Could changing your accounting date help reduce your tax bill?

Choosing the right year end will not only make life administratively easier for a business, but can give a cash-flow advantage and can create outright tax savings, if the circumstances suit.

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Advisory fuel rates for company cars from 1 December 2017

New company car advisory fuel rates have been published which take effect from 1 December 2017. 

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Get insured or get fined!

Employers can be fined up to £2,500 for every day that they do not have proper Employers’ Liability insurance.

Employers can also be fined up to £1,000 if they do not adequately display their insurance certificate in the workplace.

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Making Tax Digital – Simple Assessment

As part of the Making Tax Digital programme, HMRC have announced that, from September 2017, some taxpayers will no longer be required to complete a tax return because HMRC will use data it already holds to calculate how much tax they owe.  

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When is a company van not a van?

The P11d benefit charges on company vans are generally much lower than company cars and where private use of the van is merely incidental to its business use by the employee, then there is no taxable benefit at all. But when is a van not a van?

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Are spouses wages fully deductible?

In a recent tribunal case the judge agreed with HMRC that the amount deducted for a wife's wage should be limited based on the hours spent and the appropriate rate for the work done. 

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R&D Tax Relief: HMRC Accepts Late Claims for Reimbursed Employee Expenses

On 14 August, HMRC announced that it will accept amendments to research and development (“R&D”) tax relief claims to include eligible reimbursed employee expenses as part of qualifying staff costs, if the revised claim is submitted by 31 January 2018.

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Self-assessment filing deadline for paper filing

The 31 October 2017 deadline for filing your 2017 tax return in paper format is now only a matter of weeks away.

Whilst HMRC would prefer all taxpayers to file their tax returns electronically, due to a number of issues with their software this may not be possible for all taxpayers. 

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Ransomware - are your systems protected?

Ransomware - a word that can strike fear into people and businesses alike especially after the recent news articles about the global (and closer to home, NHS) infections from the WannaCry ransomware and its derivatives.

What is it and what can you do to reduce your risk or the impact of infection?

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Advisory fuel rates for company cars from 1 September 2017

New company car advisory fuel rates have been published which took effect from 1 September 2017. 

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Rangers EBT Supreme Court Decision - What next?

The Supreme Court has ruled in favour of HMRC in its fight with Glasgow-based football club Rangers over the club's use of employee benefit trusts (EBTs).  

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Disincorporation relief – end of the road?

Disincorporation relief eliminates the charge to corporation tax that would otherwise be due when the assets of a company are transferred to the individuals. The relief applies to disincorporations taking place before 31 March 2018.

In anticipation of its expiry the OTS have published a paper designed to stimulate discussion around the relief going forward.

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Research & Development tax credits – well worth the effort

Research and Development tax credits for limited companies have been around for 17 years now, and in the tax year ending 2015, according to HMRC figures, the amount claimed reached a record high of £19.6 billion. This very generous tax relief can provide cash at crucial points in a company’s life, but is not given automatically.

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Making Tax Digital – Roll Out Reeled In

After months of uncertainty, HM Treasury have announced a revised timetable for Making Tax Digital (MTD).

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Recent tax changes in the recruitment sector: executive summary

The recruitment sector has grown steadily over recent years, with there being an increasing demand for temporary and agency staff, many of which operate through umbrella or personal service companies (PSC). 

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Plan carefully and save tax and national insurance on termination payments

Simon Hopwood outlines how careful planning can save tax and national insurance on termination payments

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Advisory fuel rates for company cars from 1 June 2017

The advisory fuel rates for journeys undertaken on or after 1 June 2017 are:

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Are you required to complete forms P11d for 2016/17?

The deadline for filing P11D forms with HMRC for the tax year 2016/17 is 6 July 2017. If you are required to complete forms for this year then you need to be preparing them now. Our summary of the requirements and aide-memoire will keep you right.

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Key Changes to P11ds

GORDON WILKINSON explains how the reporting of employment benefits has changed since April 2016.

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IR35: Changes for public sector workers from April 2017

New rules apply from 6th April 2017 impacting anyone working through a personal service company (PSC) in the public sector.  The public sector, in this context, broadly means any government body – for example the NHS, a local council or the BBC.   

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Proposed changes to the way information is submitted to HMRC: What does "Making Tax Digital" really mean?

Making Tax Digital (MTD) is a government initiative which sets out a vision for a fully digital tax system.

Although the legislation which provides the legal framework for MTD has been delayed until after the election, all individuals and businesses will eventually be required to manage their tax affairs online.

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Ringing the changes in the world of audit

Detlev Anderson discusses why it is not necessary to change your auditor to maintain independence.

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It's not too late for some last minute year end tax planning...

With the end of the tax year looming there is still time to save tax for 2016/17. We have set out some points you may want to consider.

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Don’t get caught out! The National Minimum wage increases on 1 April

The national living wage (NLW) and national minimum wage (NMW) rates will increase on 1 April 2017. Future increases will be applied each April rather than October as previously.

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Are you ready for the apprenticeship levy?

The apprenticeship levy comes into force with effect from 6 April 2017.

Payment of the levy applies to ALL businesses, even if you do not have apprentices and may impact on many small businesses where they are “connected” with other businesses.

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Financial data that’s right up to date

More and more accountancy professionals are encouraging their clients to use the cloud-based platform Xero. IAN SMITH outlines exactly what it is the technology can offer.

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U-Turn On Self Employed Class 4 NIC Increases

The Chancellor announced yesterday that he would not be going ahead with his Budget proposal to increase the National Insurance Contribution rates for self-employed people. 

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Advisory fuel rates for company cars from 1 March 2017

The advisory fuel rates for journeys undertaken on or after 1 March 2017 are:

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New thresholds confirmed for auto enrolment!

The Department for Work and Pensions has confirmed the thresholds for pensions automatic enrolment for 2017/18.

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Tougher penalties for tax avoiders

Finance Act 2016 introduced a new ‘serial tax avoidance’ regime targeted at taxpayers who engage in tax avoidance schemes which are defeated by HMRC. Even if a taxpayer has only used one defeated scheme they will be affected by the new rules.

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Gender pay gap reporting. Be prepared!

In its latest efforts to address the pay gap between male and female workers, from next year the Government will require large employers to publish data on their gender pay gap.

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Beware of messages from HMRC pretenders!

Scams from fraudsters pretending to be from HMRC are now becoming more common. They can take the form of emails, text messages and telephone calls so you need to be vigilant at all times.

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Ten tips to save you tax in 2017!

Many people reading this article will be facing substantial tax liabilities this month.  Here are ten tips that could help to make next year’s cheque slightly less painful…

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