The Government is set to implement a statutory tax exemption from income tax and National Insurance Contributions for low-value benefits in kind (BIK). As part of the Finance Bill 2016, it will be set at a £50 limit from 6 April this year. Furthermore, qualifying ‘trivial’ BIKs that are given to directors or other office… Read more…

Efforts to eliminate the problem of late payments in the small to medium-sized enterprise (SME) sector is not working, according to a new study by invoice specialists Tungsten Network. The Prompt Payment Code Advisory board was set up to support and advise the Government on strengthening the Prompt Payment Code, which encourages businesses to pay… Read more…

From 1 April this year every business will need to pay employees over the age of 25 the new statutory National Living Wage (NLW) of £7.20 per hour. Following this change, full-time members of staff working 37.5 hours per week who are currently on the national minimum wage will see their wages increase by £975… Read more…

Last year’s Autumn Statement saw the introduction of a number of new measures, which could have a significant effect on the booming buy-to-let property market. The Chancellor announced during his speech to the Commons a number of new measures that could affect property investors. Chief among these proposals is the introduction of a three per… Read more…

The strength of the pound and a weakening global economy is having a significant impact on UK manufacturers, leading to a decline in demand for their goods overseas, according to a new report. The Confederation of British Industry’s (CBI’s) latest study into the state of British manufacturing has revealed that companies in the sector expect… Read more…

A new report by insolvency trade body R3 has revealed that as many as one-in-five businesses might find themselves in difficulty if interest rates were to rise by at least one percentage point in the next 18 months. The findings from R3’s latest Business Distress Index, a long-running survey of a nationally representative sample of… Read more…

According to new research, more than half of pension savers are unsure of the tax rules surrounding the pension freedoms introduced earlier this year. A study conducted by employee benefits consultancy Portus found that 53 per cent of retirement savers are unsure about the taxation of pensions, while only 26 per cent were aware that… Read more…

UK businesses only need to change the way that they account for VAT on transactions between overseas members of the same corporate group if they operate in countries whose tax laws work the same way as in Sweden, HM Revenue & Customs (HMRC) has confirmed. The changes, which apply to transactions on or after 1… Read more…

The Financial Reporting Council (FRC) is calling on smaller listed companies to write concise and understandable year-end reports with clear explanations of how they generate cash flow as well as detailed information about accounting policies. The call is part of the FRC’s year-end advice aimed at 1,200 smaller listed and Alternative Investment Market-quoted companies as… Read more…

HM Revenue & Customs (HMRC) has announced that it has doubled the number of inspectors trawling through the tax files of individuals earning £150,000 or more. Until recently, the taxman was mainly investigating ‘high net worth’ individuals – those earning £1 million or more – but now HMRC’s attention has moved to those a little… Read more…