Archives for Day to Day Business

Changing priorities at HMRC

Over the coming years, the government plans to phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system. However HMRC has shared a statement about how they are prioritising change in the department and as a result some parts of MTD will be delayed. HMRC has acknowledged the challenges in: Exiting the EU, and The ambition to become the world’s most digitally advanced tax authority. While some of the finer details are still being decided, HMRC have announced that, to achieve the above, some aspects of MTD are to be
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GDPR compliance deadline looms

With less than one month until the introduction of the new General Data Protection Regulation (GDPR), the Federation of Small Businesses (FSB) is warning small and medium-sized enterprises (SMEs) that time is running out for them to prepare. The business group stated that small businesses face an ‘uphill challenge’ in ensuring that they are compliant by the date when GDPR takes effect of 25 May 2018. Under the new rules, organisations which collect, store and process individuals’ personal data will be subject to new obligations, with an increased emphasis on accountability and transparency. The financial penalties for failing to comply
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P11D deadline approaching

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2018, are due for submission to HMRC by 6 July 2018. The process of gathering the necessary information can take some time, so it is important that this process is not left to the last minute. Employees pay tax on benefits provided as shown on the P11D, generally via a PAYE coding notice adjustment or through the self assessment system. Significant changes were introduced to the rules for reporting expenses from 6 April 2016. Some employers ‘payroll’ benefits
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HMRC warning about iTunes gift card scam

HMRC are urging people to stay safe from a phone scam that is conning elderly and vulnerable people out of thousands of pounds. The scammers are preying on victims by cold calling them and impersonating an HMRC member of staff. They advise the victim that they owe a large amount of tax which they can only pay off by digital vouchers and gift cards, including Apple’s iTunes vouchers. The scam victims are told to go to a local shop, to purchase vouchers, and then read out the redemption codes to the scammer. The conmen then sell on the codes or
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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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TPR name and shame those who fail to comply

The latest Compliance and Enforcement Bulletin from the Pensions Regulator (TPR)  makes interesting reading as it sets out cases and the powers TPR have used relating to automatic enrolment and associated employer duties. TPR are warning employers that ignoring TPR penalties could seriously damage a business’ reputation. TPR are maintaining a tough approach towards those employers who try to get away with not giving their staff the pension that they are due. The latest development is to publish details of those who have paid their Escalating Penalty Notice (EPN) but remain non-compliant. We will also publish the details of those
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2017 P11D deadline approaching

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2017, are due for submission to HMRC by 6 July 2017. The process of gathering the necessary information can take some time, so it is important that this process is not left to the last minute. Employees pay tax on benefits provided as shown on the P11D, generally via a PAYE coding notice adjustment or through the self assessment system. Significant changes were introduced to the rules for reporting expenses from 6 April 2016. In addition, regardless of whether
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New measures to help prevent money laundering and terrorist financing are on their way

On 26 June 2017 changes will be made to UK anti-money laundering measures which are designed to help prevent money laundering and terrorist financing. These measures will increase the transparency of who owns and controls companies in the UK. Most companies will only have submitted their first confirmation statement.  This was initially needed as Companies House would not have this information. Each year the company then needs to confirm those details. Where changes had occurred in the year, affecting areas like the statement of capital, shareholder information and SIC codes, the current rules are that these could be updated on
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Business rates

Business rates have been devolved to Scotland, Northern Ireland and Wales. The Chancellor has announced cuts on business rates for half of all properties in England from 1 April 2017. In particular the government proposes to: “permanently double the Small Business Rate Relief (SBRR) from 50% to 100% and increase the thresholds to benefit a greater number of businesses. Businesses with a rateable value of £12,000 and below will receive 100% relief, rateable values between £12,000 and £15,000 will receive tapered relief increase the threshold for the standard business rates multiplier to a rateable value of £51,000 taking 250,000 smaller properties out of
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Register of people with significant control

From April 2016, rules are introduced which require companies to keep a register of People with Significant Control (PSC). In addition, the details of PSC will have to be filed with Companies House from 30 June 2016. A PSC is defined as an individual that: Holds, directly or indirectly, more than 25% of the shares or voting rights in the company; or Holds the right, directly or indirectly, to appoint or remove a majority of the board of directors of the company; or Has the right to exercise, or actually exercises, significant influence or control over the company; or Where
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