New guidance from HMRC on Research and Development (R&D) tax relief ‘could be clearer’, according to the Institute of Chartered Accountants in England and Wales (ICAEW). HMRC’s draft guidance covers the restriction applying for contractor payments and payments for externally provided workers (EPWs) where the R&D activity takes place overseas; and the new rules for contracted-out… Read more…

The UK’s business groups warned that challenges remain despite the Chancellor delivering an encouraging Spring Budget. The British Chambers of Commerce (BCC) said that while the cut to NICs would ‘boost jobs’ it had failed to ‘shift the dial’ for business. Shevaun Haviland, Director General of the BCC, said: ‘Following the Autumn Statement this Budget was always set to… Read more…

The Chancellor made further changes to National Insurance contributions (NICs) following the cuts made in the Autumn Statement 2023. The rates for NICs will be cut by two percentage points for both employees and the self-employed from 6 April 2024. This will see Class 1 employee NICs reduced from 10% to 8% from 6 April… Read more…

HMRC’s decision to halt its plans to restrict taxpayer helplines and direct people to online services instead has been met with relief by the Federation of Small Businesses (FSB). The tax authority had announced that it was closing its self assessment helpline for six months every year. It was also restricting the opening times of… Read more…

When running a small business, it’s often possible to work from home. After all, many of the juggernauts of the business world began their efforts around a kitchen table. However, companies that are growing require more space. A dedicated area for business, whether that’s an office, store front or storage, can quickly become a necessity.… Read more…

New company car advisory fuel rates have been published and took effect from 1 March 2024. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or… Read more…

HMRC has published the latest issue of the Employer Bulletin. The February issue has information on various topics, including: Please contact us for help with tax matters. Internet link: Employer Bulletin

The government has named and shamed over 500 UK employers for underpaying their employees. 524 businesses were named for failing to pay the minimum wage to pay 172,000 workers, with offending employers ordered to pay nearly £16 million plus an additional financial penalty. The National Living Wage (NLW) is set to rise to £11.44 an… Read more…

The amount needed for a single person to have a moderate retirement has risen to £31,300, according to the Pensions and Lifetime Savings Association (PLSA). The rising cost of living and an increased importance on socialising following the pandemic had pushed up the income required by £8,000, the PLSA said. The PLSA uses evidence from… Read more…

Just a week after HMRC released new guidance that classed double-cab pickups as cars rather than vans, the government reversed the decision. On 19 February, HMRC confirmed that it’s reversing the updated guidance announced on 12 February, meaning that double-cab pickups will continue to be treated as goods vehicles rather than cars. The government said… Read more…