In a significant development for the hospitality industry, the Employment (Allocation of Tips) Act 2023 (the Act), which received Royal Assent on May 2, 2023, is set to revolutionize tipping payment practices across the UK. Due to come into force on 1 July 2024, and affecting approximately two million workers in the sector, this new
Following changes to the Working Time Regulations 1998 in January 2024, further amendments are set to come into force on 1 April 2024 relating to leave entitlement for workers on irregular hours. Upcoming changes will apply to workers on zero-hours or irregular hours contracts, as well as those who are on ‘part-year’ contracts, such as […]
The Chancellor delivered his 2024 ‘Budget for long-term growth’ in the face of an upcoming general election. Although the headlines have been dominated by the news that employee National Insurance Contributions will be cut further to eight per cent, Mr Hunt also announced several measures, which changed how certain property taxes will be applied. Largely […]
Exiting the slow lane – Sustaining growth in uncertain times
Recent years have held a lot of uncertainty for small and medium-sized enterprises (SMEs) and independent businesses. While there are signs of recovery, SMEs have seen slow growth in recent months. However, with employment increasing at a faster pace than in large firms, there is a variety of ways in which small businesses can protect […]
Financial initiatives to support business growth are continually being announced by the Government, local authorities, individuals and private-sector companies. Funding from private companies often aims to nurture specific industries, particularly high-growth sectors like technology, sustainable manufacturing and healthcare. They might target general growth or specific projects, such as the development of a new product. If […]
Making sure you’re paying the right amount of tax can be taxing! If you receive a State Pension or other type of pension, then you may still need to pay tax on it. Without the pay-as-you-earn (PAYE) structure of the workplace, you may find it hard to know when and how to pay tax on […]
What you need to know about the High-Income Child Benefit charge and the upcoming changes
The High-Income Child Benefit Charge (HICBC) is a tax that affects households where at least one person with parental responsibility has a taxable income exceeding
Why companies fail to pay the National Minimum Wage and how to avoid the same mistakes
The Government recently named over 200 companies for failing to pay the national minimum wage (NMW). The list includes firms of all sizes and various sectors. Some notable brands
Using accounting and audit technology in the renewable energy sector
Accounting and audit technology is changing the way many conduct business and how data is analysed. When used intelligently, it can deliver real benefits to renewable energy companies and the wider society. As the renewable energy sector expands, the importance of accurate accounting and audit technology has become increasingly apparent. Technology is essential in ensuring […]
Have you heard of fiscal drag? A growing number of people are affected by changes to personal tax allowances and higher interest rates. A phenomenon known as fiscal drag sees taxpayers pushed into higher tax brackets due to wage increases as they keep pace with inflation. With the UK Government freezing most tax bands until […]
Benefits in Kind (BIK) cover several different perks or additional employer payments to their employees. They can include any of the following: It is the employer’s responsibility to confirm all above-mentioned taxable benefits are on a P11D form and submitted annually to HM Revenue & Customs (HMRC). It is worth noting that employers must include […]
Does your business use cryptocurrencies and non-fungible tokens (NFTs)? Greater scrutiny is now on reporting all crypto transactions. HM Revenue & Customs (HMRC) confirmed from 2024-25 self-assessment tax return forms will feature a new segment to declare any gains from crypto assets for individuals and trusts. Greater security The heightened scrutiny of crypto-asset holders becomes more […]
