Every UK employer must get Employers’ Liability (EL) insurance as soon as you become an employer, your policy must cover you for at least £5 million. If an employer does not have EL insurance, they can be fined by The Health and Safety Executive (HSE) £2,500 for every day that they are not property insured. […]

HMRC has designed payment on account to help the self-employed stay on top of their payments. Additionally, in comparison to an employed individual who are taxed monthly at source through PAYE, a self-employed individual will only pay their tax bill in the January after the end of the previous tax year, so not to benefit […]

The Chancellor announced in his Spring Statement that the NI ‘primary threshold’ will be increased in July 2022, to £12,570 per year, bringing it into line with the starting point for income tax. This means any individual earning below £12,570 on UK payroll will not pay any tax or NI. However, you may be asking […]

The annual allowance is the limit on how much money you can build up tax-free in your pension in any one tax year.  The annual allowance has increased to £60,000 per year in 2023/24 tax year (previously £40,000). Included in the allowance amount are the following – The annual allowance applies across all your pension […]

Chancellor Rishi Sunak gave his Spring Statement on 23 March 2022. The chancellor referred to the on-going war in Ukraine and how he is considering the UK’s responses to that war and to our security in that respect and in the state of our economy. The chancellor confirmed that “We stand with Ukraine”, however actions […]

If an employer provides expenses or benefits to employees or directors, then at the end of the tax year you’ll usually need to submit a P11D form to HM Revenue and Customs for each employee you’ve provided with expenses or benefits. This also includes payments or benefits made to any members of their families, like spouses or […]

New rules mean that UK residents with capital gains tax to pay on the sale of UK residential property must report and pay this to HMRC within 60 days. The new rules apply to all UK residents who exchange contracts on the sale of UK residential property on where there is some capital gains tax […]

Introduction The Making Tax Digital Income Tax Self-Assessment (MTD ITSA) legislation will apply to all sole trader businesses and landlord’s whose turnover is more than £10,000. The definition of turnover is amount received before applying expenses.  If an individual has a trade and a rental property, they are required to add the turnover from each of these […]

Employers wishing to pay or reimburse travel expenses may use the meal allowance benchmark rates, these are the amounts that employees can spend while on work trips for meals and have no tax or NI implications where the relevant qualifying conditions are met. These rates are the maximum tax and NICs free amounts that can […]