A number of selected small businesses have begun submitting tax returns under HMRC’s Making Tax Digital (MTD) pilot scheme. The Revenue asked for businesses to step forward and trial the digital process from April 2018. HMRC is monitoring the progress of businesses and sole traders, who have been submitting tax returns to help shape the … Continued
Late Payments Affect Almost Half of Small Businesses
Almost half of small and medium-sized businesses have struggled with late payments in the last year, according to research by the Institute of Directors (IoD). Of the 787 business leaders surveyed, 48% have faced issues with late payments since April 2017. Almost a third (31%) said this was the result of an “excessively bureaucratic payments … Continued
Smallest Firms Hit by Higher Pension Costs
The Federation of Small Businesses (FSB) warned that the doubling of minimum employer contributions into workplace pensions from 6 April 2018 will “hit the very smallest firms and startups the hardest”. Firms in labour-intensive industries – such as retail, childcare and construction – will reportedly feel the impact most acutely. The FSB claims these sectors … Continued
Watchdog ‘Shows its Teeth’ in Crackdown on Poor Practices, Charities Warned
Charities and voluntary organisations across the Liverpool city region have been warned the Charity Commission is now “showing its teeth’ following a number of high-profile scandals such as Kids Company and Oxfam. That was the clear message from experts at the Spring Charity Update seminar held by accountancy firm BWM in Liverpool city centre. Many … Continued
Benefits in Kind (BiK) Reporting Revised From 6 April 2018
Employers need to report all BiKs including those under optional remuneration arrangements (OpRAs), to HMRC on form P11D from 6 April 2018, unless they are registered to voluntarily payroll benefits. OpRAs are where an employee gives up the right to an amount of earnings in return for a BiK and includes flexible benefit packages with … Continued
Rule Change on Taxation of Termination Payments Now Operational From 6 April 2018
The element that is now chargeable to Income Tax and NICs is the amount of the termination payment that represents payment in lieu of notice (PILON). This change applies to payments, or benefits received on, or after, 6 April 2018 in circumstances where the employment also ended on, or after, 6 April 2018. This follows … Continued
Let Property Campaign
This campaign gives individual landlords the opportunity to bring their tax affairs up to date if letting out residential property in the UK or abroad. If you owe tax on your letting income you need to tell HM Revenue and Customs (HMRC) about the undeclared income by making a voluntary disclosure. To get the best possible … Continued
Small Firms Not Ready For Data Protection Shake-Up
Small businesses are worryingly underprepared with little over a month to go before new data protection regulations are introduced. The Federation of Small Businesses (FSB) claims 33% of SMEs have not started preparing for the EU-wide General Data Protection Regulation, which takes effect on 25 May 2018. A similar number (35%) have only recently started … Continued
Small Businesses ‘Hugely’ Embrace Apprenticeships
Small firms in England are positive about the value that apprenticeships bring to their workforce, a year after the apprenticeship levy was introduced in April 2017. According to a study by the Association of Accounting Technicians (AAT), the overwhelming majority of small business owners (96%) say they are likely to take on more apprentices in … Continued
BWM Charity Spring Update Seminar- Tuesday 24 April
BWM Chartered Accountants are hosting a Charity Spring Update Seminar on Tuesday 24 April from 9am. Full details are provided here. With so much going on in the charity sector we have invited an excellent line-up of speakers to provide the latest updates and share their expert opinions on some of the key topical issues: … Continued