News and Updates
VAT Reverse Charge
The intention to introduce a domestic reverse charge for construction services was announced in 2017. The change will shift the responsibility for accounting for the VAT on ‘specified services’ from the supplier on to the recipient of the supply. The change will be...
GOOD NEWS: HMRC’S Stance on digitally recording all supplier invoices has been relaxed
The update advises that while it remains HMRC’s view that best practice would be to digitally record the individual supplies, to manage risk of missed or duplicated entries, they accept that additional work for a business in capturing individual supplies digitally...
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...
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...
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...
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...
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...
MAKING TAX DIGITAL (MTD) FOR VAT – DON’T REGISTER IF YOU DON’T HAVE TO
MAKING TAX DIGITAL (MTD) FOR VAT – DON’T REGISTER IF YOU DON’T HAVE TO Now that MTD is nearly upon us, the cloud based software packages have been updated and are quick to alert us to register for Making Tax Digital. However, MTD for VAT is only mandatory for...
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...
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...