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Employer Bulletin – Latest Guidance

31st July 2019 | Written by In Accountancy | Categories : Accounts, Business, CASH, GDPR, HMRC, HMRC, News, VAT
Employer Bulletin – Latest Guidance

HMRC has issued the June 2019 edition of the Employer Bulletin. This includes articles on a number of issues including: labour supply chain fraud using loans to avoid Optional Remuneration Rules re-enrolment of staff back into a workplace pension scheme GDPR fees contractors operating CIS – new VAT reverse charge on building and construction services using Tax-Free Childcare to make Read the full article…


UK Investment Support Directory

29th July 2019 | Written by In Accountancy | Categories : Accounts, Business, News
UK Investment Support Directory

International investors who wish to set up and expand their operations in the UK can now benefit from an online tool launched by the Department for International Trade (DIT). The new tool, termed the UK Investment Support Directory, enables international investors to connect with a range of businesses across the UK. Potential investors can find an expert in their specific Read the full article…


Consultation on the Operation of Insurance Premium Tax

26th July 2019 | Written by In Accountancy | Categories : Accounts, Budget, Business, CASH, HMRC, HMRC, News, Tax
Consultation on the Operation of Insurance Premium Tax

HMRC has launched a consultation to review the extent to which the emerging practices are leading to ‘unfair tax outcomes’ in the administration and collection of Insurance Premium Tax (IPT). HMRC’s consultation document states: ‘We have been made aware of business practices involving administration and arrangement fees which may be leading to unfair tax outcomes in the insurance industry.’ ‘This Read the full article…


Payment On Account Confusion

23rd July 2019 | Written by In Accountancy | Categories : Accounts, Budget, Business, HMRC, News, Tax, VAT
Payment On Account Confusion

Under self assessment taxpayers are required to make payments on account of their tax liabilities. The payment on account instalments consist of two payments on account of equal amounts: the first on 31 January during the tax year and the second on 31 July following the end of the tax year. These are set by reference to the previous year’s Read the full article…


New Measures To Ensure Small Businesses Get Paid On Time

19th July 2019 | Written by In Accountancy | Categories : Budget, Business, Limited Companies, News
New Measures To Ensure Small Businesses Get Paid On Time

The government has announced a package of measures to ensure small businesses get paid on time. Under the proposals, large businesses could be fined for failing to pay smaller suppliers on time as part of a robust package of measures. The measures include:   proposed new powers for the Small Business Commissioner to tackle late payments through fines and binding Read the full article…


Preparing the Workforce for EU Exit

17th July 2019 | Written by In Accountancy | Categories : Brexit, Budget, Business, local interest, News
Preparing the Workforce for EU Exit

Over two thirds of EU citizens that are currently in the UK are here for work. The government is advising that if these individuals plan to remain living and working in the UK, after it leaves the EU, they can now apply to the EU Settlement Scheme (EUSS). EU, EEA, or Swiss employees, and their family members, can apply to Read the full article…


Tax Gap Remains Low

15th July 2019 | Written by In Accountancy | Categories : Budget, HMRC, HMRC, News, Personal Tax, Tax
Tax Gap Remains Low

HMRC has published a report showing that the UK tax gap in 2017/18 is estimated to be £35 billion.  This is 5.6% of total theoretical tax liabilities, and a small increase of 0.1% from 5.5% in 2016/17. HMRC therefore secured 94.4% of all tax due. The tax gap is the difference between the amount of tax that should be paid Read the full article…


MTD for VAT Latest

11th July 2019 | Written by In Accountancy | Categories : Business, HMRC, HMRC, Limited Companies, Making Tax Digital, Making Tax Digital, News, VAT
MTD for VAT Latest

HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable turnover above the VAT threshold(currently £85,000)must keep digital records for VAT purposes and provide their VAT return information to HMRC using compatible software. The rules have effect from 1 Read the full article…


Advisory fuel rates for company cars

9th July 2019 | Written by In Accountancy | Categories : Business, CASH, News
Advisory fuel rates for company cars

New company car advisory fuel rates have been published which take effect from 1 June 2019. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or after 1 June 2019 Read the full article…


Non-Compliance with Minimum Wage Regulations

7th July 2019 | Written by In Accountancy | Categories : Business, CASH, local interest, News
Non-Compliance with Minimum Wage Regulations

A recent Low Pay Commission (LPC) report sets out its findings on the number of people being paid less than the statutory minimum wage. The LPC found that, in April 2018, 439,000 workers were paid less than the National Minimum Wage (NMW). Of this amount, 369,000 were employees aged 25 and over, who were paid less than the National Living Read the full article…