NEWS Catch up with the latest in accounting news
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Catch up on the latest news in accounting here, from cutting edge bookkeeping technology to self-assessment updates.
Transferring unused IHT residence nil rate band
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such
Directors and National Insurance
Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceed the Primary Threshold. The annual threshold is £12,570 in the current 2024-25 tax
Statutory Pay assistance
An employer can usually reclaim 92% of employees’ Statutory Maternity, Statutory Paternity, Statutory Adoption, Statutory Parental Bereavement and Statutory Shared Parental Pay. If the business
Need to register for self-assessment?
There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at
Setting up as a sole trader
Setting up in business as a sole trader is arguably the simplest way of starting and running a business. The advantages of being a sole trader include independence, ease of set up and running your
Filing your tax return early
The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or
New protection for consumers
The Digital Markets, Competition and Consumers Act has become law after receiving Royal Assent.
The Act paves the way to give consumers rights across the UK, with greater control and clarity over
Change
There is a French saying “Plus ca change, plus c’est la meme chose” meaning, the more things change, the more they stay the same.
Its interesting to apply this to a change that is about
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