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Government promise to cut National Insurance confirmed

While commenting on the GDP growth and what it indicates about the economy, the Prime Minister again drew attention to National Insurance. The article released by the Prime Minister’s Office noted that the progress in the economy has allowed them to bring down taxes,...

Are you an early bird?

HM Revenue & Customs (HMRC) have released figures showing that 295,250 Self Assessment tax returns were filed in the first week of the new tax year. Almost 70,000 were filed on the first day – April 6th. This seems to suggest an increasing trend for filing tax...

How can you save on capital gains tax?

Over the last two years, the tax-free allowance for capital gains tax has been cut by over three-quarters. For the tax year that recently began on 6 April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees). These reductions mean that more...

Inflation falls in March

According to the latest figures released by the Office for National Statistics, the Consumer Prices Index (CPI) rose by 3.2% in the 12 months to March 2024. This is down from 3.4% in February. The main reason for the change was that prices for food are rising by less...

Don’t get caught out by tax avoidance

HM Revenue and Customs (HMRC) are running a campaign to help people avoid being caught out by tax avoidance schemes. This is particularly relevant to those who are contractors, agency workers, or are working through an umbrella company. Tax avoidance schemes are...

Employment Law changes in April

New employment laws came into force on 6 April 2024 that apply to all businesses. Here is a brief summary of the changes. Flexible working: An employee now has a right to request flexible working from their first day of employment. Previously, an employee could only...

What can you do to recover a hacked account?

Losing access to any of your digital accounts can be very stressful, and if it’s an account you need for work this can be doubly the case. The National Cyber Security Centre (NCSC) produces guidance that can help the self-employed and sole traders as well as any...

Have you checked your tax code?

Prior to the tax year starting each 6 April, HM Revenue and Customs (HMRC), will issue new tax codes to employees, usually where there is a change of tax code. These tax codes, a series of letter and numbers, allow employers to deduct the right amount of tax to be...

Is your business Disability Confident?

New Disability Confident guidance has been published to help managers recruit, retain, and foster the progression of disabled people and those with health conditions in the workplace. The Disability Confident scheme is voluntary and helps employers make the most of...

Increase in Child Benefit rates

HM Revenue & Customs (HMRC) have confirmed that Child Benefit rates increased on 6 April 2024. A family with one child will now receive up to £1,331 a year and up to £881 a year for each additional child. Payments are made to families on a 4-weekly basis and paid...

How should you respond to a cyber incident?

The National Cyber Security Centre (NCSC) has recently published a guide for CEOs (and by extension all business owners) on responding to a cyber incident. A cyber incident can occur in various forms and often result in financial loss, reputational damage, legal...

CMA reviewing deal between Vodafone and Three

Last year, Vodafone UK and Three UK announced a joint venture deal that would bring their customers under a new, single network provider. As two major providers of telecommunication services in the UK, this deal affects around 27 million customers. Many of these...

April 2024 – Property Newsletter

Welcome to our monthly newsletter for property landlords. We hope you find this informative and please contact us to discuss any matters further. Budget 2024: Key measures for property landlords The UK Spring Budget took place on 6 April 2024. Several measures were...

Employers – Are you ready for the new tax year?

The new tax year begins on 6th April and for employers running monthly payrolls, the March pay run will be the last of the 2023/24 tax year. Some things you will need to make sure you do and when you need to do them are listed below: Send your final payroll report of...

Charity ordered to stop sending spam texts

Penny Appeal, a charity based in Wakefield, have been ordered to stop sending unsolicited marketing texts by the Information Commissioner’s Office (ICO). The charity sent more than 460,000 unsolicited texts over a ten-day period to 52,000 people who had either not...

2024 – The year of the SME

2024 seems to be a good year to be a small business. The UK Government is doubling down on its commitment to the nation’s 5.5 million small businesses by announcing the launch of a new Small Business Council. Small businesses are the backbone of the UK economy,...

Self-Assessment: Be alert to potential scams

Self-Assessment customers, who are starting to think about their annual tax returns for the 2022 to 2023 tax year, should guard against being targeted by fraudsters, warns HMRC. Fraudsters target customers when they know they are more likely to be in contact...

Watch out for tax scams and fraudsters

Watch out for tax scams and fraudsters

Self Assessment customers, who are starting to think about their annual tax returns for the 2021 to 2022 tax year, should guard against being targeted by fraudsters, warns HMRC. There are plenty of fraudsters and scams around at this time, asking for personal...

Tax on Interest Earned in the UK

Tax on Interest Earned in the UK

Since 6 April 2016, banks and building societies are no longer required to deduct income tax from your interest before paying it to you. Instead, your interest is paid to you gross. With the changes, the Personal Saving Allowance was introduced as an addition to the...

How do Advance Tax Payments Work?

How do Advance Tax Payments Work?

Are you self-employed or have a business from which you earn dividends? If your UK tax bill is more than £1000 for a tax year and you pay less than 80% of your income tax at source i.e. salary income from which PAYE is deducted, HMRC will ask you to make advance tax...

How to Appeal a Self-Assessment Tax Penalty

How to Appeal a Self-Assessment Tax Penalty

Have you received a self-assessment tax penalty from HMRC and have reasonable grounds for an appeal? In this post we'll provide guidance on how to appeal your tax penalty. (Note: If you're a TaxDash user and you opt to pay the amounts outstanding instead of appealing,...

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