The VAT treatment of motor expenses is an important concern for any business that incurs VAT on these costs. Below, we highlight key points to consider regarding the recovery of input tax (VAT) when
VAT recovery from car leasing payments
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Changing a company’s year end date
There are specific rules that restrict changing a company’s year-end date, also known as the "accounting reference date". Initially, this is based on the date of incorporation. Under certain
Managing business cashflow
Cash Flow Forecasting
Creating a cash flow forecast helps you predict your inflows and outflows, allowing you to anticipate any cash shortages. Update it regularly, be conservative in estimates, and
Recent speculation on forthcoming Budget
There is unlikely to be much to celebrate when Rachel Reeves delivers her first Budget on the 30th of October.
Speculation is rife regarding the likely targets for tax increases. We have listed a few
Pension fund withdrawal options
Most personal pensions set a minimum age at which you can start withdrawing money, typically not before age 55. Some pension benefits can be taken tax-free. Generally, you can withdraw 25% of your
Who qualifies for Tax-Free Childcare?
The Tax-Free Childcare (TFC) scheme helps working families manage childcare costs by providing support through a wide network of registered providers, including childminders, breakfast and
Boosting your State Pension
HMRC has issued a new press release reminding readers of a limited-time opportunity to enhance their State Pension. Currently, there is an opportunity for affected individuals to address gaps in their
Deferring Class 1 NIC contributions
Employees with more than one job may be eligible to defer or delay paying Class 1 National Insurance in certain situations. This deferment can be considered if any of the following apply:
You pay
Payments on account for self-assessment
Self-assessment taxpayers typically need to pay their Income Tax liabilities in three instalments each year. The first two payments on account are due by 31 January during the tax year and by the 31
Class 4 National Insurance payments
Self-employed individuals are usually required to pay Class 4 National Insurance contributions (NICs) if their annual profits exceed £12,570. For the 2024-25 tax year, Class 4 NIC rates are set at 6%
An outline of the Employment Rights Bill
Legislation has been introduced in Parliament to upgrade UK workers’ rights.
The legislation is wide ranging with the intention of tackling poor working conditions and benefitting businesses. A
New brooms to deliver better pension frameworks
The Department for Work and Pensions has published an outline of the new Pensions Scheme Bill. There are three main objectives that the government want to achieve, and they are set out below. However,
Using the GOV.UK ID Check app
The GOV.UK ID Check app is used to allow applicants to verify their identify when they sign in to a government service with GOV.UK One Login. Once this had been completed satisfactorily, your identity
Service tipping law now in force
New regulations that prohibit employers from withholding tips for employees in the hospitality, leisure, and services sectors took effect on 1 October 2024. This change follows the enactment of The
New powers for banks to combat fraudsters
Banks will be granted new powers to delay and investigate payments suspected of fraud, enhancing consumer protection against scammers.
Under new laws being proposed by the Government, banks will be
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