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IR35 – what you need to know
A brief guide to the tax implications of IR35. IR35 is the shorthand name for tax rules concerning the provision of personal services through intermediaries. These rules came into effect on 6 April 2000, but they were significantly amended from 6 April 2017 for contracts involving public sector bodies. There are now two different applications…
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Travel & subsistence – it’s quite complicated
Your obligations for reporting travel expenses. Many employees need to travel as part of their job for various reasons, whether it’s acquiring new customers, working with current ones or attending conferences and events. The system of benefits and taxation surrounding this essential economic activity is classed as ‘travel and subsistence’ in the eyes of the…
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Entrepreneurs say they need more support
Four out of five entrepreneurs in the UK believe the government could do more to support their small business, research claims. Aldermore surveyed 1,799 people, including 642 small business owners, and found 79% of respondents believed existing initiatives did not provide enough support to SMEs. Apprenticeship levy funds go towards the training of apprentices, but…
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Deadline for reporting benefits in kind nears
Most employers are currently getting their houses in order when it comes to reporting employee benefits and expenses ahead of the 6 July 2018 deadline. At the end of the tax year, employers may need to inform HMRC if any taxable benefits were handed out to members of staff over the previous 12 months. These…
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Making Tax Digital delay blamed on Brexit
HMRC has delayed rolling out digital services for individuals, such as the simple assessment and dynamic coding changes. The move was announced in an email sent to stakeholders, which confirmed the delay was down to a shift in key priorities driven by the need to free up civil servants for Brexit. Jon Thompson, chief executive…
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Landlord costs could increase due to legislation
A new ban on tenant fees could push costs of more than £80 million onto landlords, government figures have shown. The tenant fees bill, which was published on 2 May 2018, includes a ban on all fees charged to tenants apart from rent, deposits, and certain necessary costs. A government impact assessment confirms that “the…
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GDPR – we have updated our privacy policy
Click here – https://www.wormaldandpartnersaccountants.co.uk/privacy
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Tax planning for 2018/19 – the facts
How to reduce what you owe the taxman. Nobody wants the taxman to take more than his fair share, and planning your finances early on can ensure you adopt the most tax-efficient strategy for the months and years ahead. Effective tax planning will help protect your wealth and any assets, ready to pass on when…
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The company car benefit – or not?
What’s new for 2018/19? Despite year-on-year tax rises, company cars remain a popular benefit. While the tax cost of expensive high-emission cars can be eye-watering, by choosing carefully it’s possible to enjoy the convenience that comes with a company car for a relatively low tax cost. So, as the new tax year gathers steam, what’s…
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Funding and cashflow – we can help
Difficulty accessing funding is causing around one in four small and medium-sized firms to miss out on business opportunities, research shows. A survey by Aldermore of 1,004 senior decision-makers in SMEs revealed that 23% had missed out on at least one new business opportunity due to lack of funding in the past 12 months. The…
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Making Tax Digital – are you ready?
A number of selected small businesses have begun submitting tax returns under HMRC’s Making Tax Digital (MTD) pilot scheme. The Revenue asked for businesses to step forward and trial the digital process from April 2018. HMRC is monitoring the progress of businesses and sole traders, who have been submitting tax returns to help shape the…
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Late payments and differing processes
Almost half of small and medium-sized businesses have struggled with late payments in the last year, according to research by the Institute of Directors (IoD). Of the 787 business leaders surveyed, 48% have faced issues with late payments since April 2017. Almost a third (31%) said this was the result of an “excessively bureaucratic payments…
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Are the higher pension costs hitting your business?
Startups and the smallest businesses are having to absorb higher pension costs as the new tax year gets under way. The Federation of Small Businesses (FSB) warned that the doubling of minimum employer contributions into workplace pensions from 6 April 2018 will “hit the very smallest firms and startups the hardest”.
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Sole trader to Limited company the pros and cons
What to expect from incorporating your business. With a new tax year upon us, many sole traders will be reviewing their business structure and considering whether it’s worth switching to a limited company. There’s no denying that incorporating a business proved popular in 2017, with Companies House reporting a 7% rise in the number of…
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Phoenix wings are clipped
A guide to measures which discourage ‘phoenixing’ of companies. Companies can fail for several reasons and, for the most part, these aren’t the result of wrongdoing by the directors. For this reason, it’s perfectly legal to start a new company after an old one has become insolvent. However, there are a number of rules that…
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GDPR – ready or not here it comes
Small businesses are worryingly underprepared with little over a month to go before new data protection regulations are introduced. The Federation of Small Businesses (FSB) claims 33% of SMEs have not started preparing for the EU-wide General Data Protection Regulation, which takes effect on 25 May 2018. A similar number (35%) have only recently started…
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Apprentices welcomed
Small firms in England are positive about the value that apprenticeships bring to their workforce, a year after the apprenticeship levy was introduced in April 2017. According to a study by the Association of Accounting Technicians (AAT), the overwhelming majority of small business owners (96%) say they are likely to take on more apprentices in…
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Tax simplification or pipe dreams?
The tax system in Britain should be replaced with a single rate on all forms of income, claims a thinktank. A report by the Institute for Public Policy Research (IPPR) has outlined its recommendations to improve the British tax system. In order to make the system more “progressive and efficient”, the proposed reforms would involve…
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The self-employed march on
The number of people who are planning to become their own boss has almost doubled in the past year, according to research. Aldermore polled 2,003 adults and found that 29% aim to start their own business in the future – up from 15% in 2017. Some 18% of those intend to make the switch in…
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Tax and employee benefits – what you need to know
What to expect when providing staff with perks. Most employers choose to recognise the ongoing commitment made by their members of staff by providing various benefits and rewards. Whether that’s in the form of the Christmas party or it extends to benefits such as a cash bonus or flexitime, it all helps to ensure employees…
