Managing HMRC Reporting Deadlines
Reporting the various employee data sets required by HMRC at the end of the tax year is a significant task for all employers. Ensuring your data is accurate and submitted on time can be challenging, and missing deadlines or submitting incorrect information could result in penalties. Key Reporting Deadlines for Employers Here are the important […]
Changes to National Insurance Contributions Effective 6 April 2025
The government has announced significant changes to National Insurance Contributions (NICs) that will impact employers from April 2025. These changes are part of the government’s most recent budget announcements and will impact employers across various sectors. Key Changes to Employer NICs Increase in Employer NIC Rate: The rate at which employers contribute to NICs will […]
Classic Invoicing is Retiring – Get Ready with Expert Xero Training
As accountants, we know that keeping up with software changes can be challenging, especially when they impact key business processes like invoicing. From 26 February 2025, Xero will retire classic invoicing, making the new version the only invoicing system available. While this change brings improvements, it also means businesses need to adapt quickly to avoid […]
Inflation Drops: Implications for Your Business
The data in 2024 showed that UK inflation eased slightly in December, falling to 2.5% from 2.6% in November. Although the reduction is modest, it prompted speculation about whether this could encourage the Bank of England to consider cutting interest rates in its upcoming meeting. Today, the Bank of England has cut interest rates from […]
Salary vs Dividends: Optimising Profit Extraction for 2025/26
For limited company directors, the strategy of balancing salary and dividends remains crucial for tax-efficient profit extraction. Recent changes announced in the Autumn Budget, particularly regarding employers’ national insurance rates and employment allowance, have added new considerations to this decision-making process. Understanding Salary Benefits and Drawbacks Advantages of Salary Payments A salary provides a straightforward […]
Blueprint for Success: Your Annual Business Goals Review
As we enter 2025, January presents the perfect moment for business owners to step back, assess their progress, and chart their course forward. After the busy festive season winds down, this quieter period offers valuable space to evaluate your business’s direction and performance against your established goals. The Importance of Goal Review While setting goals […]
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 […]
Understanding the New UK Company Size Thresholds for 2025/26
Significant changes are coming to UK company reporting requirements following the publication of The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024. These changes, effective for financial years beginning on or after 6 April 2025, bring important updates to company size thresholds and reporting obligations. Key Changes to Size Thresholds The new regulations […]
The Emerging Role of AI in Audit
The role of AI in audit is rapidly evolving and transforming the profession, with a wide range of applications that promise to enhance the efficiency, accuracy, and depth of audits. Below, we take a look at the emerging role of AI in the audit process. Automating Repetitive Tasks Enhanced Risk Assessment Fraud Detection and Anomaly […]
Guidance on PAYE Reporting for Early Christmas Payments
Since 2019, there has been a permanent easement for reporting PAYE information in real time. This is where employees receive their pay earlier than usual at Christmas. Reporting the Contractual Pay Date Where an employer closes on the usual (contractual) payday, such as at Christmas or on bank holidays, HMRC advises to report the contractual […]
