Wilder Coe LTD - September 2016

Welcome to the Wilder Coe Ltd 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.

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News Article

Reminder: Flat-rate expense agreements

Workers in a number of different sectors are often obliged to spend small amounts each year maintaining or replacing tools and special clothing, which are deemed necessary for them to carry out their employment duties. In order to provide support to these workers, HM Revenue & Customs (HMRC) allows a flat-rate expense to cover these costs. While …

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News Article

Small businesses face new punitive penalty regime

New rules introduced as part of the government’s Making Tax Digital proposals could see fines for late tax payments triple. Currently small businesses face a fine worth five per cent of their outstanding tax bill if they pay late. This is charged at 30 days, six months and then again at 12 months, slowly accumulating at a slow rate if the tax remains …

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News Article

More than one in five insolvencies the result of late payments

A new report from insolvency trade body R3 has revealed the damage done to small firms by customers making late payments for goods and services. According to their most recent survey of the insolvency profession, late payment was the primary cause in 23 per cent of insolvencies during the last 12 months, while the closure of a supplier or customer was …

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News Article

Businesses brush off Brexit fallout

Almost half of Britain’s business owners do not think Brexit will have an impact on their company, according to a new study from delivery service CitySprint. Surprisingly a fifth of those questioned also said they wanted the government to immediately trigger Article 50 of the Lisbon Treaty, which will officially start Britain’s exit from the EU. …

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News Article

Revenue sets out first plans for Making Tax Digital

In August HM Revenue & Customs (HMRC) issued the first wave of consultation documents on its Making Tax Digital (MTD) initiative. This first wave of consultation documents set out the Revenue’s plans for the implementation of MTD for the smallest businesses and, as expected, a large number of small businesses will need to report on a quarterly …

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News Article

Revenue gets tough on salary sacrifice schemes

The previous Chancellor announced at the Budget in March 2016 that the government would consider restricting the range of Benefits in Kind (BiKs) that are exempt from Income Tax and National Insurance. In August, HM Revenue & Customs (HMRC) launched its formal consultation on the changes – which proposes that almost all BiKs should be subject …

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News Article

Changes to non-dom rules in the pipeline

As part of a raft of recently launched consultations, the government has unveiled its latest plans for the changes to non-dom status announced by the previous Chancellor in his 2015 Budget. Under the plans, non-doms who are deemed to be long-term residents will be required to pay UK tax on their worldwide income. The changes are designed to prevent …

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