What is a Pension? A pension is a smart way to save for your future when you're no longer working. There are two main types: Personal Pension: You set this up yourself with a pension provider. Workplace Pension: Your employer contributes alongside you, usually by deducting a portion from your
P11D Expenses & Benefits Explained for Employers
What are P11D forms? These forms report expenses and benefits given to employees that haven't been taxed yet. Your company needs to submit them to HMRC (the UK tax authority) annually. Who needs a P11D? Not everyone. Taxlab can advise you on this based on your specific situation. There are two P11D
Going Solo? Get Registered For Self Assessment Quickly
Starting your own business is exciting! But before you dive in, there's one key step: registering as self-employed with HMRC. This ensures you pay the right taxes. The good news? It's: Simple: The registration process is straightforward and hassle-free. One-time: You only need to register once,
Spring Budget 2024: Key Points and Upcoming Details – The Chancellor’s Final Spring Statement
This was the Chancellor's final Spring Budget before the upcoming election. He emphasized reforms focused on building a tax system that is: Simple and understandable: Making it easier for everyone to navigate the tax code. Fair and equitable: Ensuring everyone contributes their fair
Navigating the National Minimum Wage in the UK: A Guide for Businesses
As accountants, we know keeping up with complex regulations is paramount for your business's success. One crucial area? The National Minimum Wage (NMW). With changes on the horizon, here's a quick refresh to ensure you're compliant: Understanding the Basics The NMW sets the legal minimum hourly pay
Demystifying UK Payments on Account for Self Assessment: A Comprehensive Guide
Navigating the intricacies of UK tax regulations can be a daunting task, especially for self-employed individuals. One aspect that often causes confusion is the concept of payments on account, a mandatory requirement for certain self-assessment taxpayers. Fear not, for this comprehensive guide will
A guide to the Autumn Statement 2023
The headline message from the Chancellor The Chancellor delivered his Autumn Statement for Growth aimed at building a stronger and more resilient economy. He highlighted that the plan is to “unlock growth and productivity by boosting business investment by £20 billion a year, getting more people
Navigating the Tax Maze: Your Responsibilities as a Self-Employed Individual
As a self-employed individual, you enjoy the freedom and flexibility of being your own boss. However, this autonomy comes with added responsibilities, including managing your finances and complying with tax regulations. One of the most crucial aspects of self-employment is understanding and
IR35 and off-payroll working in the UK: What you need to know
IR35 is a set of rules that determine whether a contractor working through their own limited company should be treated as an employee for tax purposes. If the contractor is deemed to be an employee under IR35, the client will be responsible for paying employer's National Insurance contributions
Guide to VAT Penalties
In January 2023, HMRC introduced a new penalty system for Making Tax Digital (MTD) for VAT. This system is designed to make penalties fairer and more proportionate for customers, and to encourage businesses to comply with MTD requirements. What is the MTD penalty system? The new MTD penalty system