P11d

What are P11D forms?

If you are an employer and pay directors or employees any expenses or benefits which are not registered to be payrolled and are not covered by PAYE then a P11D form must be filed to HMRC annually.  What are the benefits to be declared? Any benefits that you offer as an employer would include:  Health …

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tax bill

The importance of cash flow

The Easter holidays are with us and if you employ staff, particularly those with children, you may well have many employees on annual leave meaning a smaller workforce for a while. Depending on your business this could have an impact on your cash flow. It could be that production is down or that it is …

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End of tax year for Business

The end of a tax year is a busy time for anyone running a business or who is self-employed. Here we outline a few of the immediate deadlines and those coming up through the year. What do employers need to do at the end of the tax year? Following the end of the tax year …

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New tax year for individuals

The COVID-19 pandemic is still having an impact on the economy, and now with the war in Ukraine along with all the sanctions against Russia, we will be seeing changes that are going to impact us all.  National Insurance increase A 1.25 percentage point increase in National Insurance rates comes into force on 6th April …

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wages

Changes to wages April 2022

From 1 April 2022, the National Living Wage (NLW) and the National Minimum Wage (NMW) rates will increase. Except for those who are self-employed, everyone is entitled to receive the NLW or the NMW depending on their age or circumstances (see table below). It is important therefore to ensure that the wages you pay your …

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apprenticeship

Why I chose an apprenticeship

Reilly joined Kidwells Accountancy in 2021 as an apprentice while studying one day a week at Hereford and Ludlow College. To celebrate National Apprenticeship Week we asked him why he chose this route for his training. Why apprenticeship and not University? I chose to go through the apprentice route instead of going to university because …

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making tax digital

How will making tax digital affect landlords?

Making Tax Digital for Income Tax Self-Assessment will apply from 6 April 2024 for sole traders and landlords with a total income of over £10,000 a year.  For landlords, this figure is a combined total of however many properties you own.   Changes for landlords You’ll need to change the way you file your tax return by doing it digitally and declaring your total income for the year …

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5 common mistakes in tax self-assessment

If you are required to submit a Self-Assessment Tax Return it’s essential you get it in on time and with no mistakes to avoid any penalties. Choosing the incorrect accounting method HMRC introduced two simpler tax schemes for smaller businesses (sole traders or partnerships) designed to make it easier for small firms to manage their …

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