HMRC Targets Side Hustles: A New Era of Tax Compliance Begins

There’s an important update for those of us juggling side hustles alongside our regular jobs. HMRC has rolled out a significant change, effective from January 1 2024, focusing on popular platforms like Airbnb, Fiverr, Upwork, Uber, Deliveroo, and Etsy. What does this mean for you? Let’s dive in. Increased Transparency and Reporting In a bid […]

Basis Period Reform: Should I Change Accounting Date?

The question of whether to change accounting date is all the more important due to Basis Period Reform. There are advantages and disadvantages of changing, and how the change is implemented can impact a trader’s tax position. Unincorporated businesses may have their own reasons for changing accounting date, but below is a decision tree incorporating […]

Holiday Lets vs Buy-to-Lets: Pension Contributions and Tax Implications

Confused about property investments and pensions? Let’s break down the key differences between holiday lets and buy-to-lets in terms of pension contributions and tax. Pension Contributions Holiday Lets: You can contribute your holiday let income to your pension. Buy-to-Lets: Buy-to-let income can’t be contributed to your pension. Why The Difference? HMRC classifies holiday let income […]

Start-up loans for new businesses

Start Up Loans are personal loans designed to help new businesses begin trading. They were created to support would-be business owners who have struggled to secure finance from traditional lenders. To date, over 100,000 small firms have received loans, designed to help scale up activities. Delivered through the state-owned British Business Bank, the Start Up […]

Understanding Vehicle Replacement Grants in London: A Comprehensive Guide

Introduction Amid growing concerns over air quality, London is promoting various grant schemes aimed at incentivising the replacement of older, polluting vehicles. This guide offers an overview of the existing programmes, their eligibility criteria, and the application process. Why the Initiatives? Air pollution in London consistently exceeds recommended limits, posing public health risks. Replacing old […]

How the Employment Relations Act 2023 is Transforming Flexible Working

We are thrilled to share the exciting news that the Employment Relations (Flexible Working) Act 2023 has received Royal Assent, paving the way for significant changes in the current flexible working system. These proposed changes aim to create a more balanced and accommodating work environment for both employers and employees. In this blog post, we […]

Changes on the Horizon for Paternity Laws in the UK

In recent news, the UK government has announced significant amendments to paternity laws, bringing about a shift in how employers handle their policies and practices surrounding parental leave. While an exact implementation date has yet to be set, these impending changes necessitate proactive measures by all employers to ensure compliance with the revised regulations. This […]

4 New Laws Confirmed for 2024: What You Need to Know

In an effort to address important issues concerning employee rights and support, the United Kingdom has announced the confirmation of four new laws set to take effect in 2024. While these laws have been in development since 2018, they have now officially become Acts, signaling a significant step towards their implementation. However, it’s important to […]

Maximising Tax Savings with the New First Year Allowances Rule in the UK

The UK tax landscape has undergone a significant change with the introduction of the new First Year Allowances (FYA) rule, which has replaced the Super Deduction Capital Allowances. Businesses need to understand the implications of this new rule and how it can help them maximise their tax savings. In this blog post, we will explore […]

Mitigating the long-term effect of inflation

With continuing inflation in the UK, many of us and our businesses have been put “off track” in the short to medium term. The Bank of England recently increased interest rates by a quarter of a percentage point to 4.25 per cent, despite the turmoil that has engulfed banking in recent weeks. The rise was […]