News and Updates

 

Employing close family – tax efficient or tax trap?

Having a spouse or your children on the payroll of your business can be tax effect as long as HMRC will wear it. Where do you stand if the taxman challenges your claim for a tax deduction? Tax deductible or not A particular area of contention between businesses and...

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Exempt employer payments for homeworking

There’s more than one way to compensate your staff tax and NI free for costs they incur when they work from home. The rules for each are quite different but is one more generous than the others? Three exemptions Despite the existence of three separate tax and NI...

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New SBA allowance and how it works

A draft legislation has been published by the government for the new structures and buildings allowance (SBA). While earlier announcements are confirmed, there are one or two surprises. How much tax relief can you expect? Who can claim? Most companies and...

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The new requirements for entrepreneurs’ relief

Changes to entrepreneurs’ relief announced at the 2018 Budget have now passed into law. How can you minimise the impact, and why might disposals in 2018/19 cause particular problems? Entrepreneurs’ relief recap Shareholders disposing of all or part of their shares in...

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Broadband vouchers for small businesses

As part of the Gigabit Broadband Voucher Scheme, small business can claim up to £3,000 against the cost of full fibre connection. This can either be individually or as part of a group project. Residents can also benefit from this scheme as part of a group project and...

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New payslip legislation for employers

Payslip legislation From 6 April 2019, employers will be required to provide all workers with a payslip and to show hours they worked on a payslip where the pay varies by the amount of time worked. The statutory right to receive itemised payslips will extended to all...

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New increase to pension contributions 2019/20

Pension Contribution change The automatic enrolment workplace pension scheme is set to increase from 6 April 2019. All employers with staff in a pension scheme must take action to ensure that at least the minimum amounts are being paid in to their pension scheme. The...

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National Minimum Wage Increase 2019/20

National Minimum wage As of 1 April 2019, the national living wage and the statutory national minimum wage for those aged 25 and over, will increase 4.9%, from £7.83 to £8.21 Chancellor Philip Hammond said in the October Budget that this will hand a full-time worker...

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