Making Tax Digital, the initiative introduced by HMRC in April requiring businesses to keep digital records for the calculation and submission of VAT returns, has met with early reluctance to register. Whilst many businesses may have ignored the passing deadline, in the belief that they were already compliant as a result of using approved accounting […]
You would be forgiven for having missed the fact that the Chancellor delivered his Spring Statement on Wednesday 13th March. Hidden deep beneath the Brexit debate and seemingly endless votes, the Chancellor stood up and delivered his regular update on the economy. Historically the budget was delivered in March and the statement was saved for […]
Our Spring 2019 Tax Briefing is now available for you to download. In this edition we look at key tax topics as we approach the new tax year and crucial dates around the Brexit process and introduction of Making Tax Digital for VAT. Employee Benefits Vat: Brexit Realities MTD Facts and Fiction Pension Health Check […]
From April 2020 the IR35 system will be extended to cover businesses using contractors and freelance staff in the private sector. A move which is expected to net the treasury an additional £1bn in tax in its first year. With IR35 a long running bone of contention anyway, there is a great deal of concern […]
For around 12 months now there has been much discussion about a review of the point at which companies must register for VAT, the VAT Threshold. Currently set at £85,000 of taxable turnover, the Chancellor was reported as planning a reduction of this figure to around £20,000 as part of his budget statement in November […]
Having identified that their calculations may have contained an error, HMRC has announced that it is set to review the tax returns of around 30,000 individuals, to address concerns that some may have been overcharged. The issue is believed to be isolated to tax bills issued in 2016/17 and specifically relating to the personal savings […]
As he delivered the Budget 2018, Philip Hammond joked that he had avoided giving his speech on Halloween night itself because it would have been simply too tempting for the caption writers, and had avoided Christmas because he did not want to appear in cartoons disguised as Santa Claus. Even so, he was determined to […]
We are delighted to have once again contributed towards the continued success of the Chichester half marathon organised by local charity Children on the Edge. This year’s event, as with other years was a run-away success with over 700 participants crossing the start line, raising plenty of money for Children on the Edge and their […]
A recent study by Citizens Advice suggests that the customers of Britain’s biggest mobile networks, EE, Three and Vodafone, continue to pay for handsets even after the true purchase cost has been paid off. The impact of the inflated charges means that customers could be up to £38 a month worse off, with many not […]
The rate of inflation as measured by the Consumer Prices Index (CPI) rose to 2.7% in August following a CPI figure of 2.5% in July. The year on year comparison figure has been on the rise since 2016, peaking at over 3% in 2017 before falling back at the start of this year and then […]
The Treasury has announced that Chancellor Phillip Hammond is going back on a promise made by his predecessor, George Osborne, to scrap Class 2 NI Contributions. The abolition which was originally planned to come into effect this year, had already been put on ice by the Chancellor citing concerns that it would actually increase the […]
A gentle reminder that all businesses should now be aware of, if not fully compliant, with Auto Enrolment legislation. If you are an established business with existing staff, you should have passed your staging date, have selected your scheme and be making contributions – with your employees making payments up to the current minimum contribution […]