Spring Budget 2017

Spring Budget 2017

Various rumours were swirling around Westminster in the days before Philip Hammond rose to deliver his first Budget – confirmed as the last time a major fiscal statement will be made in the spring. The Chancellor, still scarcely nine months in the job, has a reputation as a cautious man and in advance many expected that much of today’s speech would be laying the ground Read more…

7 Top Tips for Debt Management

7 Top Tips for Debt Management

We all work hard in our businesses to provide our clients with the goods and services they require. It can then be very frustrating if we do not get paid on time. Effective credit control systems and management are fundamentally important to the success of your business. Sometimes it is all about being organised and timely when it comes to managing your creditors and avoiding Read more…

New late payment regulations to come into force

New late payment regulations to come into force

On 6 April 2017 new rules will come into force that will require Limited Liability Partnerships (LLPs) and medium and large companies to publish reports on their payment practices. The Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 and The Reporting on Payment Practices and Performance Regulation 2017 will require these businesses to report specific information online every six months. While the new rules come into Read more…

Reminder: Payroll changes ahead

Reminder: Payroll changes ahead

From 1 April 2017, the statutory wage for employees in the UK is to increase. The change will mean that those aged 25 and over in receipt of the National Living Wage will see their hourly rate increase from £7.20 to £7.50. Meanwhile, workers aged 21–24 will also see an increase of 10p from £6.95 per hour to £7.05, while those aged 18–20 will see Read more…

Business rates are a “ticking time bomb”

Business rates are a “ticking time bomb”

In April 2017, businesses are expecting to receive the first indication of their new business rates following the latest revaluation. Although many businesses are expecting small falls in business rates, around a third are expecting very sharp rises. Around a fifth of these, mainly located in the South East where property prices are higher, are expecting an immediate rise of more than 40 per cent. Read more…

One in five micro-businesses unaware of Making Tax Digital, research shows

One in five micro-businesses unaware of Making Tax Digital, research shows

Research published by FreeAgent has found that a fifth of the smallest business are unaware of Making Tax Digital (MTD) – HM Revenue & Customs’ (HMRC) flagship policy, which will introduce quarterly electronic reporting for most businesses. The FreeAgent survey also found that 84 per cent of micro-businesses thought the Government had not provided enough information about its plans and how they will affect businesses. Read more…

Reporting company car expenses and fuel

Reporting company car expenses and fuel

If you provide cars to your employees for their own private use, you will need to report this to HM Revenue & Customs (HMRC) using form P11D at the end of the tax year. The value you will need to list for any vehicles provided in this way is set by HMRC and reflects the list price of the car, VAT, delivery, options worth £100 Read more…

£30K tax-free redundancy payments set to be abolished

£30K tax-free redundancy payments set to be abolished

Payments in Lieu of Notice (PILON), one aspect of a typical redundancy payment, alongside compensation for loss of employment, is set to lose its tax-free exemption, which currently applies to payments of up to £30,000, where it is not a contractual requirement. The changes, which are included in draft legislation and set to come into effect from 2018, apply to all PILON apart from those Read more…