Blog
Welcome to the accountancy blog from ZincBooks
We love to share the latest news, views and advice with our clients and the weekly blog gives us the ideal opportunity to do this.
Feel free to get in touch with us if you wish to discuss any of the blog topics in more detail.
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Falling inflation – what does it mean for you?
The following notes are reproduced from a Treasury statement issued 21 May 2024.
Lower inflation supports people by maintaining the purchasing power of their money.
If prices only rise slowly, people can plan their
Tax Diary July/August 2024
1 July 2024 – Due date for corporation tax due for the year ended 30 September 2023.
6 July 2024 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs.
19 July 2024 – Pay
Transferring unused IHT residence nil rate band
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or
Setting up as a sole trader
Setting up in business as a sole trader is arguably the simplest way of starting and running a business. The advantages of being a sole trader include independence, ease of set up and running your business, and the fact
Filing your tax return early
The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or even until January
Need to register for self-assessment?
There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at www.gov.uk/check-additional-income-tax.
You are required to
Statutory Pay assistance
An employer can usually reclaim 92% of employees’ Statutory Maternity, Statutory Paternity, Statutory Adoption, Statutory Parental Bereavement and Statutory Shared Parental Pay. If the business qualifies for Small
Directors and National Insurance
Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceed the Primary Threshold. The annual threshold is £12,570 in the current 2024-25 tax year.
Many director
Change
There is a French saying “Plus ca change, plus c’est la meme chose” meaning, the more things change, the more they stay the same.
Its interesting to apply this to a change that is about to come about, if, as
New protection for consumers
The Digital Markets, Competition and Consumers Act has become law after receiving Royal Assent.
The Act paves the way to give consumers rights across the UK, with greater control and clarity over online purchases.
It
Employee suggestion schemes
There are many advantages to creating an employee suggestion scheme where employees are rewarded for making suggestions that benefit your business. Apart from the value that these suggestions can have in saving money or
Carry back charitable donations
If you are a higher rate or additional rate taxpayer you have the option to carry back your charitable donations to the previous tax year. A request to carry back the donation must be made before or at the same time as
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