Knowing which business expenses you can claim could substantially reduce your company tax bill and improve your take-home pay. Many self-employed individuals and business owners struggle to understand which costs qualify as allowable expenses and which don't. The main criterion is that expenses must be incurred 'wholly and exclusively'...
Read moreThere’s no such thing as a free lunch. Well, there could be, but it depends on the details. Many business owners make the mistake of thinking all staff and client lunches can be recorded as an allowable expense claim with HMRC. Unfortunately, it’s not that simple. HMRC rules focus on whether your meal expenses serve "wholly and ...
Read moreOver the past few years, IR35 has been a hot topic. The private sector underwent a major change in April 2021. Medium and large-sized businesses, not contractors, now determine IR35 status. This has created extra complexity. Recruitment agencies face this challenge more acutely, as they could receive hefty tax bills when end clients make ...
Read moreSmall businesses can face devastating financial consequences from accounting mistakes that often go undetected until serious issues arise. These problems usually surface when tax bills arrive, deadlines pass, or funding applications need review. Poor cash flow management can get pricey and create tax complications. In extreme cases, it mi...
Read moreWould you like to reduce your tax obligations whilst increasing benefits to your employees? If that appeals, then PAYE settlement agreements could be something of interest. PAYE settlement agreements let you make one annual payment to HMRC. This eliminates the need to process multiple employee benefits through payroll or P11D forms. Yo...
Read moreYour company needs proper business legal services to stay protected. Small startups and large enterprises alike face challenges in the legal world without expert guidance. People often think legal services are there to help manage crises, but good legal support should ensure you don’t find yourself in that position to start with. The...
Read moreWritten statements and Employment Contracts When a new employee starts a written statement of particulars of employment (Written Statement) must be provided to an employee. What must be included within the Written Statement? The Written Statement must contain the following information: Names of the employer and employee. The da...
Read moreThe Employment Rights Bill (the Bill), published back in October 2024, brings one of the biggest changes to UK employment law in recent years with 28 reforms in multiple areas and is very near the end of its Parliamentary journey. Those in the “know”, suggest the Bill will receive Royal Assent in November 2025 with the first provisi...
Read moreThe contractor vs employee decision can save your business thousands of pounds if you understand the true cost implications. The UK has 2.05 million freelancers in 2024, and businesses are thinking over their hiring options more than ever. Contractors might charge higher hourly rates than employees, but the complete financial picture isn'...
Read moreWelcome to the third and final instalment of our statutory pay series. In part one we covered what statutory pay is, the minimum earning thresholds, and amounts etc. In part two we went through how to set up your payroll system and common pitfalls to avoid. And now, in this final part we will discuss some of the key points in handling req...
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