News

When was the last time you checked your NIC record?
11 February 2020

Most workers assume that their National Insurance Contributions (NICs), as reported by their employer or through their own records, are accurate and up to date. After all, within the Income Tax system, we have the comfort of an annual reconciliation process, so why would NICs be any different? However, it may come as a shock to...
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Property tax implications of getting divorced
11 February 2020

If you are in the process of getting divorced, it is likely that the tax considerations involved are not foremost in your mind. However, divorce can have extensive implications for your tax bill, including in relation to Capital Gains Tax (CGT). This means it is crucial that you take your tax position into consideration...
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Make the most of the Brexit implementation period
11 February 2020

Now that the UK has left the EU, we have entered an implementation period that will last the rest of 2020, during which the UK’s future relationship with the EU will be agreed, giving businesses the chance to prepare for the UK’s new trading arrangements. While much of the detail is still to be decided, we do know that businesses...
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More than 3,000 taxpayers complete self-assessment on Christmas Day
15 January 2020

Instead of tucking into turkey or unwrapping their gifts, 3,003 taxpayers completed their self-assessment returns on 25 December 2019, according to HM Revenue & Customs (HMRC). Every year hundreds of people across the UK use the Christmas break as a time to manage their financial affairs, with HMRC declaring it a “Christmas tradition”.
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Should your company pay a data protection fee?
15 January 2020

We are aware that the Information Commissioner’s Office (ICO) has been contacting companies to remind them of their legal obligation to pay a data protection fee. The ICO has confirmed that the UK’s 4.2 million limited companies will receive letters sent to their registered office addresses making them aware of this obligation, which...
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SMEs now wait 23 days for late payments, new study finds
15 January 2020

According to the latest data, UK SMEs now have to wait up to 23 days on average for late payments to be made. MarketFinance, a peer-to-peer invoice finance platform, has analysed late payment data between 2013 and 2019 from 100,205 invoices raised by UK SMEs to give a detailed overview of the late payments pressures SMEs face.
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Reminder: National Living Wage set to increase from April
15 January 2020

On 1 April 2020 the Government will introduce increases to the National Living and Minimum Wage. From this date the National Living Wage (NLW) will rise from £8.21 to £8.72 per hour and will mean that 2.8 million full-time workers will see a £930 boost to their annual earnings. The Government claims that the introduction of the...
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HMRC launches revamped CEST IR35 off-payroll working tool
15 January 2020

With less than three months remaining before the IR35 off-payroll working rules begin to apply in the private sector, HM Revenue & Customs (HMRC) has launched a revamped CEST IR35 off-payroll working tool. The rule change means that engagers, rather than workers, will be responsible for determining whether an engagement falls within...
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New Advisory Fuel Rates
15 January 2020

A new set of Advisory Fuel Rates came into effect from the beginning of December 2019, which apply to employees who use a company car. The rates can be used in circumstances where you are reimbursing employees for business travel in their company car or in requiring employees to repay the cost of fuel used for private journeys.
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VAT receipts reach record level of £133 billion
15 January 2020

Figures published by HM Revenue & Customs (HMRC) have revealed that VAT revenue in 2018/19 rose by £7 billion from the previous year to reach a record £133 billion. In the ten years since 2008/09, the VAT take has risen by 52 per cent from £87.9 billion. The bulk of the VAT take last year came from incorporated companies...
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