Thompson Elphhick News
What counts as working time for minimum wage purposes
Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The NMW and the NLW are the minimum legal amounts that employers must pay their
Why your tax code might change
The letters in your tax code indicate whether you are entitled to the annual tax-free personal allowance. These codes are updated each year and help employers calculate how much tax should be deducted
Are you selling goods or services on a digital platform?
From 2024, platforms like eBay, Vinted and Airbnb must report seller data to HMRC, so check your tax responsibilities. If you sell goods or services on a digital platform it is important to
Balancing access to justice and abuse of process
An extended civil restraint order (ECRO) was issued against a prolific Employment Tribunal (ET) litigant for presenting repeated and baseless claims. A Mr. Khan has been described as a prolific
Keeping your best people with flexible working
For many small business owners, finding and keeping good staff is one of the biggest headaches. Recruitment is costly, time-consuming and uncertain. That is why focusing on staff retention is one of
Cash flow resilience and access to funding
Running a small business often feels like walking a financial tightrope. Cash can be flowing in nicely one month, only to dry up the next. With interest rates higher than they were for years and
Fixing problems with running payroll
Employers must report pay and deductions correctly to HMRC, but errors can usually be fixed in your next FPS. Employers need to use payroll software or other payroll services to record employees pay,
Unused pension funds and IHT from April 2027
From 6 April 2027, new measures first announced in the Autumn Budget 2024 will come into force. These changes will bring most unused pension funds and death benefits into the scope of Inheritance Tax
What if your pension contributions are excessive?
You can claim tax relief on pension contributions up to 100% of earnings, but exceeding the annual allowance may trigger charges. Tax relief is paid on pension contributions at the highest rate of
MTD for IT taxpayer exemption
From April 2026, the self-employed and landlords must use MTD for IT, but exemptions may apply in limited cases. If you are self-employed or a landlord with income over £50,000, you will need to
Corporation tax roadmap
With a £50bn shortfall looming, the Chancellor may need to revisit last year’s Corporation Tax roadmap commitments. As this year’s Autumn Budget approaches, it is an interesting time to revisit the
What are the current Income Tax bands and allowances?
Income Tax applies to earnings, pensions, savings, dividends and more, with different bands across the UK nations. Individuals can be liable to Income Tax at any age. There are special rules to stop