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Insights from our payroll experts
Make the most of your ISA allowance before the new tax year
An individual savings account (ISA) is a tax-efficient way to save or invest your money. Each tax year, you can invest up to a certain amount of money into your ISA tax-free, known as your ISA allowance. The current ISA…
Avoid stress and prepare for payroll year-end
It is that stressful time of year again with the payroll year-end fast approaching. Payroll year-end ties in with the tax year-end, which is 5 April. The deadline for submitting details to HM Revenue & Customs (HMRC) is 31 May.…
Make voluntary National Insurance contributions to ensure pension entitlement
People planning to claim the UK state pension have been advised to check their National Insurance (NI) record to identify any shortfalls in their payment history. NI contributions, or lack of them, can affect a person’s entitlement to the state pension in…
Employers brace for uplift to the National Minimum Wage
Workers across the UK will get a pay rise from April as higher National Minimum Wage (NMW) rates are introduced. According to the Government, around two million of the UK’s lowest-paid workers will benefit from the rise in the National…
Fuel rate boost for electric car drivers, but other advisory fuel rates cut
Company car drivers will see changes to the amount they can claim back for fuel costs from their employer from 1 March. HM Revenue & Customs (HMRC) has also confirmed that the way the advisory electricity rate (AER) is calculated has been…
Implementation of MTD for ITSA delayed for two years
The Government has announced a two-year delay and further changes to the rollout of its Making Tax Digital for Income Tax initiative. The delayed implementation of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) means it will now be…
Take advantage of the super deduction allowance – before it’s gone
Businesses are being advised that time is running out to be able to take advantage of the Corporation Tax super-deduction capital allowance scheme. This allows businesses to claim back 130 per cent on investments made in plant or machinery. The…
Improving your business finances in 2023 and beyond
Every business needs sound financial planning and oversight in order to thrive. With the new tax year just around the corner, now is the perfect time to start thinking about ways you can improve your business’s finances in 2023. Read…
Should I take a salary or dividends as a small business owner?
If you own a small business and are also a shareholder director, you may be wondering whether to take a salary or dividends. When it comes to paying yourself, there are both advantages and disadvantages to each option, including potential…
Understanding and improving your balance sheet
Keeping on top of your business’s financial health is critical to its success. A great place to start is by understanding what a balance sheet is and what it can tell you about the health of your business. Let’s look…
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