Just over 200 businesses – including some of the country’s best-known retailers – have failed to pay the minimum wage and will have to repay workers and face penalties of up to £7 million. The…
HMRC offers options on undeclared wealth
HMRC is offering taxpayers named in the leaked Pandora Papers a chance to correct their tax affairs. The October 2021 leak involved almost 12 million documents revealing hidden wealth and tax avoidance. The papers revealed…
Let’s talk about the National insurance gap extension
The normal time limit for a person to fill gaps in their national insurance (NI) record is six years, but transitional arrangements allow gaps to be filled back to 2006/07. The deadline for making such…
Action to counter increase in UK wide fraudulent activity
The government has announced a new initiative to counter fraudulent activity, particularly in the financial sector. You might not be surprised to learn that fraud is now the most common crime in England and Wales,…
Tax and your home solar panel system
With continuing high electricity prices, now could be a very good time to install solar panels at your property. Unless a solar battery is part of the system, it makes sense to sell excess electricity…
Increase in number of estates paying IHT
The combination of a frozen inheritance tax (IHT) nil rate band and considerably higher property values has pushed more estates into the IHT net. The average IHT bill is now nearly £62,000, with much larger…
Self-assessment threshold rises from 2023/24
There is a long list of reasons why it is necessary to complete a self-assessment tax return, but PAYE taxpayers are generally exempt from the requirement. Previously, exemption was subject to a £100,000 income ceiling,…
The Ofgem price cap returns
From 1 July, the energy price cap set by energy regulator, Ofgem, will fall from £3,280 to £2,074. Prices are currently capped at £2,500, but this further reduction will help home-based employees and any small…
Government’s tax take on growth trajectory
Analysis of the projected outcomes of the government’s tax policies show an expected increase to the number of higher rate personal taxpayers, with the corporate tax yield expected to grow substantially. Income tax The default…
Potential benefits from directors’ loans
Business owners could seek to earn interest on directors’ loans with little-to-no tax implications, although only patient directors willing to meet the reporting requirements will benefit. Even though the rate of interest charged by HMRC…