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HMRC is turning up the heat with increasing checks on tax compliance across the board.

They are particularly focusing on inheritance tax, undeclared dividends, and the profits from share sales, ensuring that everyone pays their fair share.

Both individuals and businesses must understand their tax obligations to avoid coming under scrutiny from HMRC.

In this blog, we will discuss the specific tax compliance checks that HMRC conducts, who could be affected, and what steps individuals and businesses can take to ensure their compliance.

A new rule for trusts will soon be coming into effect, which aims to simplify tax dealings for smaller trusts.

From 6th April 2024, trust beneficiaries will be able to receive up to £500 in income from the trust, without having to pay taxes on it.

However, there are some points that could be a little tricky to get your head around.

This straightforward guide will explain exactly what the £500 trust income exemption is, who it impacts, and how to navigate the changes effectively.

As a trusted companion in Barnsley’s financial landscape since the 1970s, we’re all about breaking down complex finance talk into something you can understand and use.

With the Spring Budget 2024 announced by Chancellor Jeremy Hunt on 6th March, there’s a lot to unpack.

This budget is particularly noteworthy as it’s likely the last one before the next election. As you would expect from a pre-election budget, it focused heavily on the tax relief measures, including additional cuts to National Insurance Contributions (NICs) and a new savings bond.

Limited by financial constraints, the Chancellor couldn’t offer as many tax breaks as some backbench Conservatives would have liked.

Despite this, he achieved a few key political goals, including adopting a Labour policy to end the non-domicile tax rule that allowed some UK residents pay less tax on foreign income.

In this post, we’ll give you a clear understanding of what’s new and how it might affect your family or business, ensuring you’re well-equipped to navigate the changes.

Thinking of moving to Scotland from another country in the UK? There are plenty of benefits to working or retiring in Scotland, not least the incredible landscapes and friendly people – but you should keep the tax differences in mind, too.
The Scottish Parliament has been deciding its own income tax bands and rates since 2017, which are separate from those applied in England, Wales, and Northern Ireland.
As a result, most Scottish taxpayers pay more income tax than other taxpayers in the UK. With new tax changes coming in Scotland from 6th April 2024, it’s important to consider the tax cost before relocating to Scotland.

The stark financial crisis surrounding Birmingham City Council is a timely reminder of why it’s so crucial to get equal pay right the first time.
Many equal pay claims were made against Birmingham City Council starting from the early 2000s, but the public body tried to minimise its responsibilities – until 2012, when the UK Supreme Court ruled in favour of workers receiving financial compensation.

Until now, the Companies House registry has passively received the information that UK companies filed – but new reforms will implement a more active role for Companies House as a regulator to better maintain the register’s integrity.

Since the Economic Crime and Corporate Transparency Act (ECCTA) was passed into law in October 2023, the changes in the Act will begin to take effect in 2024.

There are several new measures that aim to clamp down on financial crime and improve the reliability of corporate data, which should help to make it easier to do business in the UK and support economic growth.

So, if you have a registered company, limited liability partnership (LLP), or limited partnership (LP) in the UK, these measures will affect you from 4th March 2024.