News
Around half of the UK’s SMEs admit to making errors on taxes
17 December 2019
According to accounting software providers, QuickBooks, over 50 per cent of UK small and medium-sized enterprise (SME) owners have made a mistake when filing their VAT returns, while just a quarter (25 per cent) feel confident that they have filed their VAT accurately. As the business owner, it is important to bear in mind...
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Late payments a huge drain on SMEs
17 December 2019
Small firms are owed a staggering £23.4 billion in late payments, an issue that is continuing to cause greater problems for businesses each year. In the last year alone, the figure has increased by £10.4 billion. According to one study by Pay.UK, this is costing small businesses dear in both time and money, as 22 per cent of...
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The end of the help-to-buy ISA – What’s next?
17 December 2019
Since 2015, banks and building societies have been offering help-to-buy ISAs to first-time buyers. To qualify, you had to be 16 or over and be a first-time buyer.
However, as of the end of last month, the scheme has been closed to new savers. Under the scheme savers could deposit a lump sum of up to £1,200 when they...
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HMRC urges taxpayers to be vigilant ahead of self-assessment deadline
17 December 2019
HM Revenue & Customs (HMRC) has urged taxpayers to be vigilant ahead of the self-assessment deadline on 31 January 2020, with a surge in fraudulent activity expected. HMRC has said that it has received 900,000 reports in the last 12 months relating to suspected fraud, with phone calls, text messages and emails being the most...
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Keeping workplace gifts tax-free this Christmas
17 December 2019
Over the Christmas period, you may wish to treat your employees. This is a tried and trusted approach to building a strong relationship with your team. But are you aware that you may be breaking PAYE rules by doing so? We want to ensure that you enjoy the holidays just as much as your team, so we’ve put together our top tips...
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Annual R&D spend in the UK reaches £25 billion
17 December 2019
According to the latest figures from the Office for National Statistics (ONS) businesses in the UK spent £25 billion on research and development (R&D) during 2018. The figure represents a 5.8 per cent increase on the previous year when the figure stood at £23.7 billion.
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Countdown to the 31 January Self-Assessment Tax Return deadline begins
05 November 2019
Fewer than 100 days now remain until the 31 January 2020 deadline for the online submission of Self-Assessment Tax Returns. Self-Assessment Tax Returns must be completed in respect of most income that has not been subject to PAYE. This includes the following groups...
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Grant scheme opportunities for electric vehicle charging infrastructure at work
05 November 2019
With the projected growth of electric car ownership in coming years, the Government is offering grants to support businesses who introduce charging infrastructure at their place of work. Provided by the Office of Low Emission Vehicles (OLEV), the Workplace Charging Scheme (WCS) is a voucher-based grant that offers support...
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Spanish holiday home owners cautioned over post-Brexit tax impact
05 November 2019
With the UK currently set to leave the EU by the end of January 2020, anyone who owns a Spanish holiday home needs to be prepared for the impact of Brexit on taxation. Spanish tax law makes specific provision for EU/EEA residents that benefits people living in member states over others from outside the EU bloc. In some cases...
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Businesses and contractors offered clarity on IR35
05 November 2019
With less than six months left until the introduction of the IR35 regulations in the private sector, HM Revenue & Customs (HMRC) has finally released additional guidance to help clarify this complex area of taxation. From 6 April 2020, the off-payroll rules (IR35) are going to be extended across the private sector bringing large...
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A modern approach required for music moguls
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Sometimes a business does exactly as it says on the tin
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Child's play with proactive accounts management
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A taste for growth, a thirst for knowledge
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Taxing demands with old school charm
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Smiles all round for dental practice
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Cut above the rest in personal management style
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A shared passion for architecture and a head for numbers