Back in the mists of time, a ‘tax planning’ idea gained momentum. It enabled employers to make loans to their employees through employee benefit trusts in place of a salary, and this avoided or delayed the payment of PAYE tax and national insurance contributions. HMRC did not like this idea, and so, in 2011, it
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Tag Archive for Accounts & tax
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Institute of Fiscal Studies tax report fundamentally flawed says FCSA
by Owen Gough • • 0 Comments
A report just out suggesting that the different tax rates of National Insurance Contributions (NICs) between self-employed workers and employees are unfair is fundamentally flawed, argues the Freelancer & Contractor Services Association (FCSA). The Institute of Fiscal Studies (IFS) believes that the differential NICs rates should be aligned because, in their opinion, there is minimal
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Don’t pay for pants: How your small business can tackle expense fraud
by Ben Lobel • • 0 Comments
Have you ever thought about claiming your underwear on expenses? Or pet food for your dog? How about flights for a nice holiday to the Caribbean? Me neither. But these are just some of the surprising claims revealed by HMRC last month that highlight the issue of ludicrous claims and fraud facing businesses around the
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A small business owner’s guide to IR35
by Ben Lobel • • 0 Comments
Freelancing is now a credible, viable way for people in the UK to earn a living. And as a small business owner, it’ll become more and more common for you to engage the services of a freelancer on an ongoing basis. For example, to maintain your website or help with your accounting. You may not
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What is a reasonable excuse for missing your tax return payment?
by Owen Gough • • 0 Comments
Individuals who missed their self-assessment tax return payment on January 31st and do not have a reasonable excuse for failing to do so should act now and avoid facing further penalties, say Blick Rothenberg. Paul Haywood-Schiefer, assistant manager at Blick Rothenberg, says, ‘Anyone who hasn’t submitted their self-assessment tax return by now should be looking to
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Four things to remember if you miss the self-assessment deadline
by Emily Coltman • • 0 Comments
January 31st has just passed, which means that self-assessment season is over for another year. But if you’re one of the million or so people who didn’t get your tax return filed on time, you may be worried about what happens next, and what steps you can take to complete your self-assessment and that you
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What small businesses want from the Chancellor in the Spring budget
by Owen Gough • • 0 Comments
The Chancellor should use the Spring Budget on the 8th March to show government support for business owners and entrepreneurs by announcing a delay to the introduction of new systems for managing tax affairs through a digital account, says the head of tax at Friend Partnership Limited. Simon Littlejohns issues the plea to Philip Hammond in
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Pension changes causing confusion for half of UK small businesses
by Ben Lobel • • 0 Comments
There have been reports that more than a million small and micro-sized businesses in the UK will need to provide auto-enrolment for workplace pensions within the next two years. However, surveys have revealed that of the companies who haven’t already put these provisions in place, up to 45 per cent claim they do not fully understand
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How to save yourself a £100 fine for late filing
by Owen Gough • • 0 Comments
The Low Incomes Tax Reform Group (LITRG) urges taxpayers who miss the Self-Assessment filing deadline on Tuesday (31 January) but who have a reasonable excuse for the delay, to appeal against penalty for late filing. LITRG supports HMRC’s efforts to encourage people to file returns and pay tax due from them by the proper date. But
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Ten financial resolutions for a small business
by Conrad Ford • • 0 Comments
Running a small business can be challenging at times, particularly when it comes to finances. With the new year underway, here are ten financial resolutions that will help you keep your finances in good shape. 1. Create a realistic budget If 2016 was your first trading year or you’ve only just started scaling up, you might
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