National Insurance

National insurance contributions (NICs) are essentially a tax on earned income. The NICs regime divides income into different classes: Class 1 contributions are payable on earnings from employment, while the profits of the self-employed are liable to Class 2 and 4 contributions.

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Money Laundering and the Proceeds of Crime

There are tough rules to crack down on money laundering and the proceeds of crime. These rules affect a wide range of people and we consider how your organisation may be affected.

Money laundering – a definition

Most of us imagine money launderers to be criminals involved in drug trafficking or terrorism or to be someone like Al Capone.

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Money Laundering – High Value Dealers

The Money Laundering Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) apply to a number of different businesses which include (amongst others) accountants and auditors, tax advisers and dealers in high value goods.

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Micro Entity Accounting

Small companies, which qualify as ‘micro-entities’, have a choice of accounting standards:

  • to use the same accounting standard – FRS 102 – as larger UK companies but using a reduced disclosure regime (section 1A) within the standard, or
  • to apply an alternative standard – FRS 105.
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Managing Absence

Recent surveys indicate that the adverse impact of absence on business profitability today is significant, with thousands of man hours lost every day. Recent statistics show that an average of 4.3 days are lost each year per employee with a median cost of £522 per employee.

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Making Tax Digital for VAT

Over the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system.

This factsheet outlines some of the key issues for businesses.

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Making Tax Digital for Individuals

Over the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system.

In this factsheet we outline some of the key issues for individuals including the Personal Tax Account and Simple Assessment.

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The Most Tax Efficient Way To Pay Yourself

The Most Tax Efficient Way To Pay Yourself

The Most Tax Efficient Way To Pay Yourself

When you are running your own business, there are many things that you need to keep in mind and many different factors to focus on. One of the key ones is how you can extract profits from the business in the most tax-efficient way.

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