Stealth taxes, or hidden taxes, refer to indirect taxes or measures taken by governments to raise revenue without directly increasing income tax rates. Such taxes are often hidden within other measures, making them less visible to the public. In the United Kingdom, stealth taxes have become a matter of concern for businesses. In this review, we will unravel this concept and look at the impact of taxes on the UK economy.

What Are Stealth Taxes?

Aspiring entrepreneurs should be attentive to the various taxes provided for by the UK tax legislation and the industry in which they work, as some taxes may be “a must”, while others will not apply to them.

VAT is an indirect tax – an extra charge on the price of a product. VAT is included in the price of a product or service throughout the entire production and distribution chain, starting from raw materials and ending with the retail sale of the finished goods.

In this article, we will explain how to differentiate between the VAT returns and tax returns that your firm may encounter. We will point out when they affect you and how to pay them to HM Revenue & Customs (HMRC).

The main taxes that a person faces in the UK are related to income from various sources. One exception is VAT: everyone pays it regardless of whether they earn money since it is included in the price of the goods. British residents are responsible for paying taxes, which are calculated according to the following formula: your personal income and benefits are summed up, and your allowance is deducted from there. Then you pay an appropriate rate on the difference.

Everyone, including students, have what is called a personal allowance. In 2022/23, you can have a personal allowance of £12,570, which exempts income below this level from taxation. Hence, if you earn less than this amount, you should not pay anything to the state.

Creating invoices and getting them paid on time can be a challenge. Some say that these are some of the tough issues every business faces from time to time. If you receive money late, your cash flow, payment of bills and production may be affected. So, you need to take steps to ensure that you get paid on time.

In this guide, you’ll find out exactly what an invoice is, what it reflects, what it is used for, and why you need it. We’ll also show you a secure invoicing process – these documents have a clearly defined structure. Fortunately, there are now programs that can help you automatically create and fill in these documents, which will save you a lot of time.

Payrow has recently launched a new feature: the IBAN Checker. Integrated directly within the Payrow interface, this tool allows users to validate International Bank Account Numbers (IBANs) in real-time. Users can now enter an IBAN, and the service will promptly verify whether the number is valid or not.

The integration with iban.com, a trusted and widely recognised IBAN validation service, enhances the accuracy and reliability of the tool. By leveraging iban.com's comprehensive database, Payrow ensures that the IBAN validation process is highly accurate, minimising the risk of errors or delays in payment transactions.

Income tax is the biggest source of revenue for the government. There have been a number of changes to income tax in April 2023. As the cost-of-living crisis is worsening, and the UK could find itself in recession, it is important to know about your liabilities. This can help you take the necessary steps to plan your expenses.

In June 2023, the UK government published a report dedicated to tackling non-compliance in the umbrella company market. The document is intended to familiarise umbrella company managers and executives operating within the country with the updated rules of doing business. It is authored by HM Treasury, namely the Department for Business and Trade.

Umbrella companies face increased scrutiny due to concerns about tax avoidance and labour rights violations. These companies act as intermediaries in the hiring of temporary workers, so the government is taking measures to protect employees and regulate this sphere.

In the Payrow guide, we’ll focus on the current market situation and tell you about the steps legislators take to address the ongoing challenges.

British Prime Minister Rishi Sunak’s government has little scope for tax cuts ahead of the next national election expected in 2024. This was stated by the Organisation for Economic Cooperation and Development (OECD). In this article, the experts at Payrow will discuss the latest economic news and elaborate on the OECD’s role in the UK.

Startup accelerators are organisations that help early-stage businesses grow and succeed by providing mentorship, resources, and funding. They have become increasingly popular in recent years, with a growing number of entrepreneurs turning to accelerator programmes for support. The Payrow platform strives to support the development of British startups, so we are also involved in the field of startup accelerators and incubators.

London is home to many startup accelerators, including global accelerators such as Techstars, Seedcamp, and Startupbootcamp. These programmes are designed to help startups accelerate their growth and increase their chances of success. But what exactly do accelerators look for in startups, and how can you get into one?

Small and medium-sized enterprises (SMEs) in the UK have moved to contactless payments much faster than their counterparts in Europe. When we talk about the global tech hub, London immediately comes to mind. Indeed, absolute leaders in accepting contactless payments are British SMEs, with almost all of them now accepting near-field communication (NFC) cards.

According to the research conducted by SumUp on contactless payments, here's what was found:

• 90% of UK SMEs now accept contactless card payments.
• 85% of SMEs in Switzerland accept such payments.
• It’s 78% in Italy, 68% in France and 67% in Germany.
• From 2020 to 2022, contactless payments in the UK grew by 36%, while cash ones declined by 35%.
• Germany is the fastest to adopt NFC, with a 17% increase in 2022 alone.
• The rate of adoption in the UK is 3%, as most already accept such payments.