Wilder Coe Newswire

Young Professional Network event with Wilder Coe LTD and Laytons LLP

On Thursday 26th September, we hosted a joint networking event with Laytons LLP as part of the growth of our Young Professional Network (YPN).

The YPN Project was established in 2018 by Wilder Coe to give our mid-tier management teams the chance to evolve their own business relations; so as they continue developing their career path through to Partner level, they learn the art of business development.

Absenteeism V Presenteeism – what is worse?

“Absence makes your colleagues work harder”

The Office for National Statistics (ONS) has revealed that UK workers’ average number of sickness absence days has almost halved since records began in 1993. The figures show that employees took an average of 4.1 sickness absence days in 2017, compared with 7.2 days in 1993.

HMRC trialling self-assessment checks to help local authorities to recover council tax

HM Revenue & Customs (HMRC) has announced that it is entering into data-sharing arrangements with local authorities to help clamp down on council tax debt.

In the 2017/18 tax year, councils in England had an £818 million deficit for council tax arrears, which has prompted HMRC to work with local authorities by sharing information about taxpayers.

Definition of dwellings for SDLT purposes

With a significant difference in the rates applicable to residential and non-residential properties it is important to be able to identify the appropriate classification, since there could be substantial tax at stake.

While this may seem a straightforward matter in most cases, there are many instances, such as farms and rural estates where the classification can be problematic. HMRC have recently published new guidance in the Stamp Duty Land Tax Manual (SDLTM000360-SDLTM00430) which clarifies the current thinking on the factors which need to be taken into account in deciding whether a property is “residential” or “mixed use”.

Job descriptions are they worth the effort?

You have a new vacancy but don’t have time to write the job description why bother it will be out dated as soon as you have written it…right?

Wrong…job descriptions play an important role in the recruitment process. Not only can a job description help you to define what your requirements are for the role, for example essential experience, skills and abilities verse nice to haves. It can also clarify a candidate’s expectations.

Overseas employees potentially face double NICs liability following a no-deal Brexit

Employees working overseas on secondment could face paying twice as much in National Insurance Contributions in the event of a no-deal Brexit, HM Revenue & Customs (HMRC) has warned.

If the UK leaves the EU without a withdrawal agreement then current agreements to avoid double payment of the equivalent of National Insurance Contributions (NICs) in member states will be voided.

New figures show a sharp increase in Inheritance Tax (IHT) receipts

New figures published by HM Revenue & Customs (HMRC) have revealed a significant increase in the number and value of Inheritance Tax (IHT) receipts.

The figures, which relate to the 2016/17 tax year, show a 15 per cent increase in the number of estates paying IHT in comparison with the previous year, rising from 24,500 to 28,100.

Non-VAT-registered businesses need EORI number to trade with EU customers and suppliers post-Brexit

Any business that is VAT-registered and currently trades with the EU will have automatically been issued with an EORI number allowing it to trade with customers and suppliers in EU member states following the UK’s withdrawal from the EU.

However, businesses that are not registered for VAT will need to register for an EORI number that will enable them to be identified by customs authorities.

25,000 companies receive penalties for the late filing of accounts in just one month

The latest data from Companies House shows that thousands of penalties were handed out for the late filing of company accounts, with more than 25,000 companies missing a deadline on 30 September.

This date marks a common deadline for companies, according to Companies House, with a further 643 companies narrowly avoiding a penalty by filing their accounts in the final hours.

HM Revenue & Customs has started carrying out PAYE tax investigations remotely

It has been reported that HM Revenue & Customs (HMRC) has begun carrying out PAYE investigations remotely.

The investigation begins with a phone call, inviting the employer to complete a survey sent by email. There is a concern amongst accountants that the wording of some of these questions could trip up unwary employers and prompt full-scale tax enquiries.

Wages rise at the fastest rate in a decade

According to the Office for National Statistics (ONS), averages wages in the UK are growing at their fastest rate since 2008.

The ONS has revealed that average earnings, including bonuses, grew by four per cent in the four months between May and July. This is the highest rate in a decade and means that wages in the UK have been rising above the rate of inflation for 18 consecutive months.

Renovated homes that have been empty for two years can qualify for a reduced rate of VAT

Although a key VAT-saving measure for listed dwellings was abolished in October 2012, there are still circumstances in which a renovation project can be subject to a reduced rate of VAT of five per cent.

There are two circumstances in which this can apply. The first is where a dwelling has been empty for the whole of the two years before work starting on the renovation of a property.

Wilder Coe wins at the Integra International 14th Cross Border Tax Conference in Rome

We are pleased to announce that Wilder Coe won the award for “Largest International Tax Case of the Year” at this year’s Integra International Cross Border Tax Conference. This year’s conference was held in Rome on 21st September 2019 and our Tax Partner, Tim Cook attended and accepted the award on behalf of the firm.

The combination of Wilder Coe providing a variety of services to the client and using the Integra International network to build stronger business relations, contributed to our success in this category.

Welcome to our October 2019 Newswire

Our aim is to keep you up to date with ideas and information that will help you gain the best possible advantages in working with us. This newswire will be sent regularly to help achieve this aim, and we hope you enjoy reading them.