Author Archives: Jason Murphy

Comments Off on Businesses approve Prompt Payment Code

Businesses approve Prompt Payment Code

Businesses approve Prompt Payment Code

Businesses have backed the Prompt Payment Code (PPC) to support SMEs who are dealing with late payments. The PPC sets the standards for best practice for businesses and suppliers chasing overdue payments and invoices, ensuring everyone is paid on time and offered clear guidance on procedures. Suppliers to the government have willingly committed to pay … Continued

Comments Off on Important changes to PSC reporting

Important changes to PSC reporting

Important changes to PSC reporting

Changes to the people with significant control (PSC) register have come into force. All companies and limited liability partnerships (LLPs) are required to identify and record the people with ‘significant control’ over their company. Previously, a company or LLP would make any changes to the PSC register as part of its annual confirmation statement submitted … Continued

Comments Off on Lack of funds holding back start-ups

Lack of funds holding back start-ups

Lack of funds holding back start-ups

Almost half (40%) of aspiring entrepreneurs cited lack of funds as the main barrier to starting a business, according to research. Out of 1,500 people surveyed by Yell Business, 51% thought about starting their own business but barriers such as risk of failure (25%) and not knowing where to start (23%) were preventing them from … Continued

Comments Off on Sick pay valued over other benefits

Sick pay valued over other benefits

Sick pay valued over other benefits

Self-employed people would prefer to receive sick pay than any other statutory benefit, a study has found. FreeAgent and The Freelancer & Contractor Services Association (FCSA) polled 900 micro-business owners and found 76% do not currently offer sick pay and other benefits such as maternity leave, holiday or redundancy pay. Attitudes towards statutory benefits varied … Continued

Comments Off on Making Tax Digital delayed to 2020 for taxes other than VAT

Making Tax Digital delayed to 2020 for taxes other than VAT

Making Tax Digital delayed to 2020 for taxes other than VAT

The Government has amended their plans for Making Tax Digital (MTD) so that under the reformed timetable only businesses with a turnover above the VAT threshold (£85,000) will have to start filing VAT information with MTD-compatible software from April 2019. In this initial phase of MTD, businesses will not need to provide HMRC with information … Continued

Comments Off on Businesses prepare for data protection changes

Businesses prepare for data protection changes

Businesses prepare for data protection changes

Businesses are preparing for the General Data Protection Regulation, which comes into force from 25 May 2018. All businesses holding personal data will need to ensure their procedures are fit for purpose and compliant when the new rules take effect next year. Those businesses found non-compliant may face fines of up to €20 million – … Continued

Comments Off on Second payment on account deadline reminder

Second payment on account deadline reminder

Second payment on account deadline reminder

The second annual deadline to submit advance payments towards your self-assessed tax bill for the previous year is due on 31 July 2017. ‘Payments on account’ take place every six months – on 31 January and 31 July – and include class 4 national insurance contributions if you’re self-employed. Each payment is half your previous … Continued

Comments Off on Rejected contracts hit SMEs in the pocket

Rejected contracts hit SMEs in the pocket

Rejected contracts hit SMEs in the pocket

47% of small businesses lost out on up to £10,000 in the last year due to turning down work contracts and orders, according to a study. Out of 501 companies surveyed by Hitachi Capital Invoice Finance, 26% rejected contracts worth up to £5,000 while 21% snubbed deals worth between £5,001 and £10,000. Almost one in … Continued

Comments Off on HMRC urged to extend executors’ inheritance tax deadline

HMRC urged to extend executors’ inheritance tax deadline

HMRC urged to extend executors’ inheritance tax deadline

Royal London is calling on HMRC to change inheritance tax (IHT) rules on larger estates to allow executors more time to pay complex tax bills. Under current rules, the executor of a will can manage a person’s estate following their death by applying for a ‘grant of representation’ – otherwise known as probate. The process … Continued

Comments Off on Company car advisory fuel rates from 1 June 2017

Company car advisory fuel rates from 1 June 2017

Company car advisory fuel rates from 1 June 2017

HMRC has published revised advisory fuel rates for company cars, applying from 1 June 2017. The rates are to be used only where employers either reimburse employees for business travel in their company cars, or require employees to repay the cost of fuel used for private travel. These rates apply from 1 June 2017. You can use … Continued