Persons of Significant Control – changes to Companies House Reporting

Persons of Significant Control – changes to Companies House Reporting

Last year saw a raft of changes come into effect at Companies House. Amongst the measures introduced was the requirement for companies to maintain a register of Persons of Significant Control (PSCs). New rules, which came into effect on 26 June 2017 mean that companies need to report all changes to their PSC information as they take place and will no longer be able to Read more…

Five ways to get more enjoyment from your money

Five ways to get more enjoyment from your money

While most of us invest a lot of time and thought about how to improve our finances, we do not tend to spend quite as much time looking at how our finances can improve our lives. But research is showing that not all wealth is equal, with some spending having a greater impact on happiness than other spending. Here are our top five ways to Read more…

Huge fines for employers stalling workplace pensions

Huge fines for employers stalling workplace pensions

Around 800,000 small businesses are yet to enrol into the Government’s flagship pension scheme, new figures have revealed. The Pensions Regulator, which published the report, said nearly eight million employees are now saving into a workplace pension, but thousands of employers remain non-compliant. Launched in October 2012, “auto-enrolment” requires all employers – no matter if you have one employee or one thousand – to set Read more…

Rules on directors’ tax returns are not as clear you might think

Rules on directors’ tax returns are not as clear you might think

According to the gov.uk guidance, a director must register for self-assessment (SA) and send a personal SA tax return to HM Revenue & Customs (HMRC) each year. However, this isn’t always the case. There are exemptions to this rule, one of which was recently highlighted at a tax tribunal. Mohammed Salem Kadhem has been a director of a property company since 21 May 2014. He’s Read more…

Opposing HMRC penalties on grounds of ‘reasonable excuse’

Opposing HMRC penalties on grounds of ‘reasonable excuse’

Recent reports have shed light on some of the most unusual cases where self-assessment taxpayers have managed to successfully appeal late filing and late payment penalties issued by HM Revenue & Customs (HMRC). In one instance, a taxpayer named Magdalena Trzcińska successfully appealed a late filing penalty thanks to a well looked-after ‘signed for’ Post Office slip, according to reports. Ms Trzcińska had submitted her Read more…

The Inheritance Tax main residence additional nil-rate band

The Inheritance Tax main residence additional nil-rate band

A new additional nil-rate band of £100,000 for Inheritance Tax (IHT) on main residences, when bequeathed to a direct descendent, came into effect at the start of the new tax year in April 2017. In 2018, 2019 and 2020, this will rise to £125,000, £150,000 and £175,000 respectively, before rising in line with Consumer Prices Index (CPI) in subsequent years. The change affects estates worth Read more…

Software that makes you WannaCry – The importance of cyber security

Software that makes you WannaCry – The importance of cyber security

Last month more than 200,000 computers in 150 countries were infected during the WannaCry ransomware attack, including the systems of a number of NHS trusts. This cyber-attack caused mass hysteria and crippled a number of businesses and organisations – often highlighting the vulnerability of some of the world’s largest IT systems. Through their actions the hackers are believed to have extorted just £60,000 worth of Read more…

The Big Squeeze – Pay and consumer spending to slow down

The Big Squeeze – Pay and consumer spending to slow down

With inflation hovering around 2.7 per cent, many businesses are facing a period of higher costs and reduced consumer spending – a trend which could see average pay rises this year hit just one per cent, according to the Chartered Institute of Personnel and Development (CIPD). In its latest report, the CIPD said that this is the lowest figure for the last three years and Read more…

Britain faces ‘a business support black hole’ post-Brexit, according to the FSB

Britain faces ‘a business support black hole’ post-Brexit, according to the FSB

A new study from the Federation of Small Businesses (FSB) has indicated that the UK’s army of small firms will face a funding shortfall of around £3.6 billion by 2021 as a result of the UK’s withdrawal from the EU. According to the FSB’s data, around eight out of 10 SMEs have tried to access business support services over the past 12 months. Much of Read more…