Christmas Hustle: Getting ahead of the deadline
Recent data from HM Revenue and Customs (HMRC) reveals an interesting trend in tax filing behaviour: 4,409 individuals completed their 2023-2024 tax returns on Christmas Day itself, well ahead of the January 31st deadline. The broader holiday period saw an impressive total of 40,072 taxpayers submitting their returns, demonstrating that financial responsibilities remain a priority […]
Autumn Budget 2024 – Main Highlights
Rachel Reeves stood up yesterday to deliver the first Budget by a woman, “in our country’s history” and stated that “the only way to drive economic growth is to invest, invest, invest.” The Chancellor introduced measures including hikes in National Insurance Contributions, Capital Gains Tax, Stamp Duty Land Tax as well as changes to Inheritance […]
What can the UK expect ahead of the next Budget?
Will this be a real punch in the face for the taxpayer? As the UK awaits the upcoming budget announcement, the Government’s proposals are under increased scrutiny as they outline their vision for addressing economic challenges while also distinguishing themselves from the previous Conservative government. Labour’s economic platform is expected to resonate as they push […]
Labour’s First Budget: Potential Tax Changes and Implications
Keir Starmer yesterday announced that Labour’s first budget in over 14 years could be “painful” and prompted fears of that unpopular tax rises will be amongst the announcements. Chancellor, Rachel Reeves, has already confirmed that her statement will bring fresh tax rises as she says more needs to be done to fill the Government’s shortfall […]
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 […]
