There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs. Class 2 NICs are paid by all self-employed taxpayers unless they earn under the Small Profits Threshold (SPT), currently £6,725, which remove the necessity to pay NICs. Class 2 NICs […]
The steady march of Artificial Intelligence (AI) has reshaped the way we work, penetrating almost every aspect of modern business. This seismic shift to AI has offered a plethora of benefits across industries ranging from retail and healthcare to banking and financial services. On the flipside, drawbacks and potential dangers of using this new technology […]
Company insolvencies across England and Wales fell in July and are six per cent lower than the same month last year, official figures show. The headline reduction in insolvencies to 1,727 is down 20 per cent compared to June’s registered total of 2,163. The level of Creditors’ Voluntary Liquidations (CVLs), mainly seen among smaller companies, […]
A change in a taxpayer’s circumstances could mean they need to complete their first ever self-assessment tax return. Tax is usually deducted automatically from wages and pensions; however, people and businesses with other income must report it in a tax return. HMRC must be informed by October 5 by those who need to complete a […]
Small and medium-sized businesses can now access support to reduce energy bills and carbon emissions through a new advice site. The UK Business Climate Hub offers help for Britain’s 5.5 million SMEs, providing advice on everything from paying less for electric vehicles to generating green energy and selling it back to the grid to make […]
Accountancy, like many other industries, has long struggled with a dire skills vacuum within the sector. The pool of qualified accountants continues to shrink, with the over-50s and those aged 18 to 24 leaving the workforce in the greatest numbers. Figures suggest many older accountants chose to retire early during the pandemic, while younger individuals […]
HMRC interest rates for late payments will increase again this month to their highest level since 2001. Late payment interest is payable on tax bills covering income tax, National Insurance contributions, capital gains tax, corporation tax pay and file, stamp duty land tax, stamp duty and stamp duty reserve tax. The latest rise was triggered […]
The UK’s financial watchdog has warned it will crack down on lenders that fail to justify low savings rates. The Financial Conduct Authority (FCA) said providers who fail to show how their rates represent fair value to customers could face “robust action by the end of 2023”. This could include fines. It is part of […]
The pandemic triggered a seismic shift in working practices with remote and hybrid working become the norm at many UK businesses. Even when a return to the traditional workplace became possible, it was evident many workers preferred a more flexible arrangement. Well-reported difficulties in recruitment and talent acquisition led many employers to accept flexible working […]
Voluntary and community organisations will benefit from a £5.5m pot awarded by HM Revenue and Customs (HMRC) to support customers who may need extra help with their tax affairs. HMRC is inviting eligible organisations to bid for the funding, worth £1.8 million a year from 2024 until 2027, through HMRC’s Voluntary and Community Sector Grant […]