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Comments Off on Businesses urged to prepare for Data Protection Bill

Businesses urged to prepare for Data Protection Bill

Businesses urged to prepare for Data Protection Bill

Individuals will be able to legally ask businesses to delete certain personal data under new proposals outlined in the Data Protection Bill. The Bill forms part of the EU’s General Data Protection Regulation (GDPR), which is due to come into effect on 25 May 2018. The legislation will allow individuals greater control over their personal … Continued

Comments Off on Recruiters working harder to fill vacancies

Recruiters working harder to fill vacancies

Recruiters working harder to fill vacancies

Recruiters are finding it difficult to hire new staff due to increasing competition for highly skilled employees, a study has found. Of 400 recruitment agencies surveyed by IHS Markit for the Recruitment and Employment Confederation (REC), 40% found the availability of temporary staff had got worse in July 2017 compared to the previous month (35%). … Continued

Comments Off on High value dealers need to register for cash payments

High value dealers need to register for cash payments

High value dealers need to register for cash payments

Businesses accepting cash payments of €10,000 or more in exchange for goods are required to register with HMRC under money laundering regulations (MLR). Recent changes to regulations mean that companies accepting cash payments on or above the threshold limit (or equivalent in sterling) will be classed as high value dealers. Transactions that are considered high … Continued

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

Company car advisory fuel rates from 1 September 2017

Company car advisory fuel rates from 1 September 2017

HMRC has published revised advisory fuel rates for company cars, applying from 1 September 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 September 2017. You … Continued

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

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