Tag Archives: business finance

  1. Coronavirus: Our Services To You

    Covid-19 Coronavirus With the increasing national concern regarding the COVID-19 coronavirus, we want to assure our clients that we are monitoring the developing situation carefully and have a plan in place to provide a continued service to clients as far as we possibly can. To read more please visit our dedicated pages here

  2. National Living Wage and Minimum Wage Rates Increase

    Some three million workers are set to benefit from increases to the National Living Wage (NLW) and minimum wage rates for younger workers from 1 April 2020. The compulsory NLW is the national rate set for people aged 25 and over. The NLW is enforced by HMRC alongside the national minimum wage (NMW), which they…

  3. December’s General Election and Tax

    Following the General election on 12 December, Prime Minister Boris Johnson has confirmed that Sajid Javid remains as Chancellor of the Exchequer and no other changes at HM Treasury have been announced. The Prime Minister has however, confirmed that a more significant cabinet reshuffle will take place after the UK leaves the EU on 31…

  4. Tax-Free Christmas Parties

    Whilst the tax legislation does not include a specific allowance for an employer providing a Christmas party for employees, HMRC do allow limited tax relief against the cost of holding a social function for employees, providing certain conditions are met. Broadly, a social event – which of course, includes the annual Christmas party – will qualify as…

  5. Salary or Bonus?

    As 31 December approaches, many companies will be getting ready to tie up tax matters for their financial year-end and giving consideration to salaries, bonuses and dividends. Given current tax rates, paying a dividend rather than a salary will often be a more cost-effective way of withdrawing profits from a company. However, if the company is…

  6. How Can You Identify Genuine HMRC Communications?

    Broadly, phishing is the fraudulent attempt to obtain sensitive information such as usernames, passwords and credit card details by disguising oneself as a trustworthy source in an electronic communication. This is generally carried out by email spoofing or instant messaging, and it often directs users to enter personal information at a fake website which matches…

  7. Workplace Pensions Re-enrolment Requirements

    Every three years you must put certain staff who have left your pension scheme back into it. This is called re-enrolment. Whether you have staff to put back into your scheme or not, you must complete a re-declaration of compliance to tell the Pensions Regulator how you have met your duties. Remember, re-enrolment and re-declaration…

  8. Changes to Capital Gains Tax on Residential Property From April 2020

    From 6 April next year, Capital Gains Tax (CGT) incurred following the disposal of a residential property will have to be paid within 30 days of the completion date. Failure to pay on time will result in HMRC imposing interest and potential penalties. This new deadline applies even where no money has changed hands, such…

  9. Making Tax Digital Webinar

    Many VAT registered businesses are getting ready to submit their first digital VAT return through Making Tax Digital software. If this includes you, find out about Making Tax Digital for VAT with online help and support from HMRC. Join this live webinar, where you’re able to ask questions using the on-screen text box. This webinar…

  10. VAT: Reverse Charge for Building and Construction Services

    This anti-fraud measure will introduce a VAT reverse charge on certain building and construction services. The final version of the legislation was published at Budget 2018, and will come into effect on 1 October 2019. It will affect businesses involved in buying and selling construction services. It does not apply to zero-rated supplies of construction…

  11. Tax on Trivial Benefits

    Giving your employees benefits and not sure if you have to pay tax on them? If the benefit meets ALL the following conditions then you do not have to pay tax: The benefit cost you £50 or less to provide The benefit is not cash or a cash voucher The benefit is not a reward…

  12. Zero-Rating VAT of Transport of Disabled Passengers

    HMRC have issued Brief 3 (2019), which aims to clarify that the Department’s policy on the scope of the VAT zero rate for transport services has not changed following the Upper Tribunal (UT) decision in Jigsaw Medical Services Ltd (2018) UKUT 0222. In this case, the UT heard an appeal by HMRC against the First-tier Tribunal’s…