
Read MoreBanks will have to give 90 days’ notice to close business bank accounts
Banks will have to give 90 days’ notice to close business bank accounts Legislation is now in force to protect millions of small business owners from having their bank account closed without notice or adequate reason, following the introduction of new rules which protect consumers. The legislation has been introduced to curb the debanking that…
Read MoreHMRC are moving communications to email and text to cut postage costs!
HMRC are moving communications to email and text to cut postage costs! For a long time HMRC has said it is ‘committed to modernising HMRC to become a digital first organisation’ and therefore it is looking to move contacting taxpayers via email and SMS, advising that this move will save £50m a year by 2028-29.…
Read MoreWhy is it important to file your Self-Assessment early this year?
Why is it important to file your Self-Assessment early this year? Over 300,000 people filed their tax return in the first week of the new tax year, almost 10 months ahead of the 2024-25 deadline. With Making Tax Digital (MTD) for Self-Assessment just around the corner, this will be the last year that a straightforward,…
Read MoreHMRC is keeping an eye on Crypto currency gains
HMRC is keeping an eye on Crypto currency gains HMRC is warning anyone who is holding crypto currency over long periods and making a gain that they will be liable for tax on their profits. Not only will taxpayers have to declare when they have sold tokens for a profit, but also when assets are…
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