The deadline – 6 July – for reporting expenses and benefits to HM Revenue & Customs (HMRC) is rapidly approaching. It's important for all employers to understand their responsibilities regarding this crucial tax form. Whether you're a seasoned business owner or new to the world of employment taxes, we’re here to guide you through the essentials.

As a business owner, you’ll likely be wondering how the upcoming general election on 4 July 2024 is likely to affect your business. A new government can mean significant legislative changes and tax upheavals that can impact your business operations and financial planning.

Having a strategy to reach your financial goals is vital. And sticking

with the long term plans you have made to build your wealth and

reach your goals is a sound tactic.

The housing market took a knock when rocketing interest rates made large mortgages – and rising house prices – unaffordable for many. The housing market struggled with mortgage rates, which remain elevated due many factors, including market jitters over the Bank of England base rate. The wider cost of living crisis ate into buyer affordability, especially for first-time buyers.

Over the last two years, the tax-free allowance for capital gains tax has been cut by over three-quarters. For the tax year that recently began on 6 April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees).

We are looking at your annual allowances, and what you can do with them to keep more of your money out of reach of the tax man:

The Health and Safety Executive (HSE), via their Working Minds campaign, has declared April Stress Awareness Month.

When in business, it’s not uncommon to be approached by another business with a view to you buying the business or entering a partnership deal. It might be a competitor that approaches you, or it could be a customer or supplier.

New powers for Companies House based on the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) finally came into force last week.

Business and employees are both constantly looking for ways to optimise their financial strategies. One often overlooked strategy in doing this is salary sacrifice.

Jeremy Hunt, Chancellor of the Exchequer, delivered his Spring Budget 2024 speech on 6 March 2024. This potentially is the last budget before the next general election, which will need to be held before 28 January 2025. The Budget was designed to emphasise the government’s good achievements as well as to appear to lower taxes and curry favour with voters.

Companies House have reviewed the fees they charge and have released details of the new charges that will apply from 1 May 2024.

In an announcement made on 19 February, the government confirmed that twin-cab pickup vehicles with payloads of 1 tonne or more will continue to be treated as goods vehicles for both capital allowances and benefit-in-kind purposes.

When starting a business, or indeed as an established business, choosing the most suitable legal structure for your business is an important thing to consider. Two popular options are operating as a sole trader or forming a limited company. Each of these options comes with its own set of pros and cons, especially when it comes to tax.

Salih Ozhot from North London has been given a suspended prison sentence of 2 years for applying for a Bounce Back loan in 2020 for his business but then using the funds personally. He is also required to repay the £50,000 he borrowed in full at the rate of £500 per month.

Official figures were released last week showing that inflation remains at 4% in the year to January.

HM Revenue and Customs (HMRC) have recently published updated their guidance on how to identify tax scams made by phone, email, or text.

The Office of National Statistics released official figures last week showing the UK is now officially in recession.

Gross domestic product (GDP) for the October to December 2023 quarter dropped by 0.3%. This followed a fall in the July to September 2023 quarter of 0.1%. A fall in GDP in two or more consecutive quarters constitutes a recession.

We are now within the final two months of the tax year, and for many businesses, the end of the tax year is also the end of the business’s financial year. This can be a good time to review your business tax planning to ensure that you minimise tax.