by Jessica Garbett | Jun 13, 2016 | ACCA, business issues
Two recent cases have highlighted directors who were disqualified and banned from being company directors and from being involved in the management of a limited company in any way. The first was for 12 years for selling rare earth elements as an investment and failing...
by Jessica Garbett | Jun 10, 2016 | business issues
We were asked: “We are taking over the running of a local community event. We ran it once before as a CIC, but this was complicated in terms of admin and we want to do it as simply as possible. It’s pretty simple. People pay a fee. We have to pay the space...
by Jessica Garbett | Jun 9, 2016 | ACCA, VAT
An update to VAT Notice 733 ‘Flat rate scheme for small businesses’ was issued on 4 May 2016. According to HMRC the purpose of this was to ‘make the notice more suitable for publication on GOV.UK’. The update includes some minor amendments to various paragraphs....
by Jessica Garbett | Jun 6, 2016 | ACCA, pension reform
Many employers will have seen the large character Workie – calling on them not to ignore the workplace pension. They may now be wondering what to do next and what automatic enrolment will cost them. The good news is that recent research by The Pensions Regulator...
by Jessica Garbett | Jun 2, 2016 | ACCA, HMRC, personal taxatation
HMRC is seeking your comments on an early draft of Tax Coding Notice (P2). After digesting the information below and also elsewhere online, do you feel it provides sufficient detail for you or your clients to be useful? HMRC says ‘The HMRC Personal Tax Account...
by Jessica Garbett | Jun 1, 2016 | employer returns, RTI
Reported on Accounting Web today, the “soft landing” for RTI penalty regime has been extended from April 2016 to April 2017. Employers shouldn’t be complacent of course, but its a welcome sign of common sense from HMRC as the comparatively new system...
by Jessica Garbett | May 31, 2016 | ACCA, budget, business taxation, HMRC, personal taxatation
The March 2016 Budget announced that from April 2017 two new allowances of £1,000 each would be introduced for property and trading income. Individuals with property income or trading income below the level of the allowance will no longer need to declare or pay tax on...
by Jessica Garbett | May 26, 2016 | ACCA, pension reform, pensions, personal finance
The Department for Work and Pensions introduces the new state pension. The new state pension has been introduced for people who reach state pension age on or after 6 April 2016. You’ll be able to claim the new state pension if you reach state pension age on or after 6...
by Jessica Garbett | May 24, 2016 | ACCA, budget, business taxation, personal taxatation
The rate of tax charged on directors’ overdrawn loans has increased to 32.5%. A reminder that from 6 April 2016 the rate of tax charged on loans to participators increased to 32.5%. The new rates apply to loans made and benefits conferred by close companies on or...
by Jessica Garbett | May 19, 2016 | ACCA, business issues, pension reform, pensions
Between May and August more than 100,000 small employers and their business advisers complete and submit a Declaration of Compliance to The Pensions Regulator. With this in mind, we share below an article from The Pensions Regulator entitled AE and what you need to...
by Jessica Garbett | May 17, 2016 | ACCA, business taxation, dividends, HMRC, personal taxatation
Consultation highlights concerns over changes to taxation of dividend income and share disposals. HMRC’s ‘company distributions’ consultation highlighted the concern that the changes to taxation of dividend income and share disposals would drive some to look to...
by Jessica Garbett | May 12, 2016 | ACCA, business taxation, personal taxatation, property taxation
The new tax changes for holding a rental property as an individual, or in a limited company, will need to be carefully considered by landlords. These changes impact: allowable expenses stamp duty interest costs treatment of future gains. Wear and tear allowance This...
by Jessica Garbett | May 10, 2016 | ACCA, financial reporting
The FRC has issued guidance on going concern to assist both SMEs and larger entities. Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risks: Guidance for directors of companies that do not apply The UK Corporate Governance...
by Jessica Garbett | May 5, 2016 | ACCA, budget, personal finance, personal taxatation
Alongside auto-enrolment is the lifetime ISA the new pension for the under 40s? From April 2017, any adult under 40 will be able to open a new Lifetime ISA from which they will also be able to withdraw amounts they have contributed. Making contributions Up to £4,000...
by Jessica Garbett | May 3, 2016 | ACCA, financial reporting
FRS 105 is a simpler reporting regime which is being introduced for a new sub-category of small company: the micro-entity. Micro-entities will have the greatest choice in reporting, where the choice will determine what is available to other users and different forms...
