VAT receipts reach record level of £133 billion

Figures published by HM Revenue & Customs (HMRC) have revealed that VAT revenue in 2018/19 rose by £7 billion from the previous year to reach a record £133 billion. In the ten years since 2008/09, the VAT take has risen by 52 per cent from £87.9 billion. The bulk of the VAT take last year came from incorporated companies, which accounted for 73 per cent Read more…

New Advisory Fuel Rates

A new set of Advisory Fuel Rates came into effect from the beginning of December 2019, which apply to employees who use a company car. The rates can be used in circumstances where you are reimbursing employees for business travel in their company car or in requiring employees to repay the cost of fuel used for private journeys. If you use these rates, you will Read more…

HMRC launches revamped CEST IR35 off-payroll working tool

With less than three months remaining before the IR35 off-payroll working rules begin to apply in the private sector, HM Revenue & Customs (HMRC) has launched a revamped CEST IR35 off-payroll working tool. The rule change means that engagers, rather than workers, will be responsible for determining whether an engagement falls within the IR35 rules. If an engagement is found to fall within the rules, Read more…

Reminder: National Living Wage set to increase from April

On 1 April 2020 the Government will introduce increases to the National Living and Minimum Wage. From this date the National Living Wage (NLW) will rise from £8.21 to £8.72 per hour and will mean that 2.8 million full-time workers will see a £930 boost to their annual earnings. The Government claims that the introduction of the NLW, which is available to those aged 25 Read more…

SMEs now wait 23 days for late payments, new study finds

According to the latest data, UK SMEs now have to wait up to 23 days on average for late payments to be made. MarketFinance, a peer-to-peer invoice finance platform, has analysed late payment data between 2013 and 2019 from 100,205 invoices raised by UK SMEs to give a detailed overview of the late payments pressures SMEs face. It found that the overall number of unpaid Read more…

Should your company pay a data protection fee?

We are aware that the Information Commissioner’s Office (ICO) has been contacting companies to remind them of their legal obligation to pay a data protection fee. The ICO has confirmed that the UK’s 4.2 million limited companies will receive letters sent to their registered office addresses making them aware of this obligation, which is mandatory for some data controllers. While the notice implies that all Read more…

More than 3,000 taxpayers complete self-assessment on Christmas Day

Instead of tucking into turkey or unwrapping their gifts, 3,003 taxpayers completed their self-assessment returns on 25 December 2019, according to HM Revenue & Customs (HMRC). Every year hundreds of people across the UK use the Christmas break as a time to manage their financial affairs, with HMRC declaring it a “Christmas tradition”. HMRC said that peak times for self-assessment submissions on Christmas Day were Read more…

Ask the Expert – Ian Saunders explains the implications of storing products in the UK after Brexit

As part of our new ‘Ask the Expert’ series; we spoke with Ian Saunders, Partner and Head of Company Secretarial, to find out the answer to questions he receives from his clients. Client Question:  “We are a product distribution company based in Europe and we want to know the implications of storing products in the UK after Brexit?” Ian Saunders: “There are two options available Read more…