From today [Tuesday 1st October], millions of hard working and dedicated workers will benefit from new laws which will ensure they keep 100% of the money they have earned through tips. Introduced through a Private Members’ Bill last year, the Employment (Allocation of Tips) Act and the statutory Code of Practice on fair and transparentContinue reading “Millions to take home more cash as Tipping laws come into force”
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Home owners claim £170m in rent a room tax relief
Over 1.8 million UK adults rent out furnished rooms in their home allowing them to qualify for up to £7,500 in tax free income under the rent a room scheme In total £170m was claimed in the tax relief in 2023-23 showed HMRC figures, but the number of rent of room landlords using the schemeContinue reading “Home owners claim £170m in rent a room tax relief”
£150 cap on Christmas parties to avoid tax bill
Businesses planning to spend big on Christmas parties this year could leave employees facing a hefty tax bill. Company bosses who spend more than £150 per head on staff events per year could mean employees paying a taxable benefit in kind on the outlay, warned Forbes Dawson. It is important to note that it employeesContinue reading “£150 cap on Christmas parties to avoid tax bill”
HMRC raids takeaways to net till fraud suspects
This month we spoke to Hamzah, CEO at Regent Branding! Regent Branding | Facebook | LinkedIn Hey! Tell us about your business. Regent Branding…
How to use your tax-free allowances before 5 April 2024
People have less than a week to use their tax-free allowances before the end of the tax year with pension contributions, salary sacrifice and capital gains tax allowances all worth considering There is are a range of tax-free allowances to use before the end of the tax year on 5 April. The first £12,570Continue reading “How to use your tax-free allowances before 5 April 2024”
Bank of England keeps interest rate at 5.25%
If you run a business in the UK then you might need to submit a Company Tax Return and pay Corporation Tax…
April changes to minimum wage and sick pay
There’s nothing more satisfying than clearing out your wardrobe – and while you may not want your old stuff anymore, some things…
HMRC to launch MTD for income tax pilot on 22 April 2024
HMRC will launch the first pilot for agents and accountants to trial out the Making Tax Digital for Income Tax Self Assessment reporting environment next month. The pilot will go live from 22 April 2024 and HMRC has written to tax agents and accountants asking them to get involved with the first phase of theContinue reading “HMRC to launch MTD for income tax pilot on 22 April 2024”