It’s nearly Christmas, which means many people can look forward to a well-earned rest. But if you are an employer or payroll professional, Christmas and New Year’s brings a number of potential challenges that you need to be aware of and prepare for before you can start your Christmas break. Here are some of the
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Tag Archive for Accounts & tax
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Help low-income workers by aligning tax and NIC thresholds
by Owen Gough • • 0 Comments
The government has published a policy paper on aligning the point at which employer and employee National Insurance Contributions (NIC) start to be paid. It has led the Low Incomes Tax Reform Group (LITRG) to highlight that more could be done to help low-income employees by pursuing a different alignment – that of the primary
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Four questions small business owners should ask before hiring an accountant
by Ben Lobel • • 0 Comments
An accountant can prove to be a valuable adviser for your business. However, because every business is different, it can be hard to know if and when it’s right to hire an accountant, especially if you are new to running your own business. Ask yourself these questions to give you some guidance. Should I talk
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Contractors to shun public sector following Autumn Statement IR35 ruling
by Owen Gough • • 0 Comments
Two thirds (66 per cent) of contractors are ‘very worried’ about the public sector IR35 tax reforms given the go ahead in last week’s Autumn Statement, according to new research from Crunch Accounting. Additionally, nearly half (42 per cent) would no longer work in the public sector as a result of the outcome. Philip Hammond
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Managing VAT: A small business guide
by Ben Lobel • • 0 Comments
For many small business owners, dealing with tax-related issues is quite possibly on a par with going to the dentist. It’s something you’d rather not have to attend to but you know there are potentially grave consequences if you fail to do so. Managing VAT is just another thing to think about, but an important one.
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Autumn Statement 2016: Flat rate VAT changes explained
by Owen Gough • • 0 Comments
Major changes have been announced for the amount of VAT that many small businesses will have to pay in Philip Hammond’s Autumn Statement. This will affect businesses that use the VAT Flat Rate Scheme but which spend very little on raw materials – such as firms providing services. The VAT Flat Rate Scheme simplifies businesses’ record
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A quick guide to managing your taxes in the sharing economy
by Ben Lobel • • 0 Comments
The sharing economy is an established force in the UK and is set to be worth £43 billion globally by 2020. However, according to Intuit research, 38 per cent of sharing economy users claim managing and understanding taxes is still a significant challenge. This should come as no surprise. Going it alone is complex enough without having
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Cost and difficulty of digital tax accounts understated by HMRC
by Owen Gough • • 0 Comments
HMRC closed its consultation with the UK’s business community ahead of ‘Making Tax Digital’, its project aimed at creating a modern digital tax accounts system to fit with the digital age. The UK200Group, has been an active part of the consultation process and has in turn asked its members for their views and the views of
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SMEs demand that more flexibility is needed in tax digitisation roll-out
by Owen Gough • • 0 Comments
HMRC needs to allow greater flexibility during the initial phase of its tax digitisation strategy in order to help smaller business owners deal with the changes, according to cloud accounting company, FreeAgent. FreeAgent believes that although the current proposals for Making Tax Digital will be ultimately beneficial for the UK’s SME sector, there should be more
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Five major tax reforms needed to settle Brexit uncertainty
by Owen Gough • • 0 Comments
Ahead of the Chancellor’s first Autumn Statement since the UK’s vote to leave the European Union, ACCA (Association of Certified Chartered Accountants) has urged significant tax reforms to benefit small business, property owners and government as they grapple with Brexit uncertainty. With the economy facing stress with regard to Sterling’s dramatic fall in value, political uncertainty
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