On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. The Chancellor laid out three core priorities of stability, growth and public services. The government sought a...

Chancellor brings forward further medium-term fiscal plan measures Reversal on Emergency Budget 2022 Chancellor brings forward further medium-term fiscal plan measures As the saying goes, a week is a long time in politics. However, recent events have been...

Chancellor Kwasi Kwarteng has outlined a 'Mini Budget' with a stream of policy announcements. Here is our summary. National Insurance The government will scrap the 1.25% increase (to Class 1) in National Insurance contributions announced in September 2021. Not...

HMRC has raised the interest rates charged on late tax payments by 0.5%, up to 4.25%, in a change that came into force on Tuesday, 23rd August. HMRC links its interest rates on late payment charges with the Bank of England's base rate, which increased from 1.25% to...

With just over 18 months until rollout, one in five UK sole traders have still not heard of Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), according to accountancydaily.co Despite the extensive publicity, 20% of sole traders are unaware of the...

Amidst another busy week in the political world, you may have missed the tax cut worth up to £330 each for 30 million workers. On the 6th of July, a change in the threshold for making national insurance (NI) contributions meant that many workers will keep more of...

If you are in the market for accounting software, you might feel overwhelmed by all the available options. Xero, Sage, QuickBooks, FreshBooks, and Freeagent, to name a few. There are many to choose from, and getting it right is important. Modern and usually...

HMRC has provided a reminder to ensure that employers accurately reflect increased NIC thresholds in the July payroll. To accommodate the National Insurance threshold change, payroll software, including HMRC’s Basic PAYE Tools, will need to be updated. It may happen...

Today is the last day of the UK tax year. It’s also the deadline for using your ISA allowance. After today your tax-free ISA allowance for 2021/22 is gone. If you must fill out a tax return, HRMC should send you a notification. The deadline for filing your 2021/22 tax...

Cryptocurrencies (crypto) such as Bitcoin and Ethereum have generated much interest in recent years. Their rapid increase in value (and volatility!) has also attracted regulatory scrutiny, and as accountants, we keep a close eye...

Recruiting, retaining, and engaging talent is one of the accountancy industry's main challenges today. While the pandemic has catalysed this issue, there was undoubtedly a shift occurring long before the emergence of Covid. In general, people are reassessing and...

With the cost of living crisis, most notably food, fuel and energy price rises, this was a much-anticipated 'mini-budget' announcement to see if the UK Government would introduce new policies that could help with personal budgets. The Statement warned consumers to...

The UK Government recently announced the next phase of ‘living with Covid’. For Scotland, this meant an end to the current statutory sick pay (SSP) rules with COVID-19 from 21st March; we are now back to pre-pandemic rules. The right to claim SSP from the first day of...

​In order to help achieve its CO2 emissions targets, the UK Government is incentivising businesses and employees to switch to electric vehicles, with attractive tax savings and incentives. Whether leasing or buying, businesses and their employees can make significant...

Rishi Sunak, the Chancellor of the Exchequer, has insisted he will continue to go after Covid-19 fraudulent claims despite reports that the Government intends to write off £4.3billion in mistaken payments and illegal claims. In 2021, in an attempt to recoup the...

The Scottish Parliament has again used its powers to change income tax rates and bands, which take effect from 6 April 2022.Whilst rates of tax will remain unchanged, bands will be amended, as follows: The Starter and Basic Rate bands will increase by inflation. The...

Employees are a company’s biggest asset – and making sure they are paid properly has to be a business owner’s number one priority. James Milne Chartered Accountants partner, Lauren Thompson offers advice to business owners wanting to avoid payroll errors. Ensuring...