by Jessica Garbett | Feb 27, 2017 | ACCA, pension reform, pensions, personal taxatation
Deadline for applying for individual protection 2014 is 5 April 2017. The standard pension lifetime allowance was £1.5m until it was reduced to: £1.25m on 6 April 2014 £1m on 6 April 2016. Individuals may be able to protect their pensions from these reductions. There...
by Jessica Garbett | Feb 25, 2017 | ACCA, HMRC, personal taxatation
The Scottish government has previously revealed plans to introduce tax thresholds and rates that are different from those used in England and Wales. HMRC has, as you would expect, been issuing P9X, containing rates, thresholds and tax code increases required by...
by Jessica Garbett | Feb 24, 2017 | ACCA, business issues, property taxation
Summarising the changes coming into effect in April. In 2015 the government launched a wide-ranging review of national business rates which was designed to pave the way for changes to how businesses across England pay the tax. The outcome of this review was to...
by Jessica Garbett | Feb 23, 2017 | ACCA, business issues, pension reform, pensions
Re-enrolment has started for many businesses and the final group of micro-businesses will be enrolled. The Pension Regulator has highlighted that compliance remains positive; over 370,000 employers have enrolled workers and over 300,000 workers have been re-enrolled,...
by Jessica Garbett | Feb 22, 2017 | ACCA, business taxation
People often ask what is/is not a car for capital allowances and other purposes. Here’s a timely recap on the rules and how they are applied. Basics A business can claim capital allowances on cars bought and used in the business. However, the first issue is – what is...
by Jessica Garbett | Feb 21, 2017 | ACCA, enquiries and tax disputes
Guidance for accountants on HMRC’s investigative powers. One of HMRC’s responsibilities is to check that the correct amounts of tax have been paid at the right time. To do this, HMRC may need to: gather information and examine documents inspect business premises and...
by Jessica Garbett | Feb 20, 2017 | ACCA, business issues, financial reporting
A summary of the main arguments for/against FRS 105. The deadline for filing accounts with a 31 March 2016 year-end has passed and for those with 31 March 2016 year ends it also sees the demise of the FRSSE. Its last version (effective 2015) can no longer be used for...
by Jessica Garbett | Feb 20, 2017 | ACCA, business issues, financial reporting
A recap on changes that came into force in 2015. Statutory Instrument 2015 number 980 came into force on 6 April 2015. This increased the small company thresholds as follows: Companies Act 2006 section 382 changes New limits Previous...
by Jessica Garbett | Feb 17, 2017 | business issues, business taxation, pension reform, pensions, personal finance, personal taxatation
From April 2017 individuals will be allowed to withdraw £500 tax free from their pensions on up to three occasions, once in each tax year, for Pensions and Financial advice. This allowance is available at any age, but clearly it comes from your pension savings –...
by Jessica Garbett | Feb 17, 2017 | business issues, business taxation, pension reform, pensions, personal taxatation
From April 2017 an employer can pay for £500 worth of pensions advice for an Employee, and there will be no benefit in kind on the employee. The precise details are: Exemption on the first £500 of Employer arranged or financed pension advice each tax year Advice must...
by Jessica Garbett | Feb 17, 2017 | business issues, National Minimum Wage and National Living Wage
There are changes to National Minimum Wage and National Living Wage from 1 April 2017: Year 25 and over rate (NLW) 21 to 24- Adult rate 18 to 20- Development rate (NMW) Under 18 – Young worker rate (NMW) Apprentice rate (NMW) October 2016 (current rate) £7.20 £6.95...
by Jessica Garbett | Feb 13, 2017 | ACCA, business issues
Cyber fraud is a significant business risk. Apply this practical guidance to minimise the threat. HMRC’s recent announcement that it will have stopped half a billion phishing emails a year from ever reaching taxpayers highlights the scale of the threat to large and...
by Jessica Garbett | Feb 11, 2017 | business taxation, employment status, IR35, personal taxatation, PSC, psc guide
Further to our post earlier this week, we have now updated our website with enhanced guidance on the new Public Sector IR35 regime and some examples with figures in them. See our guidance here and examples here
by Jessica Garbett | Feb 10, 2017 | business issues, employment status, enquiries and tax disputes
Theres a report today (BBC link – Court of Appeal Link) of a self employed Plumber contracting to the well known “Pimlico Plumbers” winning a tribunal action and subsequent appeal on the question of whether his entitlement to employment rights. This...
by Jessica Garbett | Feb 7, 2017 | IR35
As most people will know, there are new rules around IR35 in Public Sector contracts form April 2017. HMRC published some new guidance last week and there was a technical guide note published last autumn – “technical note” doesn’t do this...
