Insights

Marriage allowance

Marriage Allowance – Can HMRC Give Your Spouse a Present?

By Insights

Your marriage could help land you a little present from the taxman. If you or your partner are earning below the personal allowance, one of you could transfer up to £1,250 to your higher-earning partner to help them get a bigger tax break if they apply for marriage allowance. In this guide, we’ll examine what the marriage allowance looks like in action by discussing the following topics:

• Who is eligible for the marriage allowance?
• What happens if your eligibility changes during the tax year?
• Whether you have to be in employment to use the allowance
• How the marriage allowance works
• Whether you can backdate it
• How you can save more as a couple with your taxes
• How to get help with your tax planning

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Capital Gains Tax Key Things You Need To Know

Capital Gains Tax – Key Things You Need to Know

By Insights

When you sell something you own for a profit, you need to pay Capital Gains Tax on your gains. But not every asset is included and the rate of tax can vary. To ensure you keep most of the profit to yourself, we’ve looked at the key things you need to know about Capital Gains Tax. This post examines things like:

• What are the Capital Gains Tax rates?
• How Capital Gains Tax allowance can reduce your tax bill
• What are the current 2019/2020 Capital Gains Tax rates?
• What exclusions are there to the tax?
• How losses could impact your tax bill
• Where and when to pay Capital Gains Tax
• What are the future changes to the tax?
• Where to get help with Capital Gains Tax

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Top Questions to Ask When You Need to Audit Your Business

Top Questions to Ask When You Need to Audit Your Business

By Insights

Going through an audit is not a dream come true for any business owner. Audits can be expensive, time-consuming and stressful. But they can have potential benefits too and by knowing about them, you can ensure your company makes the most out of an audit. In this post, we’ll provide you with top advice on auditing your business by examining key questions, such as:

• What is an audit?
• Who should be in charge of the audit?
• Does your business need to undergo it?
• What are the benefits of auditing?
• What is the auditing process?
• How can you get help with your audit?

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MTD deadlines

HMRC: No Penalties for Late MTD Registration

By Insights

Making Tax Digital (MTD) scheme has started, but not without problems. Many businesses have either failed to register or had problems with the registration process, leading them to miss the first VAT return deadline. That’s why HMRC recently issued a clarification regarding the MTD registration and VAT filing penalties. In this short update, we’ll explore:

• What the MTD VAT scheme means for businesses
• What the recent HMRC guidance says about penalties
• What businesses should do if they haven’t registered
• How businesses can finally register for MTD
• Where to get help with MTD registration

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Financial Reporting for Charities

Financial Reporting for Charities – Who must know what and when should they know it?

By Insights

Charities do a lot of good in different sections of society. But these charitable actions do not exempt from the legalities of being part of the wider community. That’s why financial reporting for charities is a major part of successful operations. In this short guide, we’ll explore what charities must report and to whom by covering questions like:

• What are the documents charities need to prepare?
• What forms of accounting should charities use?
• Who needs to see the accounts?
• How and when to report annual returns?
• What about the annual trustees’ report?
• How to find help with financial reporting for charities?

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Top 5 Employment Law issues

Top 5 Employment Law Issues for SMEs

By Insights

Employment law issues for SMEs are an important riddle to solve when you want business success. While employment legislation is constantly changing, there are many persistent issues to be aware of. In this short post, we’ll examine the top five employment law issues and other key topics such as:

• Statutory Employment Rights
• Employment Contracts
• Harassment and Discrimination
• Protection of Business Interest
• Employee’s Personal Data
• The Implications of Brexit
• How to Contact Employment Law Specialists

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IS MAKING TAX DIGITAL COMING OR WILL IT BE DELAYED?

By Insights

As a significant shift towards a more digitally-friendly, fraud-protective tax system, Making Tax Digital (MTD) has its supporters and opponents. However, ever since the first announcement over MTD, discussions over delays and hold-ups have become commonplace. Unfortunately, it’s hard to get a clear handle on the current state of play, but with an April 2019 rollout for all VAT registered businesses with a turnover above £85,000, many questions are being asked. To help you better understand where we might stand with Making Tax Digital in the short-term future, we’ve taken a look at what the present state of play is.

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DEADLINES FOR TAX RETURNS

By Insights

Running a business means coming into more contact with HMRC, with an increase in obligations for both filing, making regular tax payments and potentially more penalties if deadlines are missed. We look at the key areas below:
Self-Assessment: key dates
VAT
Corporation Tax
PAYE and Class 1 National Insurance (NI)
Meeting HMRC’S deadlines for tax returns and payments

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REVEALING THE ENIGMA OF IR35

By Insights

You may have heard the term IR35 before, but do you know what does it exactly stand for, or more importantly what it entails? IR35 is a tax legislation designed to deal with tax evasion by workers who are providing their services through intermediaries like a limited company, who otherwise would have been an employee if there was no intermediary used. Her Majesty’s Revenue and Customs (HMRC) refers to these workers as “disguised employees”. IR35 is a set of rules affecting the contractor’s Tax and National Insurance who works for a client through an intermediary.
What is IR35
Rules and regulations
Reasons for imposition
Financial impacts
Consequences

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HEATHROW EXPANSION AN OPPORTUNITY FOR CONTRACTORS

By Insights

The prospects and opportunities involved for contractors due to this project is looked into and the benefits associated with Business Summits in relation to this innovative construction project is touched upon. Both the financial and social aspects of such a project are highlighted
A New Milestone for Heathrow
A Major Infrastructure Change
The M25
An Opportunity for Contractors
Business Summits

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