Dividend Allowance cut could cost you £1,143. Is it time to restructure?

Dividend Allowance cut could cost you £1,143. Is it time to restructure?

For a while, company directors have been able to make a tax-efficient living by taking a combination of salary and dividends due to the generous Dividend Allowance. However, changes which took effect from 6 April 2018 have cut the allowance from £5,000 to just £2,000. The changes are meant to level the playing field between the self-employed, directors, shareholders and employees, but if you’re not Read more…

Do you offer an EMI scheme? These are the new rules you need to know about

Do you offer an EMI scheme? These are the new rules you need to know about

EU State Aid approval for the Enterprise Management Incentives (EMI) scheme expired on 6 April 2018, meaning any share options received after this date may not be eligible for tax reliefs. This is an important change for employers who currently grant EMI share options or plan to do so in the future. The Government said it is currently following the process of applying to the Read more…

Staying GDPR compliant – How HR software helps businesses cope with GDPR

Staying GDPR compliant – How HR software helps businesses cope with GDPR

Introduction The way we manage data has changed beyond all recognition in the last few years. Filing cabinets are fast becoming a 21st Century dinosaur, no one uses rolodexes anymore and the vast majority of businesses are switching to computer, online and cloud-based services. But the laws governing how that data is managed haven’t kept pace with this change. Until now. You may have heard Read more…

Millions of people have not checked their online tax accounts for errors

Millions of people have not checked their online tax accounts for errors

Millions of people from across the UK could be paying more tax than they need to, it has emerged, after figures from HM Revenue & Customs (HMRC) showed that more than 15 million individuals have not checked their Personal Tax Accounts. The figure means that less than half of taxpayers have accessed their accounts, risking errors in the amount they pay. Personal Tax Accounts were Read more…

Late payments in the spotlight after Carillion collapse

Late payments in the spotlight after Carillion collapse

Small businesses in the UK have long been scourged by late payments, but the problem was brought into sharp focus earlier this year following the collapse of construction giant, Carillion, emphasising the importance of careful credit control. According to the Federation of Small Businesses (FSB), some suppliers were waiting as long as 120 days to receive payment from Carillion. FSB National Chairman, Mike Cherry, said: Read more…

Quarterly digital reporting to HM Revenue & Customs opens to self-employed individuals

Quarterly digital reporting to HM Revenue & Customs opens to self-employed individuals

Since March this year, self-employed individuals have had the option of reporting their income digitally to HM Revenue & Customs (HMRC) as part of a pilot of the Government’s Making Tax Digital (MTD) programme. The Government has long had the ambition of taking most taxes including Income Tax, VAT and Corporation Tax onto a system of quarterly reporting using ‘designated software packages’ under the auspices Read more…

HMRC takes new steps to tackle online VAT fraud

HMRC takes new steps to tackle online VAT fraud

HM Revenue & Customs (HMRC) has been granted new powers to help combat online VAT fraud conducted on digital marketplaces. Originally outlined by the Chancellor in the 2017 Autumn Budget, the new powers – known by the term ‘joint-and-several liability’ (JSL) for online marketplaces – strengthen existing arrangements to make online marketplaces accountable for VAT fraud committed by online sellers on their platforms. In its Read more…

Are you one of the 90 per cent of businesses that are unprepared for GDPR?

Are you one of the 90 per cent of businesses that are unprepared for GDPR?

With less than 60 days left until the deadline for compliance with the General Data Protection Regulation (GDPR), more than 90 per cent of UK small businesses admit they are not yet fully ready. In fact, a poll conducted by the Federation of Small Business (FSB) found that only eight per cent of SMEs have completed their preparations for the new data protection regulations, while Read more…

Government extends childcare voucher scheme for additional six months

Government extends childcare voucher scheme for additional six months

Working parents across the UK will be delighted to hear that the Government has agreed to a six-month extension of the childcare voucher scheme. It has been estimated that around 80 per cent of working parents may be better off using Childcare Vouchers rather than the new tax-free childcare scheme. The voucher scheme allows employees to gain access to funding for childcare through their employer Read more…

Spring Statement 2018

Spring Statement 2018

By the time Chancellor Philip Hammond rose to his feet in the House of Commons to deliver the first Spring Statement, he had already offered plenty of hints that this would be a low-key affair. Gone was the primetime Wednesday slot after Prime Minister’s Questions, gone was the trailing of policy announcements in the days and weeks beforehand and gone was the set-piece photo call Read more…