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Navigating financial challenges can be daunting, but understanding the tools available can make a significant difference. One such tool is a Debt Management Plan (DMP), designed to help individuals regain control over their finances. What is a Debt Management Plan? A DMP is an informal agreement between you and your creditors to repay your non-priority, unsecured debts at an affordable rate. This plan is particularly useful if you can only manage to pay a small amount each month or if you're facing temporary financial difficulties but expect...

Making a significant investment in new equipment can be a transformative step for a business, improving efficiency, productivity, and competitiveness. However, such a decision requires careful planning and analysis to ensure the investment aligns with the business's long-term goals. 1. Cost and Financing The upfront cost of new equipment can be substantial, so businesses must assess their budgetary constraints. Consider whether the purchase will be financed through cash reserves, loans, or leasing arrangements. Compare interest rates and tax...

HMRC reports over 63,000 taxpayers filed their returns over the New Year, but 5.4 million still need to act before the looming 31 January 2025 deadline. File now to avoid penalties, pay your 2023-24 tax, and set up payment plans if needed to stay compliant. The deadline for submitting your 2023-24 self-assessment tax return online is fast approaching—31 January 2025. This date is not just for filing your return; you also need to pay any tax due by this time. This includes settling any remaining tax from the 2023-24 tax year, plus the...

Selling online? Whether it’s a hobby or a business, you may need to pay tax if your earnings exceed £1,000. From services to content creation, it’s vital to understand self-assessment rules and new reporting obligations for online platforms starting in 2024. If you are selling anything through an online marketplace, it is important to know that you might be liable to pay tax, whether it is your main source of income or just something a part-time hobby. This applies to a range of activities, so it is worth understanding when you need to...

A significant amount of online information about companies is available to the public on the Companies House website. The information available through Companies House can be an important resource for anyone looking to research a company. What makes this particularly valuable is that a significant portion of the data is freely available to the public. The range of publicly available information can be used for various purposes, including due diligence, background checks, and monitoring the financial health of companies. Among the key details...

Beneficial loans, where employees benefit from cheap or interest-free loans from their employer, can trigger tax implications. However, certain exemptions, like loans under £10,000 or qualifying loans, eliminate the need for employers to report or pay tax on them. An employee can receive a benefit when they are provided with a loan from their employer that is either cheap or interest-free. The benefit arises from the difference between the interest the employee pays, if any, and the market rate they would have to pay if they obtained a loan...

Employers can voluntarily register to report and account for tax on certain benefits and expenses via the RTI system before the start of the tax year. This process, known as payrolling, eliminates the need to submit P11D forms for the selected benefits at the end of the tax year. The deadline for submitting P11D, P11D(b), and P9D forms for the 2024-25 tax year is 6 July 2025. These forms can be submitted via commercial software or HMRC’s PAYE online service, as HMRC no longer accepts paper submissions. Employees must also receive a copy of the...

Inheritance Tax (IHT) impacts estates over £325,000, with rates of 40% on death and 20% on certain gifts. A 36% reduced rate applies if 10% of the estate is left to charity. Executors must value estates and may need to file tax returns for the deceased and their estate. The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount that can be passed on free of IHT as a tax-free threshold. A reduced rate of IHT of 36% (reduced from 40%) applies where 10% or more of a deceased’s net estate after...

A recent case [London United Busways Ltd. (LUB) v De Marchi and Abellio London [2024] EAT 191] revealed the complexities of working under the Transfer of Undertakings (Protection of Employment) Regulations 2006, or TUPE. A Mr. De Marchi had been working as a bus driver for two decades by LUB from his local bus depot, even though his contract contained a clause to the effect that employees may be expected to work at any of the depots across London. After LUB lost its tender for his route, his employer elected to exercise this right of transfer,...

The UK government has unveiled a series of proposals aimed at curbing exploitative practices in the ticket resale market, seeking to protect consumers from exorbitant prices and enhance transparency in ticket sales. Key Proposals: Capping Resale Prices: The government is considering implementing a cap on ticket resale prices, potentially limiting them to the original face value or allowing a maximum increase of up to 30%. This initiative aims to prevent professional touts from purchasing large quantities of tickets and reselling them at...