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Comments Off on Accounting Changes Affecting Gift Aid Payments From Charity Trading Subsidiaries

Accounting Changes Affecting Gift Aid Payments From Charity Trading Subsidiaries

Accounting Changes Affecting Gift Aid Payments From Charity Trading Subsidiaries

The Financial Reporting Council (FRC) has issued FRS 102 amendments which will be mandatory for all accounting periods commencing on or after 1 January 2019 therefore affecting charities with year-end of 31 December 2019 onwards.  As this is a change in accounting standard, this is also likely to require a prior year adjustment in the … Continued

Comments Off on Making Tax Digital for VAT: Partnerships and Flat Rate Scheme Can Join Pilot

Making Tax Digital for VAT: Partnerships and Flat Rate Scheme Can Join Pilot

Making Tax Digital for VAT: Partnerships and Flat Rate Scheme Can Join Pilot

Partnerships and those on the flat rate scheme for small businesses can now sign up to join the Making Tax Digital for VAT pilot. The move means that sole traders, partnerships or those that currently submit the VAT Return for a limited company are now in scope for the pilot, provided they use a standard … Continued

Comments Off on Making Tax Digital for VAT: Businesses With Complex Requirements

Making Tax Digital for VAT: Businesses With Complex Requirements

Making Tax Digital for VAT: Businesses With Complex Requirements

HMRC has also begun to write to businesses affected by the deferment announced for ‘complex businesses’ back in October 2018. The correspondence confirmed that around 3.5% of VAT-registered entities will brought into the MTD for VAT regime for periods beginning on and after 1 October 2019 (instead of for VAT periods beginning from 1 April … Continued

Comments Off on Businesses Getting to Grips with Apprenticeship Levy

Businesses Getting to Grips with Apprenticeship Levy

Businesses Getting to Grips with Apprenticeship Levy

Businesses are finally beginning to understand the apprenticeship levy, after previously voicing serious concerns over its complexity and lack of flexibility. The apprenticeship levy took effect on 6 April 2017 and means businesses with an annual pay bill of more than £3 million must pay the levy towards apprenticeship funding. It is charged at 0.5% … Continued

Comments Off on Genuine HMRC contact and recognising phishing emails and texts

Genuine HMRC contact and recognising phishing emails and texts

Genuine HMRC contact and recognising phishing emails and texts

HMRC have warned about a sophisticated new scam where fraudsters, posing as the taxman, demand you pay back tax or face punitive fines. They are using the busy Christmas period when many people are also mindful of the coming 31 January self-assessment deadline coming to scam unsuspecting people into handing over thousands of pounds. HMRC … Continued

Comments Off on R&D Investment Grows to £23.7bn in 2016/17

R&D Investment Grows to £23.7bn in 2016/17

R&D Investment Grows to £23.7bn in 2016/17

Businesses in the UK spent £23.7 billion on research and development (R&D) in 2017, according to the latest data from the Office for National Statistics (ONS). The ONS found that year-on-year expenditure on R&D increased by £1.1bn – or 4.9% – compared to statistics for 2016. Firms in the pharmaceutical sector continued to have the … Continued

Comments Off on OTS Calls For Inheritance Tax System to be Digitised

OTS Calls For Inheritance Tax System to be Digitised

OTS Calls For Inheritance Tax System to be Digitised

The Office for Tax Simplification (OTS) has urged the Government to implement a digital system for inheritance tax, following complaints the current form-filling system is too complex. On average, there are around 570,000 deaths in the UK every year, although inheritance tax is due on less than 5% of estates. Although the majority of estates … Continued

Comments Off on Advisory Fuel Rate For Company Cars

Advisory Fuel Rate For Company Cars

Advisory Fuel Rate For Company Cars

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2018. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 12p     8p (7p) 1600cc or less   10p   1401cc to 2000cc 15p   … Continued

Comments Off on Need Help With Tax Enquiries?

Need Help With Tax Enquiries?

Need Help With Tax Enquiries?

You might be chosen for an enquiry due to the nature of your business, where you live, the property you rent out or perhaps because HMRC has decided to target your particular profession. However, a proportion of enquiry cases are selected completely at random. You can read our guide on HMRC Reviews and Enquiries here. … Continued

Comments Off on Brexit Guidance From HMRC

Brexit Guidance From HMRC

Brexit Guidance From HMRC

New HMRC guidance on a no-deal Brexit has outlined steps British businesses need to take right now if they are importing or exporting goods. According to this HMRC guidance, there are three steps UK businesses need to take now: Register for a UK Economic Operator Registration and Identification (EORI) number.  Businesses will need an EORI … Continued