Basis period reform: additional profits

Basis period reform: additional profits

From 6 April 2024 all unincorporated businesses (sole traders and partners in a partnership) are required to report profits or losses in line with the tax year. Businesses with an accounting period end other than 5 April or 31 March will need to report pro-rated...
New VAT compliance test for CIS

New VAT compliance test for CIS

HMRC has issued guidance on various changes to the existing construction industry scheme (CIS) rules. If you are a sub-contractor, obtaining gross payment status (GPS) allows you to receive full payments from your customers without tax deducted. To achieve GPS you...
National insurance rates cut

National insurance rates cut

The Chancellor has announced cuts to national insurance contributions for self-employed taxpayers and employees.The headline news from the Autumn Statement was the reduction of primary Class 1 and Class 4 NIC and the removal of compulsory Class 2 NIC. The main rate of...

Summer Placements

As we approach the summer holidays, it is not unusual for business owners to receive requests from friends/family for their children conducted a summer placement. In such a scenario it is important to carefully consider the below factors before accepting any children...