The 500T tax code in the UK is a temporary, non-cumulative code used by HMRC when they lack information. They use this code to assign a standard tax code, usually in new employment, complex tax situations, or as an emergency measure. HMRC’s ...
READ MOREFrom April 2026, small and medium-sized businesses will be required to report and pay taxes on employee benefits like company cars and accommodation directly through their payroll software. This change eliminates the need for separate paperwork and simplifies the process. Ultimately, the ...
READ MOREEnvironmental consciousness is becoming more and more aligned with business operations, and electric vehicles (EVs) are becoming a popular choice for company cars as a result. This shift is as much about saving the planet as it is about the significant ...
READ MOREIf you employ one or more people for paid work, it’s essential that you have a properly managed payroll. Representing a significant cost to businesses and of high importance to employees, labour costs must be managed correctly – which includes paying ...
READ MOREWorking remotely has increased since the Covid pandemic, with 12.7 per cent of employees now working full-time from home in 2023. As an employer, you need to ensure you have a comprehensive and up-to-date remote working policy to address possible tax ...
READ MOREHybrid vehicles are becoming an increasingly attractive option for businesses. With changes in company car tax bands and the environmental benefits they offer, hybrids are a step towards sustainability and a smart financial decision. Understanding company car tax Company car tax, or Benefit ...
READ MOREInheritance Tax (IHT) can be a sensitive and uncertain topic when discussing with loved ones, but it is something that cannot and should not be avoided. Let’s explore the basics of Inheritance Tax, along with how it impacts your finances so ...
READ MOREAs we approach the 31 January 2024 tax return deadline, it's crucial for sole traders, to be well-prepared and aware of your obligations. Below, we outline some practical steps to help you navigate the complexities of the Self-Assessment tax return, a ...
READ MOREBetween the 2020/21 and 2022/23 tax years, there was a 21 per cent rise in tax investigations into SMEs, highlighting the fact that HM Revenue & Customs (HMRC) has ramped up its interest in this area. With this in mind, compliance ...
READ MOREFor small businesses navigating the Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) initiative, tax returns can be complex. The new HM Revenue & Customs (HMRC) app seeks to make the process easier, however. The digital tool marks a significant shift ...
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