Accountancy News
Spring Budget 2024

Spring Budget 2024

On 6 March we saw the Chancellor, Jeremy Hunt, deliver the spring budget ahead of the general election. The ‘Budget for Long Term Growth’ announced the economy is turning a corner with inflation expected to fall, lowering taxes, improving public services and seeing...

Selling Online

Selling Online

At the start of the year, the press widely reported that people with a 'side hustle' selling clothes online could 'end up paying tax on their earnings' The reporting of this suggested that there were new tax rules, however, that is not the case. Instead what has...

Autumn Statement – Class 2 NIC

Autumn Statement – Class 2 NIC

From 6/4/24 NO Class 2 NIC will be payable by the self employed with profits over £6,725 including those with profits over £12,570. Anyone with profits under £6,725 can make voluntary class 2 NIC contributions should they wish to keep a full NIC record.

Tax Relief on Pension Contributions

Tax Relief on Pension Contributions

Tax relief is available on contributions to registered pension schemes up to certain limits. There are two different methods by which employers can effectively give tax relief on employee contributions - net pay arrangements and relief at source. The names are...

Self-assessment tax return deadline

Self-assessment tax return deadline

A reminder that the deadline for submission of self assessment tax returns for the year to 5th of April 2022 is fast approaching To avoid automatic penalties, tax returns must be submitted and the tax liability paid by 31st January 2023

Tax update – Autumn 2022

Tax update – Autumn 2022

Last week saw the current Chancellor, Jeremy Hunt, deliver the much-awaited Autumn Statement. There had been significant speculation around the tax rises and spending cuts that this statement would potentially bring, and it is fair to say that there were few surprises...

Employers and employees – Right to Work

Employers and employees – Right to Work

From 1 October 2022 all UK Employers are legally bound to carry out a right to work check on all new employees to prevent illegal working. This has to be carried out before the employment begins. Failure to carry out these checks can lead to penalties of up to £20,000...

Tax Return Deadline – 31st January 2022

Tax Return Deadline – 31st January 2022

A friendly reminder that the deadline for self-assessment for income to the 5th April 2021 is 31/01/2022 Failure to meet this deadline results in an automatic late filing penalty of £100 If you are filing your own self-assessment return then we would urge you to do...

Albert the Owl

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albert@robinsonudale.co.uk

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