News and Updates

 

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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Pension scammers!

Don’t let a scammer enjoy your retirement! With the increase of pension contribution soon arriving, don't let pension scammers enjoy your hard earned retirement. Scammers can be articulate and financially knowledgeable, with credible looking websites, testimonials and...

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New rent-a-room relief rules

In July 2018 HMRC proposed new legislation to limit the circumstances in which rent-a-room relief can be claimed. When and how will the new restriction apply? Rent-a-room recap Rent-a-room relief (RARR) allows anyone who lets all or part of their homes, say to a...

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Making the most of tax free allowances in 2017/18

There are now several allowances that apply to an individual’s income. The way that they interact mean that you can potentially receive £22,500 of tax-free income for 2017/18. How can you ensure you take maximum advantage? ALLOWANCES For 2017/18, the personal...

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Changes to VAT Flat Rate Scheme

Significant changes have been announced for the amount of VAT that many small businesses will have to pay. This will affect businesses that use the VAT Flat Rate Scheme but which spend very little on goods, including raw materials - such as firms providing services....

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HMRC’s spin on the new EA rules

One-man companies can no longer qualify for the employment allowance (EA). However, the latest official guidance indicates that this rule may be easy to dodge. What's the full story? Tax on employers The employment allowance (EA) was introduced in April by the...

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VAT MOSS – Where are we now?

HMRC's mini one stop shop (MOSS) for accounting for VAT on digital services sold in other EU countries seems to have settled down. HMRC has also simplified the rules for some businesses. How might these changes affect you? Digital services Since 1 January 2015, if you...

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No more relief for goodwill and intangibles

The Finance Act 2015 and proposals in the Finance Bill restrict the tax relief which your company clients may claim in respect of goodwill and certain other customer-related intangible fixed assets. What are the new rules and what action do you need to take? GOODWILL...

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New NI exemption for 2016/17

Apprentices. HMRC has confirmed that starting from 6 April 2016 employers will be entitled to an exemption from secondary Class 1 NI contributions in respect of wages for employees who are apprentices and aged under 25 at the time they are paid. Note. The exemption...

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