Auto-enrolment to be expanded to younger workers, as minimum contributions rise

Auto-enrolment to be expanded to younger workers, as minimum contributions rise

The majority of businesses across the UK are making preparations to increase their minimum workplace pension contributions, having successfully enrolled more than 8.5 million staff into schemes. Auto-enrolment minimum contributions were due to rise in October 2017 under the original plans and then again in October 2018, but the Government took the decision to push the date back six months. This means that the first Read more…

New Year, New Home – Self-employed reminded about changes to SA302

New Year, New Home – Self-employed reminded about changes to SA302

With many people looking to get on to the housing ladder in 2018, it has never been more important to have easy access to a mortgage. However, since HM Revenue & Customs (HMRC) changed the way it issues details of tax calculations and tax year overviews for submission with mortgage applications last year, self-employed workers in the UK have found it harder to get a Read more…

Recently given your staff a gift?

Recently given your staff a gift?

Maybe you have recently given your staff members a bottle of wine or a voucher to help celebrate the New Year or as a thank you for their services in 2018, but did you know this could be classed as a trivial benefit in kind. While the cost may not be ‘trivial’ to some, this tax relief does cover benefits, such as taking employees out Read more…

Revenue aims for 100 serious and complex tax crime prosecutions by 2022

Revenue aims for 100 serious and complex tax crime prosecutions by 2022

With tax avoidance and evasion continuing to be high on the political agenda, HM Revenue & Customs (HMRC) has announced its intention to achieve 100 serious and complex tax crime prosecutions by the end of the current Parliament in 2022. The announcement was included in HMRC’s Single Department Plan, published last month, which sets out three overarching objectives: Maximise revenues and bear down on avoidance Read more…

Chancellor fails to deliver on Office for Tax Simplification’s VAT simplification recommendations

Chancellor fails to deliver on Office for Tax Simplification’s VAT simplification recommendations

The Office for Tax Simplification (OTS) recently published its findings following a review intended to ensure the VAT system remains relevant. On the basis of its findings, the OTS made eight core recommendations: The Government should examine the current approach to the level and design of the VAT registration threshold, with a view to setting out a future direction of travel for the threshold, including Read more…

Chasing outstanding debts from an individual or sole trader? The process has changed

Chasing outstanding debts from an individual or sole trader? The process has changed

Outstanding payments can be a major headache for SMEs as they can have a significant effect on cashflow and seeking payment can take up time that would be better spent on running the business. In fact, according to Bacs, the not-for-profit entity that runs the eponymous payment service, late payments cost UK SMEs more than £2 billion each year. This means that recent changes to Read more…

Simple by name, but not necessarily by nature

Simple by name, but not necessarily by nature

Earlier this year, HM Revenue & Customs (HMRC) introduced Simple Assessments for some taxpayers who have, until now, been required to complete Self-Assessment Tax Returns. Those affected are taxpayers with relatively straightforward financial affairs where HMRC considers that it already has sufficient information to be able to calculate the tax owed. The first groups to be subject to the Simple Assessment regime are people who Read more…

Class 2 and 4 NIC merger delayed until 6 April 2019

Class 2 and 4 NIC merger delayed until 6 April 2019

The abolition of Class 2 National Insurance Contributions (NIC) will now be delayed until 6 April 2019, according to a new written statement to the House of Commons. HM Treasury has written to MPs to let them know that the move has been delayed to allow additional consultation with interested parties, particularly in respect of the effect of the abolition of Class 2 NIC for Read more…