Following a consultation period, HM Revenue and Customs have now released more information regarding the changes to self assessment under their new “Making Tax Digital” project. Some of the more significant details are: Receipts and expenditure recorded on spreadsheets can be linked to HMRC software. Free software will be available to smaller businesses. The cash … Continue reading HMRC Update On Making Tax Digital
The Government’s drive to improve transparency of UK company ownership by putting a ban on corporate directors (subject to certain exceptions), has once again been put on hold. The provision introduced by the Small Business, Enterprise and Employment Act 2015, was originally due to come into force in October 2015, then October 2016, but has … Continue reading Further delay on Corporate Director ban
A recent survey of financial and IT auditors conducted by CareersinAudit.com, has revealed that they believe many small businesses are unaware of the importance of protecting their IT systems from loss of data and cyber-attacks. The survey, carried out in the Spring of 2016, revealed that many small business owners do not feel the cost … Continue reading Protecting Your Business Data
The 2013 Autumn Statement Autumn Statement The economic position in December 2013 looks a good deal rosier than it did back in the spring when George Osborne presented his Budget. But that does not mean he felt able to announce major tax reductions. He said that his plans for the coming tax year were fiscally … Continue reading Autumn Statement 2013
The Government is proposing a new Tax-Free Childcare scheme which will help around 2.5 million working families, which was one of the major announcements in the 2013 budget. HOW MUCH HELP CAN I GET? Eligible families will get 20% of their annual childcare costs up to £6,000 per child, paid for by the Government. This … Continue reading Tax-Free Childcare
Due to an ageing population, we are seeing increasing numbers of people collecting state pensions. With this number set to increase even further, and as peoples retirement aspirations grow, relying on state pension alone may not be enough in the future. To pre-empt the situation where people are left dissatisfied with their retirement arrangements, the … Continue reading Workplace Pension Reform
The year 2012 will see the most far-reaching changes to pensions in the UK since Prime Minister Lloyd George first introduced the Old Age Pensions Act in 1908. But just what do these reforms mean for staff and employers? The reforms - which are being introduced to help workers save enough for their retirement - will … Continue reading Are your staff in the know?…Get ready for the 2012 pension reforms
Child benefit will be withdrawn for high income taxpayers from January 2013. The threshold for this tax change is £50,000 and will be tapered on income from this figure up to £60,000 when no child benefit will be due. The change has been the subject of much controversy. Take two families both with two children. … Continue reading Will you lose your child benefit?