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Planning your retirement – it’s never too early to start
Whatever your age, it’s never too late to start saving to retire. It’s more important than ever to start your retirement planning from an early age, however dull a prospect that may sound to younger generations. Putting money into a pension each month will provide you with a regular income once you retire. There are…
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Data protection changes – what you need to know
Businesses are preparing for the General Data Protection Regulation, which comes into force from 25 May 2018. All businesses holding personal data will need to ensure their procedures are fit for purpose and compliant when the new rules take effect next year. Those businesses found non-compliant may face fines of up to €20 million –…
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Second payment on account deadline reminder
The second annual deadline to submit advance payments towards your self-assessed tax bill for the previous year is due on 31 July 2017. ‘Payments on account’ take place every six months – on 31 January and 31 July – and include class 4 national insurance contributions if you’re self-employed. Each payment is half your previous…
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Rejected contracts hit SMEs in the pocket
47% of small businesses lost out on up to £10,000 in the last year due to turning down work contracts and orders, according to a study. Out of 501 companies surveyed by Hitachi Capital Invoice Finance, 26% rejected contracts worth up to £5,000 while 21% snubbed deals worth between £5,001 and £10,000. Almost one in…
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HMRC urged to extend executors’ inheritance tax deadline
Royal London is calling on HMRC to change inheritance tax (IHT) rules on larger estates to allow executors more time to pay complex tax bills. Under current rules, the executor of a will can manage a person’s estate following their death by applying for a ‘grant of representation’ – otherwise known as probate. The process…
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Lifetime ISA’s
Incorporating the Lifetime ISA into your savings strategy. The past few years have seen several innovations in the savings account market. Gone are the days when savers only had cash and stocks and shares ISAs to choose from. Nowadays you can open specialist accounts designed to help you save for your first home and for…
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Capital gains tax
A guide to capital gains tax and the reliefs available for 2017/18. When you buy an item with the intention of selling it for a profit, that transaction is treated as a trade and you should pay income tax on the profit you make on the sale. When you acquire an asset to use or…
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Delayed retirement beyond 65
The number of employees who think they will work beyond the age of 65 is at a record high, according to research by Canada Life Group. Out of 1,000 workers surveyed, 73% are expecting to work past the age of 65 – up from 67% in 2016. 37% who intend to work beyond 65 said…
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Rising costs and offsetting them
More than half of businesses are planning to offset rising prices, according to a study by ICAEW. 53% of firms have seen input prices increase over the past year but less than half are willing to absorb the costs. Businesses cited the following reasons for rising prices: rise in raw materials (35%) cost of services…
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Employment law rights and Brexit
Employers are in support of the current employment law rights as negotiations to leave the European Union continue. The CIPD asked 500 employers about the 28 areas of employment law and found the majority thought all areas were necessary. Legislation deemed important included: unfair dismissal laws (93%) the national minimum wage (87%) parental rights at…
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Expenses and benefits deadlines
Expenses and benefits not payrolled for the 2016/17 tax year will need to be reported to HMRC by 6 July 2017. Employers can report them by completing specific forms which are available to download on the HMRC website. There are 2 forms to complete – P11D and P11D(b).
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Investing in small companies – what you need to know
A beginner’s guide to investing in small entities and the available tax reliefs for doing so. Starting a business is rarely glamourous. Many of the globe-straddling behemoths of the business world had low key beginnings. Both Apple and Hewlett-Packard were famously started in their founder’s garages while the mighty Samsung began life as a grocery…
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Personal Tax planning
How individuals and families can save taxes in 2017/18. The UK tax system provides reliefs and allowances to encourage you to spend or invest in certain ways. Using those reliefs as they are intended is the fiscal equivalent of obeying the Highway Code. If you divert from that code, by parking incorrectly, you would expect…
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IR35 changes for the public sector
Important changes to public sector contractors working under IR35 legislation have taken effect for 2017/18. Individuals who work through intermediaries, such as personal service companies, are no longer subject to IR35 rules if they work in the public sector. Public sector organisations or agencies paying off-payroll workers are now responsible for deciding whether the work…
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ISA rules misunderstood
More than half of adults don’t understand ISA rules, research by Opinium has found. Key findings: 1 in 5 knew that the ISA annual allowance is £20,000 for 2017/18 24% knew that you can transfer money from previous tax years into a current ISA 9% wrongly believed that you can only move money if your…
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Digital skills shortage hampers growth
A lack of digital skills is affecting business productivity and growth, according to the British Chambers of Commerce (BCC). More than 4 in 5 (84%) firms say digital and IT skills are more important than 2 years ago, however 76% say they are facing a digital skill shortage. Adverse effects of skills shortages include: increased…
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The Gender pay gap and reporting
Employers with more than 250 staff are now required by law to report gender pay gaps, following the introduction of new legislation. Employers must publish the following figures by April 2018: their median gender pay gap – difference between midpoints in the ranges of men’s and women’s pay their mean gender pay gap – difference…
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Employee benefits – what you need to know
A guide for employees on the tax implications of accepting common employee benefits. Most employers provide a range of benefits in kind to their employees. You may be able to choose which benefits to take up, so you should be aware of the different tax and national insurance (NI) implications of each benefit you pick.…
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Cash flow – how to maximise opportunities
A guide to maintaining a healthy balance between money coming in and out of your business. If your business does not have a steady stream of money flowing into it, you will be unlikely to be a going concern in 12 months. On the other hand, every business will have regular costs that they have…
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Dates and changes post April 2017
As another new tax year begins, here are some important tax dates and changes to be aware of this month.
