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Insights from our payroll experts

IR35 rules – What they are and why they matter

The status of IR35 or off-payroll working has caused some confusion since the repeals to reforms put forward by former Chancellor Kwasi Kwarteng were subsequently scrapped by new Chancellor Jeremy Hunt. IR35 is tax legislation designed to deal with a…

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How to keep workplace gifts tax-free this Christmas

The season of goodwill is just around the corner as Christmas approaches. It is a time of year when employers look to reward their staff for their efforts throughout the year. But they should be aware that certain tax, National…

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How to protect your business from inflation

Inflation has been described as paying £15 for the £10 haircut you used to get for £5 when you had hair. It is soaring at the moment and leaves business owners facing real problems. If they increase their prices, they…

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Announcements by the Chancellor – 17 October 2022

The markets have experienced considerable volatility as a result of the ‘Growth Plan’ delivered by the former Chancellor, Kwasi Kwarteng on 23 September. That made regaining economic confidence an urgent task for the newly appointed Chancellor, Jeremy Hunt, who has…

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Corporation Tax to rise in April 2023: what you need to know

The Prime Minister has announced that the Corporation Tax increase announced by the previous administration and then cancelled by the former Chancellor Kwasi Kwarteng will take place in April 2023. What does the announcement mean? Companies with profits of £250,000…

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What does Sterling’s historic value against the dollar mean for investment?

Sterling’s fall to close to parity with the dollar means that the cost of investing in UK businesses is lower than ever, especially for businesses and individuals based in the US or otherwise primarily trading in dollars. Simply put, their…

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The rate of late tax payments interest rates continues to rise

From 11 October, the interest rates on late tax payments rise again in line with the Bank of England’s (BoE) latest base rate increase. The BoE increased the base rate by 0.5 per cent to 2.25 per cent in September,…

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Are you ready for changes to R&D tax reliefs in 2023?

R&D tax reliefs have supported hundreds of thousands of businesses to invest in innovation by cutting the amount of tax that they pay. However, from 1 April next year, there will be several changes to the rules surrounding R&D, which…

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What does the repeal of IR35 mean for businesses and contractors?

The IR35 and off-payroll working rules, which affect how contractors operating through a personal service company (PSC) are classed and taxed, will be repealed in April 2023. Under the most recent reforms, IR35 in the private sector limited the way…

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What does the Income Tax cut mean for you?

When the former Chancellor Kwasi Kwarteng announced his changes to the basic rate of Income Tax you may have wondered what it meant for you. From 6 April next year, the basic rate of Income Tax will be reduced by…

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