UNDERSTANDING SIMPLE ASSESSMENTSIf you owe income tax that cannot be collected automatically via PAYE, such as tax on bank interest or the state pension, HMRC may send you a simple assessment noticeThis letter shows how much tax HMRC believe you owe based ...
OverviewMany possible changes were the subject of speculation leading up to the Budget: this list includes things that have been ruled out, as well as changes that the Chancellor announcedThese key points include measures that were announced previously bu ...
What are reserves Charity reserves are made up of unrestricted funds, which can be freely spent on your charitable objects. Reserves excludes the following items:Restricted funds, which can legally only be used for their specific purposeDesignated funds, ...
All charities are required by the Charity Commission to review their internal financial controls at least annually. In this article we explore why this is important and how charities can carry this out in practice.Why are good internal financial controls ...
NATIONAL INSURANCE RATES CUTThe Chancellor has announced cuts to national insurance contributions (NIC) for self-employed taxpayers and employeesThe headline news from the Autumn Statement was the reduction of primary Class 1 and Class 4 NIC and the remov ...
PLANNING DIVIDENDS IN 2023 Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends The first £2,000 of dividends received by each taxpayer is currently tax-free but that dividend allowance will ...
DIVIDEND TAX Dividends are taxed at much lower rates than other forms of income and they are not subject to national insurance contributions This can make taking income from your own company in the form of dividends far more attractive than paying yoursel ...
CRYPTOASSETS ARE TAXABLE In uncertain times people instinctively look for alternative ways to invest and some may choose cryptoassets such as Bitcoin and non-fungible tokens If you decide to go digital with your investments, think about how the profit or ...
NATIONAL MINIMUM WAGE RATES RISE The national living wage (NLW) will rise to £9.50 per hour for pay periods starting on and after 1.4.22 along with the other national minimum wage rates The apprentice rate will rise significantly by 11.9% to £4.81 and wil ...
BEWARE OF MINI UMBRELLA COMPANIESUmbrella companies employ temporary workers such as contractors on behalf of employment agencies or very large companiesAn umbrella company should provide each worker with an employment contract and payslips. It should als ...
