HMRC New Tool for Voluntary National Insurance Contributions
In the UK, the National Insurance (NI) system serves as a fundamental pillar of the welfare state, providing financial support and services to individuals throughout their lives. National Insurance Contributions (NICs) require mandatory payments made by most employees, employers, and self-employed individuals to fund state benefits, including the State Pension, statutory sick pay, and unemployment […]
Tips for Preparing Your Self-Assessment Tax Returns
As we approach the end of the current tax year, individuals and businesses are gearing up for the annual task of collating their information to enable them to file their Self-Assessment Tax Returns with HM Revenue & Customs (HMRC). This process can often seem daunting, but with careful preparation and organisation, it can be managed […]
Tax Planning – Get ahead for 2023/24
Tax Planning plays a pivotal role and is a crucial aspect of financial management that individuals and businesses must consider. At NRB, we understand the complexities of taxation and aim to provide comprehensive guidance to our clients to ensure effective tax planning. As the current tax year draws to a close, it’s essential to consider […]
Concise Overview of Recent Tax Developments
Key Insights from the Latest Tax Updates for the Week Ending 21st February 2024 This week’s tax news roundup includes significant developments such as: Documentation Requirements for Creative Industry Tax Reliefs In light of recent changes and tax developments announced by HMRC, companies seeking creative industry tax reliefs must now provide compelling evidence to support […]
Side Hustling and Tax Regulations: HMRC Requirements
In the ever-evolving landscape of employment, the concept of side hustling has become increasingly prevalent. Side hustles, often undertaken alongside traditional employment, offer individuals a means to pursue their passions, bolster their income, or simply explore new opportunities. However, as the gig economy continues to expand, tax authorities such as HM Revenue and Customs (HMRC) […]
Expansion of Cash Basis for Unincorporated Businesses
Commencing from the tax year 2024/25, a change is set occur for eligible unincorporated businesses. The default method for calculating profits will transition to the cash basis, providing unincorporated businesses the option to choose the accruals basis if preferred. This shift is poised to simplify accounting procedures, offering increased flexibility for unincorporated businesses in managing […]
Autumn Statement 2023 – Main Highlights
The Autumn Statement provided personal tax cuts, a State Pension triple-lock guarantee for April 2024, greater ISA freedoms and consultations around a new lifetime pension. Yesterday afternoon, Chancellor Jermey Hunt laid out his plan to help ease the cost-of-living squeeze and ‘turbo-charge’ UK economic growth. If you didn’t manage to watch or hear the Statement […]
Extension of MTD Requirements
From 6th April 2026, businesses, self-employed individuals, and landlords with an income of more than £50,000 will be required to keep digital records and provide digital quarterly updates on their income and expenditure to HMRC through MTD compatible software. For those with income between £30,000 and £50,000 will be required to do this by April […]
Juggling Christmas Festivities and the Self-Assessment Tax Return Deadline
As the festive season draws near, the excitement of Christmas is palpable across the country, particularly here in Wigan. With the streets of Standish bedecked in twinkling lights, the scent of spiced mulled wine wafting through the air in Scholes, and the melodies of carols echoing in bustling market squares of the town centre, it’s […]
Has having an electric company car just got even better?
HM Revenue & Customs (HMRC) have now confirmed the position for employees being reimbursed by their employer in relation to home electricity costs. There was always some confusion as to whether this would trigger a Benefit in Kind (BIK). However, HMRC have now made the treatment clearer, and its good news for the employee (if […]
