Hospitality workers to benefit from tips regulation change

July 26th, 2022

Hospitality staff will be able to keep their well-deserved tips from grateful customers under new legislation that has been backed by Government. Although customers may leave cash to say thank you to their waiter staff, many employers still keep the money for themselves. For card payments, it is even harder to keep track of where […]

Get help to avoid debts spiralling out of control

July 21st, 2022

People who are worried about the impact of rising prices and its effect on household incomes are being urged to seek support. Speaking to a trained and experienced debt adviser about your situation could help you decide what to do before the situation gets out of control. Having early conversations is the best first step […]

Millions of workers to benefit from tax cut

July 19th, 2022

Around 30 million people across the UK will be looking forward to seeing extra cash in their pocket after the biggest personal tax cut in a decade came into force. Some lucky workers will be saving £330 a year, with around 2.2 million no longer having to pay tax. The £6 billion tax cut will […]

Amazon faces probe over third-party practices

July 14th, 2022

Online retail giant Amazon is being investigated by the Competitions and Markets Authority (CMA) over concerns its practices could result in a worse deal for customers. It is understood the investigation will be looking at how Amazon’s operations affecting sellers on its UK Marketplace may be anti-competitive. This new investigation follows a current European Commission […]

Government reviews personal insolvency framework

July 13th, 2022

Have you ever found yourself in financial distress, struggling to juggle the bills and balance the books? Or perhaps you have supported someone with their debt issues. The Government is looking for input from anyone who has been touched by severe money problems as it reviews the personal insolvency framework for England and Wales. Anyone […]

What does goodwill mean ?

July 11th, 2022

In a business context, goodwill could be defined as the amount that a buyer would be prepared to pay for your business over and above the valuation of the business net assets. Very often, it is the relationships that you have built with your customer base that is the most valuable asset. Buyers will be […]

Easier access to free TV licenses

July 7th, 2022

Pensioners on low incomes will find it easier and quicker to apply for or renew their free TV licence under reforms laid in Parliament today. The legislative change will ease the administrative burden put on eligible over-75s when applying for a free licence. As it stands those affected are required to obtain and share documentation […]

Tax gap running at 5%

July 5th, 2022

HMRC published a report last month that acknowledges it was only able to recover 95% of the taxes assessed for 2020-21. In monetary terms, the tax gap for the 2020-21 tax year is £32 billion. At 5.1%, there has been no change in the percentage tax gap compared to the previous year, although the monetary […]

Tax Diary July/August 2022

July 5th, 2022

1 July 2022 – Due date for corporation tax due for the year ended 30 September 2021. 6 July 2022 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2022 – Pay Class 1A NICs (by the 22 July 2022 if paid electronically). 19 […]

Loss of personal allowance

July 1st, 2022

If your taxable income exceeds £100,000 you will suffer a reduction in your personal tax allowance. For every £2 that your income exceeds £100,000, £1 will be knocked off your allowance. The reduction is progressive and means that once your income exceeds £125,140 your personal allowance of £12,570 will be reduced to zero. As Income […]