The percentage of salary employers and employees must contribute to a workplace pension has increased from 6 April 2018. Employees will now contribute three per cent (up from one per cent) of their annual salary into a personal workplace pension, while employer contributions have increased from one to two per cent. Under the new rules,… Read more…
For a while, company directors have been able to make a tax-efficient living by taking a combination of salary and dividends due to the generous Dividend Allowance. However, changes which took effect from 6 April 2018 have cut the allowance from £5,000 to just £2,000. The changes are meant to level the playing field between… Read more…
EU State Aid approval for the Enterprise Management Incentives (EMI) scheme expired on 6 April 2018, meaning any share options received after this date may not be eligible for tax reliefs. This is an important change for employers who currently grant EMI share options or plan to do so in the future. The Government said… Read more…
Dr Anjulika Salhan, a Director at Birmingham-based award-winning accountancy practice, Salhan Accountants, has been shortlisted for the inaugural English Women’s Awards. Announced as a finalist under the Services to Accounting and Finance category at the 2018 awards, Anjulika has been recognised by the judges for her influence in the sector and her success as a… Read more…
One of the Midlands’ leading accountancy firms, Salhan Accountants, is calling on those with shares to review their dividend income in light of recent tax changes. On 6 April 2018, the Dividend Tax Allowance – a tax-free amount of income from dividends – was reduced from £5,000 to just £2,000. Under the new rules, owners… Read more…
Millions of people from across the UK could be paying more tax than they need to, it has emerged, after figures from HM Revenue & Customs (HMRC) showed that more than 15 million individuals have not checked their Personal Tax Accounts. The figure means that less than half of taxpayers have accessed their accounts, risking… Read more…
Small businesses in the UK have long been scourged by late payments, but the problem was brought into sharp focus earlier this year following the collapse of construction giant, Carillion, emphasising the importance of careful credit control. According to the Federation of Small Businesses (FSB), some suppliers were waiting as long as 120 days to… Read more…
Since March this year, self-employed individuals have had the option of reporting their income digitally to HM Revenue & Customs (HMRC) as part of a pilot of the Government’s Making Tax Digital (MTD) programme. The Government has long had the ambition of taking most taxes including Income Tax, VAT and Corporation Tax onto a system… Read more…
HM Revenue & Customs (HMRC) has been granted new powers to help combat online VAT fraud conducted on digital marketplaces. Originally outlined by the Chancellor in the 2017 Autumn Budget, the new powers – known by the term ‘joint-and-several liability’ (JSL) for online marketplaces – strengthen existing arrangements to make online marketplaces accountable for VAT… Read more…
With less than 60 days left until the deadline for compliance with the General Data Protection Regulation (GDPR), more than 90 per cent of UK small businesses admit they are not yet fully ready. In fact, a poll conducted by the Federation of Small Business (FSB) found that only eight per cent of SMEs have… Read more…
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