by AJN Accountants | Sep 14, 2024 | Tax planning
From 1 January 2024 online platforms such as websites, online marketplaces and apps that allow individuals and businesses to sell items and services are required to collect and report seller information and income to HMRC. If you sell items through eBay, Etsy,...
by AJN Accountants | Sep 1, 2024 | Tax planning
Every year, HMRC conducts a PAYE End of Year Reconciliation to compare the tax deducted from wages and pensions against the actual tax owed for the year. If there is an underpayment or overpayment, HMRC informs the taxpayer through a P800 form. When employees receive...
by AJN Accountants | Jun 6, 2024 | Tax planning
HMRC has updated its guidance to clarify the tax position of reimbursed travel costs for hybrid workers. As many employees are now working from home at least part of the time, some employers are offering to repay certain travel expenses. HMRC’s updated guidance...
by AJN Accountants | Feb 17, 2024 | Accounting, Advice, Business, News, Small Businesses, Tax planning
If you engage part time workers, or staff who work irregular hours, on permanent contracts you need to be aware of new rules affecting holiday pay calculations which take effect for holiday periods starting after 1 April 2024. Getting holiday pay right is vital,...
by AJN Accountants | Dec 11, 2023 | Accounting, News, Tax planning
A dramatic simplification of the MTD processes to be introduced in 2026 including no EOPS; cumulative submissions each quarter; and restrictions for complex situations. Taxpayers with turnover over £50,000 will be brought into MTD ISTSA from April 2026. The £50,000...
by AJN Accountants | Dec 4, 2023 | Accounting, Advice, Financial planning, News, Small Businesses, Tax planning
Cash basis to replace accruals for the self-employed as standard tax reporting method for 2024-25 (first year of tax year accounting). From April 2024, as part of a move to simplify calculation of taxable profits for Making Tax Digital, all self-employed taxpayers and...
