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Industry News

Post Office convictions quashed

Post Office convictions quashed

Convictions of hundreds of postmasters have been quashed following Royal Assent of the Post Office (Horizon System) Offences Act 2024. Many postmasters endured financial ruin, the loss of

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Benefits of a fall in inflation

Benefits of a fall in inflation

An economist from the Treasury explains exactly what a fall in inflation means for you. How will lower inflation help the economy? Lower inflation supports people by maintaining the

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Changes to Companies House Fees

Changes to Companies House Fees

There have been a number of significant changes in Companies House fees. These changes took effect on 1 May 2024. The last significant change in fees occurred in April 2016. The new fees

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Tax credits reminder

Tax credits reminder

We would like to remind our readers that HMRC is currently sending the annual tax credit renewal packs to 730,000 tax credit claimants. HMRC is encouraging recipients to renew their tax

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Reporting expenses and benefits to HMRC

Reporting expenses and benefits to HMRC

The deadline for submitting the 2023-24 forms P11D, P11D(b) and P9D is 6 July 2024. These forms can be submitted using commercial software or via HMRC’s PAYE online service. HMRC no longer

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VAT reverse charge for builders

VAT reverse charge for builders

There are special VAT reverse charge rules for certain building contractors and sub-contractors. The rules, which came into effect on 1 March 2021, makes the supply of most construction

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Tax when transferring assets during divorce

Tax when transferring assets during divorce

When a couple is separating or is divorced it is unlikely that they are thinking about the tax implications of their actions. However, apart from the emotional stress, there are also tax

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View your annual tax summary

View your annual tax summary

The Annual Tax Summary is a document provided by HMRC that shows details of the tax you pay and how this is used by government. The Annual Tax Summary shows: your taxable income from all

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Universal Credit changes

Universal Credit changes

Universal Credit claimants working less than half of a full-time week will have to look to increase their hours but will be able to benefit from extra work coach support. These changes will

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Childcare funding for under 9-month-olds

Childcare funding for under 9-month-olds

In a recent press release the Department for Education confirmed that parents of children from 9 months old can now apply to access government-funded childcare from September 2024, as

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Employing staff for the first time?

Employing staff for the first time?

There are a number of rules and regulations that you must be aware of when you employ staff for the first time. HMRC’s guidance sets out some important issues to be aware of when becoming

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Register an overseas company

Register an overseas company

An overseas company must register with Companies House if they want to set up a place of business in the UK. This would mean that the overseas company has a physical presence in the UK

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Beneficial tax-exempt loans

Beneficial tax-exempt loans

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the

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Closing a limited company

Closing a limited company

There are a number of reasons why you may need to close your limited company. This could be because the company structure no longer suits your needs, your business is no longer active, or

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Check a VAT number

Check a VAT number

The Check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number. This service allows users to check: if a UK VAT registration number is valid; and the name and address

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Deferring National Insurance payments

Deferring National Insurance payments

Employees with more than one job may be able to defer or delay paying Class 1 National Insurance in certain circumstances. This deferment can be considered when any of the following

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Customs declaration deadline

Customs declaration deadline

A reminder that businesses must submit all export declarations through the Customs Declaration Service (CDS) by 4 June. Businesses exporting goods have less than one month left to move

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Company names – new regulations

Company names – new regulations

A recent post by Companies House confirmed that they are now using new powers to challenge the registration of certain company names. Extracts from their recent blog post is reproduced

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Time to renew tax credits

Time to renew tax credits

HMRC is currently sending the annual tax credit renewal packs to the 730,000 tax credit claimants and is encouraging recipients to renew their tax credits claim online. HMRC started writing

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Act now to claim dormant funds

Act now to claim dormant funds

The Ministry of Justice has published an urgent warning for anyone with unclaimed dormant funds held by the Courts Funds Office (CFO). Recent changes in legislation have changed the rules

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Check if HMRC contact is genuine

Check if HMRC contact is genuine

HMRC’s published guidance titled ‘Check genuine HMRC contact that uses more than one communication method’ has been updated. The list is intended to help taxpayers check if recent contacts

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How to claim R&D expenditure credit

How to claim R&D expenditure credit

In the Autumn Statement last year, it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme would be merged from April 2024. The merged scheme

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Do you need to register for Economic Crime Levy?

Do you need to register for Economic Crime Levy?

The Economic Crime Levy is a levy that applies to businesses that are already regulated for anti-money laundering purposes. Your business must register if your UK revenue is £10.2 million

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Lifetime transfers and liability to IHT

Lifetime transfers and liability to IHT

There are special rules concerning the liability to IHT of a transfer made during a lifetime. For example, most gifts made during a person's life are not subject to tax at the time of the

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