London Accountants

Do You Need to Pay Tax on Your Side Hustle?

Turning a hobby into a side business can be a great way to earn some extra income. But if your side hustle is bringing in money, it’s important to understand when you may need to tell HMRC and pay tax.

https://londonaccountants.co/do-you-need-to-pay-tax-on-your-side-hustle/

HMRC is contacting some self-employed individuals whose National Insurance records may contain gaps that could affect their State Pension entitlement.

If you receive a letter from HMRC, it is worth taking the time to review your position.

In some circumstances, you may be able to make voluntary National Insurance contributions to fill missing years and potentially increase the amount of State Pension you receive in retirement.
https://londonaccountants.co/hmrc-contacts-self-employed-people-about-national-insurance-gaps/

The Government has announced a significant expansion of the British Business Bank’s Growth Guarantee Scheme. This provides greater access to finance for small and medium-sized businesses across the UK 🇬🇧

The changes are designed to make it easier for SMEs to secure funding by increasing the amount of lending available and broadening the eligibility criteria 💰

https://londonaccountants.co/government-expands-sme-growth-guarantee-scheme-to-boost-business-lending/

HMRC has launched a consultation on plans to introduce a new criminal offence for individuals who make reckless & false declarations in relation to direct taxes, including Income Tax and National Insurance.

If introduced, the new offence would bring the direct tax system more closely into line with the existing rules for VAT and Customs. You can already face criminal prosecution for submitting incorrect information, even where there is no evidence of deliberate dishonesty 🫣

https://londonaccountants.co/hmrc-proposes-new-criminal-offence-for-reckless-tax-statements/

Health & Safety Breaches Continue to Cost UK Businesses Millions 💰💰💰

A recent Freedom of Information (FOI) request has revealed that health and safety breaches are costing UK businesses more than £44 million (!!!) in fines each year, highlighting the importance of maintaining effective workplace safety procedures ⛑️

https://londonaccountants.co/health-safety-breaches-continue-to-cost-uk-businesses-millions/

HMRC’s New Crackdown on Tax Evasion: What It Means for Small Businesses!

Click for more 👉🏻 https://londonaccountants.co/hmrcs-new-crackdown-on-tax-evasion-what-it-means-for-small-businesses/

TV Advertising Becomes More Affordable for UK SMEs 📺

For many small and medium-sized businesses, television advertising has traditionally been seen as a marketing channel reserved for major brands with substantial budgets. However, a new platform could make TV advertising far more accessible for SMEs across the UK 🇬🇧

https://londonaccountants.co/tv-advertising-becomes-more-affordable-for-uk-smes/

Mandatory Payrolling of Benefits in Kind to Be Introduced in Two Phases ✌🏻

The Government has confirmed that the introduction of mandatory payrolling for Benefits in Kind (BiKs) will now be phased in over two years, giving employers additional time to prepare for the changes.

Originally due to take effect from 6 April 2027, the reforms have been revised following feedback from businesses, payroll professionals and industry bodies.

https://londonaccountants.co/mandatory-payrolling-of-benefits-in-kind-to-be-introduced-in-two-phases/

Companies House Delays Major Accounts Filing Changes Until April 2028 🗓️

Companies House has confirmed that a series of significant reforms to company accounts filing requirements will now take effect from April 2028, giving businesses an additional year to prepare for the changes introduced under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act).

https://londonaccountants.co/companies-house-delays-major-accounts-filing-changes-until-april-2028/