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Comments Off on Benefits in Kind (BiK) Reporting Revised From 6 April 2018

Benefits in Kind (BiK) Reporting Revised From 6 April 2018

Benefits in Kind (BiK) Reporting Revised From 6 April 2018

Employers need to report all BiKs including those under optional remuneration arrangements (OpRAs), to HMRC on form P11D from 6 April 2018, unless they are registered to voluntarily payroll benefits. OpRAs are where an employee gives up the right to an amount of earnings in return for a BiK and includes flexible benefit packages with … Continued

Comments Off on Rule Change on Taxation of Termination Payments Now Operational From 6 April 2018

Rule Change on Taxation of Termination Payments Now Operational From 6 April 2018

Rule Change on Taxation of Termination Payments Now Operational From 6 April 2018

The element that is now chargeable to Income Tax and NICs is the amount of the termination payment that represents payment in lieu of notice (PILON). This change applies to payments, or benefits received on, or after, 6 April 2018 in circumstances where the employment also ended on, or after, 6 April 2018. This follows … Continued

Comments Off on Let Property Campaign

Let Property Campaign

Let Property Campaign

This campaign gives individual landlords the opportunity to bring their tax affairs up to date if letting out residential property in the UK or abroad. If you owe tax on your letting income you need to tell HM Revenue and Customs (HMRC) about the undeclared income by making a voluntary disclosure. To get the best possible … Continued

Comments Off on Small Firms Not Ready For Data Protection Shake-Up

Small Firms Not Ready For Data Protection Shake-Up

Small Firms Not Ready For Data Protection Shake-Up

Small businesses are worryingly underprepared with little over a month to go before new data protection regulations are introduced. The Federation of Small Businesses (FSB) claims 33% of SMEs have not started preparing for the EU-wide General Data Protection Regulation, which takes effect on 25 May 2018. A similar number (35%) have only recently started … Continued

Comments Off on Small Businesses ‘Hugely’ Embrace Apprenticeships

Small Businesses ‘Hugely’ Embrace Apprenticeships

Small Businesses ‘Hugely’ Embrace Apprenticeships

Small firms in England are positive about the value that apprenticeships bring to their workforce, a year after the apprenticeship levy was introduced in April 2017. According to a study by the Association of Accounting Technicians (AAT), the overwhelming majority of small business owners (96%) say they are likely to take on more apprentices in … Continued

Comments Off on BWM Charity Spring Update Seminar- Tuesday 24 April

BWM Charity Spring Update Seminar- Tuesday 24 April

BWM Charity Spring Update Seminar- Tuesday 24 April

BWM Chartered Accountants are hosting a Charity Spring Update Seminar on Tuesday 24 April from 9am. Full details are provided here. With so much going on in the charity sector we have invited an excellent line-up of speakers to provide the latest updates and share their expert opinions on some of the key topical issues: … Continued

Comments Off on R & D Incentives: How a Business Can Reap the Rewards of Innovation

R & D Incentives: How a Business Can Reap the Rewards of Innovation

R & D Incentives: How a Business Can Reap the Rewards of Innovation

Legislation was introduced some time ago now with the aim of encouraging businesses to increase investment in innovative activities, R&D tax reliefs offer significant benefits for businesses advancing science and technology. These reliefs significantly reduce the corporation tax bill, or if loss – making can generate tax credit repayments. However it is estimated that 10% … Continued

Comments Off on Reduced Dividend Allowance From 6 April 2018

Reduced Dividend Allowance From 6 April 2018

Reduced Dividend Allowance From 6 April 2018

The dividend allowance was introduced in the 2016/17 tax year to encourage people to invest by making the first £5,000 of dividend income earned by shareholders each year tax-free from 6/4/18 the tax-free dividend allowance to will reduce £2,000. Dividends above the £2,000 threshold will be taxed at 7.5% for basic rate taxpayers, 32.5% for … Continued

Comments Off on Consultation Proposing Amendments to the Charities SORP (FRS 102) Now Open

Consultation Proposing Amendments to the Charities SORP (FRS 102) Now Open

Consultation Proposing Amendments to the Charities SORP (FRS 102) Now Open

The Charity Com­mis­sion for England and Wales (‘Charity Com­mis­sion’) and the Office of the Scot­tish Charity Reg­u­lator (OSCR) have issued a joint con­sulta­tion on pro­posed amend­ments to the Char­it­ies State­ment of Re­com­men­ded Prac­tice (FRS 102) (‘Char­it­ies SORP FRS 102) fol­low­ing recent amend­ments to UK ac­count­ing stand­ards. SORPs are in­ten­ded to sup­ple­ment ac­count­ing stand­ards and other legal … Continued

Comments Off on Are You Sure You or Your Workers Are Self-Employed?

Are You Sure You or Your Workers Are Self-Employed?

Are You Sure You or Your Workers Are Self-Employed?

Last year we reported that the House of Commons Work and Pensions Committee published a report calling on the Government to close the loopholes that allow “bogus” self-employment practices, which burden the welfare state but reduce the tax contributions needed to sustain it. Most of the people working for organisations such as such as Uber, … Continued