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Termination payment clearance process
The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions (employer (NICs)) by
VAT retail schemes
VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are used by businesses that sell a significant amount of low value and/or small quantity items
Paying VAT on goods from EU to Northern Ireland
There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland Protocol, all Northern Ireland businesses continue to have access to the whole UK market.
New employment protections
New legislation, including three Government backed cross party Acts, came into force from 6 April 2024.
Pregnant women and new parents will now receive special treatment in a redundancy situation, as
What do we mean by profit?
When most business owners refer to business profits, they are likely to mean the difference between sales and costs, and more concisely, that sales exceed costs.
However, the word
To register or not to register
In the recent Spring Budget, the VAT registration threshold was raised to £90,000 (previously £85,000) which means that smaller businesses that did not want to register for VAT, now have an additional
Measures to support household budgets from 1 April
In a recent press release the government confirmed the following policies to support household incomes from 1 April 2024.
The National Living Wage has officially risen from £10.42 an hour to
Claim tax relief if working from home
If you are an employee who is working from home, you may be able to claim tax relief for part of your household bills that are related to your work. If your expenses or allowances are not paid by your
Restarting a dormant or non-trading company
HMRC must be informed when a non-trading or dormant company starts trading and becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the relevant information.
Online check how to import or export goods
HMRC has a useful online tool to help UK business owners check how to import or export goods. This online tool can be used by businesses, the self-employed and agents acting on behalf of a
