What are the timelines for the MTD (Making Tax Digital) roll-out April 2019- Who does this affect? VAT registered businesses with turnover above the VAT threshold, currently £85,000 (net of VAT). MTD does not apply to voluntarily registered VAT businesses (below the threshold), however, you can apply to voluntarily join the [...]
When was the last time your business had a review? Any good accountant worth his salt will complete a business review for his client on a regular basis. The purpose of any business review could be to identify opportunities for tax reductions or look at other various aspects of the business [...]
We often get asked by employers if they have to issue payslips to employees. Well, issuing regular pay slips is a serious matter referring to the Payment of Wages Act 1991. Failure to, or having a problem in issuing the payslip would have legal repercussions. We would advise to take special care of what [...]
First introduced by the government in 2015, the Making Tax Digital (MTD) initiative is meant to improve the efficiency of the UK tax system. According to the latest tax gap figures, most customers want to get their tax right, but many find the system difficult to navigate. It is estimated that [...]
The Government is increasing the National Minimum and National Living Wage rates on 1 April 2018. These changes include the largest increases in a decade, the hourly rate for the minimum wage depends on your age and whether you’re an apprentice. More employers than ever will be directly affected by these [...]
Responsibilities of the Director of a Limited Company. What differentiates a company from a business is the fact that a business is a separate legal entity. Unlike a business, the profits and liabilities of a company are not shared by the directors of the company. Bearing that in mind, there are [...]
One of the most important concepts that employers in the UK need to be made aware of is that of auto enrolment. Chances are that you already have a fair idea of what it is. Auto-enrolment necessitates for a majority of the employers in the UK to set in place a workplace pension scheme [...]
So, you've filed your accounts & tax returns and now you need to pay the tax you owe! What happens next? This really depends on your trading status! Sole traders, partnerships, and individuals; The deadline for having your tax return filed with HMRC is the 31st January each year, this is [...]
Chancellor Philip Hammond said he’d take a “balanced approach” to his second Budget of 2017. Once again the speech was light on headline-grabbing inance changes and there were no ‘giveaways’ or major surprises. Here are the basics of the autumn statement 2017: Business rates Increases to be determined by CPI, not [...]
What you need to know. From December 2017 current payslip based Transcash payment service will be withdrawn From 15 December 2017 HMRC payslips no longer accepted at Post Office counter Customers will need to engage with HMRC digitally and electronically In recent years, HMRC has seen a reduction in the amount [...]
