Industry News Nottingham : tcp accountants

Industry News

Don’t miss out on Home Responsibilities Protection

Don’t miss out on Home Responsibilities Protection

HMRC together with the Department for Work and Pensions (DWP) have issued a press release urging tens of thousands of people to check if they are eligible to boost their State Pension

Read More
Fraudsters impersonating Insolvency Service staff

Fraudsters impersonating Insolvency Service staff

The Insolvency Service is a government agency that provides services to those affected by financial distress or failure by seeking to tackle financial wrongdoing and maximising returns to

Read More
Pension Credit action week

Pension Credit action week

Pension Credits can provide extra income to those over State Pension age and on a low income. The Department for Work and Pensions (DWP) recently launched a Pension Credit action week to

Read More
Two October self-assessment deadlines

Two October self-assessment deadlines

The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. Late submission of a self-assessment return will generate a £100 late filing

Read More
Not so Trivial Tax Benefits

Not so Trivial Tax Benefits

There is a trivial benefit-in-kind (BiK) exemption for small, non-cash employee benefits. This exemption applies to BiKs classified as 'trivial,' helping employers simplify the handling of

Read More
Is there a partnership in place?

Is there a partnership in place?

A partnership is a reasonably straightforward way for two or more legal persons to establish and operate a business with the intent to make a profit. Partnerships can take various forms, and

Read More
Trade Mark protection

Trade Mark protection

To apply for trademark protection in the UK, you will need to follow these steps: Check if Your Trademark is Eligible Ensure your trademark is unique and not too similar to existing

Read More
What is a PSC?

What is a PSC?

PSC stands for Person with Significant Control. It is a legal term used primarily in the United Kingdom under company law. A PSC is someone who holds significant influence or control over a

Read More
Claims to reduce payments on account

Claims to reduce payments on account

Self-assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments are due on 31 January during the tax year and 31

Read More
Myths about self-assessment

Myths about self-assessment

In a recent press release, HMRC addressed some common misconceptions about who needs to file a self-assessment return before the 31 January 2025 deadline and clarifies some of the most

Read More
MTD for Income Tax draws closer

MTD for Income Tax draws closer

The mandatory rollout of Making Tax Digital for Income Tax (MTD for ITSA) is scheduled to begin in April 2026. The process will significantly adjust how businesses, self-employed

Read More
Employing an apprentice

Employing an apprentice

There are special rules to observe when employing an apprentice in the UK. Basically, an apprentice takes part in a structured training program that combines working with studying.

Read More
When dividends cannot be paid

When dividends cannot be paid

There is a basic principle that dividends or other distributions must not be paid out of capital even if the Articles of a company authorise such a payment. For the purposes of this article,

Read More
Higher rates of SDLT on residential property

Higher rates of SDLT on residential property

The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The

Read More
Beware overtrading

Beware overtrading

Overtrading occurs when a business expands its operations at a pace that exceeds its available working capital and financial resources. This can happen when a company takes on more business

Read More
Ask for advice

Ask for advice

Asking your accountant for advice offers a range of benefits, particularly in guiding both business and personal financial decisions. Here are some key advantages: Expert Financial

Read More
Tax Diary October/November 2024

Tax Diary October/November 2024

1 October 2024 - Due date for Corporation Tax due for the year ended 31 December 2023. 19 October 2024 - PAYE and NIC deductions due for month ended 5 October 2024. (If you pay your tax

Read More
Penalties for late filing of company accounts

Penalties for late filing of company accounts

There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or

Read More
Self-assessment deadlines 2023-24

Self-assessment deadlines 2023-24

The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return is submitted late, a £100 penalty will be imposed, regardless of

Read More
Employing under 16-year-olds and young workers

Employing under 16-year-olds and young workers

When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This

Read More
Present self-employed NIC rates

Present self-employed NIC rates

Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more a year. Class 4 NIC rates for the tax year 2024-25 are 6%

Read More
Claiming Child Trust Fund cash

Claiming Child Trust Fund cash

If you turned 18 on or after 1 September 2020, there may be cash waiting for you in a dormant Child Trust Fund (CTF). If your children recently turned 18 you should check to see if they

Read More
Qualifying for Business Asset Disposal Relief

Qualifying for Business Asset Disposal Relief

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership. When this relief is available, a

Read More
What is the new National Wealth Fund

What is the new National Wealth Fund

The UK's new National Wealth Fund (NWF) represents a significant shift in the government's approach to fostering economic growth and addressing climate change. Established by the Labour

Read More