Over 55s will experience restrictions in available tax reliefs as part of the government’s anti-avoidance tax strategy which will close loopholes created in the pensions reform announced in this year’s Budget. The Treasury said that the government will restrict tax reliefs on pension contributions for savers over the age of 55 in order to prevent…
A third of small businesses hesitate to chase late payments from clients because they do not want to antagonise or embarrass them. Credit control firm, Santago, conducted the research which found that 81% of SMEs do not chase payments from late paying clients because they find the task ‘uncomfortable’. 19% of SMEs do not do…
The Treasury has announced that free advice for pensioners will be available from next year. They will be able to receive free independent advice on their savings and investments. From the 2015-16 tax year, savers from the age of 55 will be able to utilise their pension funds however they wish. Savers have previously purchased…
In a survey conducted by neuroscientist Dr Lynda Shaw, the biggest concerns and worries of many small business owners have been revealed. SMEs consider tax and accounting among their biggest worries. Nearly 50% of survey participants said that they struggled with tax and accounting for SMEs, with 23% stating they experienced anxiety over these subjects. However, 84%…
HMRC has updated its guidance notes on IR35 which should help make things clearer for contractors looking for clarification on the often cloudy subject. Nineteen pages of information have replaced the previous FAQs guide, dividing into more accessible sections filed under ‘Intermediaries legislation’, ‘How it applies to you’, How to work out if it affects…
Jobsite claims that new data shows 53% of UK companies are not aware of impending changes to flexible working laws. This month will see the introduction of new changes to the flexible working regulations. Previously, flexible working arrangements could be requested by employees with parental responsibilities if they had worked continuously for their employer for…
As we are now weeks away from Christmas, and the holiday season is in full swing, we cover the most common queries about festive and annual event deductible expenses. Annual Christmas party as deductible expenses Your limited company can claim its festive or annual party as deductible expenses for corporation tax purposes. The cost…
One of the most frequently asked questions from our clients on the VAT flat rate change for a limited cost business is: “what is counted as ‘goods’ when determining if they need to use the higher rate of 16.5%?” According to HMRC guidance, ‘goods’ are movable items or materials exclusively used in your limited cost…
Former BBC presenter, Christa Ackroyd has lost her legal battle with HMRC and is now facing a fine of £419,151 in outstanding income tax and national insurance contributions covering tax years: 2006/07 to 2012/13. This ruling made by the first tier tribunal (FTT) was based on the judgement that despite Ackroyd working through a PSC…
If you are affected by off-payroll reforms and are considering alternatives such as Umbrella employment, it’s helpful to understand AWR.
Across the UK, contractors and temporary staff are receiving notably higher pay rates. The REC disclosed that the steepest inflation in contractor pay rates recorded was in London. However, across the board, wages were continuing to rise, extending this trend to 62 months. Contractor pay rates accelerating at an exceptional rate REC director of…
‘Effective from 1 April 2017, The VAT flat rate scheme (FRS) for businesses with limited cost is set to increase to 16.5% from their current rate, based on defined criteria for a limited cost trader.’ What is a Limited Cost Traders? According to HMRC guidance, a limited cost trader will be defined as one whose…
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