Posts by frances

Two million couples missing out on tax break

Is there £662 out there with your name on it? Two million couples have failed to claim their share of £1.3bn of marriage allowance cash, it has emerged. Yet getting hold of this money – much of which would be sent to you in the form of a cheque – is simple and takes just a few minutes, so every couple should check whether they are eligible. Figures obtained from HMRC show that the take-up of the marriage allowance is “shockingly low”. It’s perhaps something that passed a lot of people by but in the December 2013 autumn statement the then-chancellor, George Osborne, announced that
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Making Tax Digital for VAT

The government have issued information on how Making Tax Digital for Business (MTDfB) is expected to work for VAT once the rules are introduced in April 2019. Under the proposed rules, which have been issued subject to consultation, VAT registered businesses with turnover over the VAT registration threshold will be required to submit their VAT return digitally using software. Businesses with a turnover above the VAT threshold (currently £85,000) will have to: Keep their records digitally (for VAT purposes only) and Provide their VAT return information to HMRC through Making Tax Digital (MTD) functional compatible software. This software will either
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Auto enrolment Duties

For as long as there has been auto enrolment, there have been staging dates. But, for new businesses who become employers for the first time on or after 1 October 2017, they won’t have a staging date. These businesses will immediately have to comply with their auto enrolment duties as soon as they employ their first member of staff. Figures from The Pensions Regulator show that thousands of start-up businesses will have instantaneous auto enrolment duties and more than half will need to enrol staff into a workplace pension. New employers, about to employ someone for the first time, will need to
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Self Assessment deadline looming

This is the first year that the Dividend Tax will need to be taken into account on your tax return – you might remember all about this if you attended our special seminar on the subject back in 2016 (if not, you can catch up with our seminar videos online). If the issue of being more stringently taxed on your dividends has slipped your mind, you might not have been putting aside money to meet your extra tax obligation. This is one reason why we’re strongly advising all our clients who pay themselves dividends from their business or receive dividends
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Auto Enrolment for new employers

Under pensions auto enrolment employers have to enrol qualifying employees into a workplace pension. Duties include paying contributions for the employee. The process of auto enrolment has been phased in from October 2012 when the largest employers had to comply with the rules. However the rules are set to change and new employers will have to comply with their automatic enrolment legal duties, as soon as they employ their first member of staff. TPR guidance to advisers states: ‘If your client becomes an employer for the first time on or after 1 October 2017, they will immediately have legal duties
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Pensions Auto Enrolment compliance

The Pensions Regulator (TPR) has begun carrying out employer spot checks to make sure employers are complying with their automatic enrolment duties and that they are giving their staff the workplace pensions they’re entitled to. According to the TPR these inspections help them to understand any challenges employers are facing, and whether TPR need to make any changes to their guidance. This also enables them to identify employers who fail to meet their duties, and take enforcement action where necessary. TPR have confirmed that they will continue with their checks over the coming months generally sending a statutory notice to
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HMRC online forum and webchat

HMRC have announced the introduction of a new online tax forum and webchat service for small businesses. HMRC are advising that the new service called the Small Business Online Forum offers advice on tax matters as well as help with: Starting a business Support for growing a business – including taking on employees and expanding Buying and selling abroad Completing tax returns Tax credits. Please contact us for specific tailored advice on any of these matters. Internet link: https://online.hmrc.gov.uk/webchatprod/community/forums/list.page
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GDPR: Get ready for the new data protection rules

The government is to introduce new data protection rules under the General Data Protection Regulation (GDPR) which takes effect from 25 May 2018. Under the GDPR businesses will have increased obligations to safeguard the personal information of individuals which is stored by the business. These rules apply to the information of customers, suppliers or employees. Generally for those who are currently caught by the Data Protection Act it is likely that you will have to comply with the GDPR. GDPR will apply to data ‘controllers’ and ‘processors.’ Processing is about the more technical end of operations, like storing, retrieving and
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HMRC genuine and phishing/bogus emails and calls

HMRC have issued an update of their guidance on how to recognise genuine HMRC contact be it via email or text. HMRC also provide advice on what to do if you have received a phishing/bogus email related to HMRC, or you are not sure if it is genuine, you can read about how to report internet scams and phishing to HMRC. We are receiving concerning contacts from clients where voicemails are being left stating it is HMRC and unless a debt is going to be paid they will be sued.  The call back number given starts with the dialing code
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Automatic enrolment reaches 8 million

The Pensions Regulator (TPR) has confirmed than eight million employees have signed up for a workplace pension since the launch of automatic enrolment. The introduction of automatic enrolment was expected to lead to around eight million workers saving more for their retirement and this milestone has already been reached with hundreds of thousands more employers still to enrol staff over the coming months. Minister for Pensions and Financial Inclusion Guy Opperman said: ‘Reaching this eight million figure is a formidable achievement and represents a huge number of people on the path to a more financially secure retirement.’ ‘But we cannot
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