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Why credit control is vital
Posted on 6th Mar 2023The ultimate financial objective of most trading companies is to convert their supply of goods and services into cash – deposits in their bank account. However, when goods are sold on credit, and you give customers time to pay, there is a delay in the...[more]
National Living Wage rates from April 2023
Posted on 2nd Mar 2023New National Minimum Wage (NMW) and National Living Wage (NLW) rates come into effect on 1 April 2023. The new rate for the NLW will be £10.42 which will represent a 92p increase over the current rate. The NLW is the minimum hourly rate that...[more]
What is a Share Incentive Plan?
Posted on 2nd Mar 2023Share Incentive Plans (SIPs) were first introduced in July 2000 to give employees tax and NICs savings when they buy or are given shares in the company they work for. Provided all the qualifying conditions are met, shares which are obtained under a SIP are...[more]
Tax when you sell shares
Posted on 2nd Mar 2023Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% when you sell shares unless they are in a CGT free investment such as an ISA or qualifying pension. If you only pay basic rate tax and make a small capital...[more]
Still time to claim Marriage Allowance
Posted on 2nd Mar 2023HMRC is reminding married couples and those in civil partnerships that there is still time to sign up for marriage allowance before the end of the current tax year (5 April 2023) if they are eligible and haven’t yet claimed. The marriage allowance applies to married...[more]
New VAT penalty regime
Posted on 2nd Mar 2023The first monthly returns and payments affected by HMRC’s new VAT penalty regime are due by 7 March 2023. The new rules apply to the late submission and / or late payments of VAT returns for VAT return periods beginning on or after 1 January...[more]
Scottish Winter Payments Support
Posted on 2nd Mar 2023The Scottish Winter Heating Payment is a new Scottish Government benefit that replaces the Department for Work and Pensions’ (DWP) Cold Weather Payment. It can be claimed by eligible claimants on low incomes living in Scotland from 1 November 2022. The Cold Weather Payment is paid...[more]
Breaking even – checking the numbers
Posted on 27th Feb 2023In previous newsfeeds we have described how you can calculate the level of turnover you need to create in order to meet all your costs whether they be fixed costs (rent, rates etc.,) or variable costs (goods you need to buy to convert into goods...[more]
Bereavement Support Payment
Posted on 27th Feb 2023The amount of Bereavement Support Payment you can claim will depend on your relationship to the person who died and when you make your claim. Your payments will be paid into your bank, building society or credit union account. If you were married or in a...[more]
Tax codes for employees
Posted on 23rd Feb 2023The P9X form is used to notify employers of the tax codes to use for employees. The latest version of the form has been published and shows the tax codes to use from 6 April 2023. The form states that the basic personal allowance for the tax...[more]