by admin | Mar 8, 2024 | Business, HMRC, Tax, Tax Planning, The Budget, The Economy
On 6 March we saw the Chancellor, Jeremy Hunt, deliver the spring budget ahead of the general election. The ‘Budget for Long Term Growth’ announced the economy is turning a corner with inflation expected to fall, lowering taxes, improving public services and seeing...
by admin | Feb 7, 2024 | Business, HMRC, Self Employed, Tax
At the start of the year, the press widely reported that people with a ‘side hustle’ selling clothes online could ‘end up paying tax on their earnings’ The reporting of this suggested that there were new tax rules, however, that is not the...
by admin | Nov 27, 2023 | HMRC, Self Employed, Tax
From 6/4/24 NO Class 2 NIC will be payable by the self employed with profits over £6,725 including those with profits over £12,570. Anyone with profits under £6,725 can make voluntary class 2 NIC contributions should they wish to keep a full NIC...
by admin | Oct 9, 2023 | Albert's Knowledge Share, Business, HMRC, Payroll, Pensions
Tax relief is available on contributions to registered pension schemes up to certain limits. There are two different methods by which employers can effectively give tax relief on employee contributions – net pay arrangements and relief at source. The names are...
by admin | Nov 22, 2022 | HMRC, Self Employed, Tax, Tax Planning, The Budget
Last week saw the current Chancellor, Jeremy Hunt, deliver the much-awaited Autumn Statement. There had been significant speculation around the tax rises and spending cuts that this statement would potentially bring, and it is fair to say that there were few surprises...
by admin | Dec 15, 2021 | HMRC, Self Employed, Tax
A friendly reminder that the deadline for self-assessment for income to the 5th April 2021 is 31/01/2022 Failure to meet this deadline results in an automatic late filing penalty of £100 If you are filing your own self-assessment return then we would urge you to do...