HM Revenue & Customs (HMRC) has published new guidance on the expansion of the IR35 requirements to contractors working in the private sector. IR35 governs the tax status of people working through personal service companies (PSCs) and until now required public sector employers to determine whether contractors working for them should be taxed as employees.… Read more…

The Chancellor’s Spring Statement contained an important nugget of information for businesses that had been wondering when they will need to be ready for Making Tax Digital (MTD) for taxes other than VAT. Until recently, the Government’s official line was that the rollout of the UK’s digital system would be confined to VAT until “April… Read more…

Under the Government’s Good Work Plan, more than 300,000 workers have received a payslip for the first time under new rules that came into force in April. However, experts fear that many employers may be unaware of the recent changes and how it could affect them. The new rules require employers to include variable rates… Read more…

HM Revenue & Customs (HMRC) is understood to be sending out “Employer Compliance Check Questionnaires” without notifying agents, which could land businesses in trouble if the wrong information is provided. The questionnaires are understood to be a replacement or substitute for a PAYE audit, which would typically require a visit from HMRC to ensure that… Read more…

As of 6 April, direct descendants can inherit up to £950,000 completely free of inheritance tax from their parents or grandparents thanks to increases in the residence nil-rate band. This tax-free allowance on inherited property has risen from £125,000 to £150,000 this year and will rise again next year to £175,000. In order to qualify… Read more…

Multi-award-winning accountancy firm, Salhan Accountants, are warning professional drivers that they may be affected by the upcoming IR35 rule changes, which will come into force in less than a year. The new IR35 rules will for the first time affect those working under contract in the private sector and may mean that those currently classed… Read more…

Employers across the UK are starting April with a sudden increase in employment costs following a rise in workplace pension contributions and minimum wage costs. The sharp increase in expenditure on staff couldn’t come at a worse time for business who are experiencing growing uncertainty over the UK and wider global economy. Minimum contributions for… Read more…

A recent survey conducted by UK Finance revealed that more than four in 10 UK businesses are unaware of the potential risks associated with invoice fraud. Last year these scams cost UK firms almost £93 million, with 3,280 invoice and bank scam cases reported – costing on average £28,000 per case. Fortunately, in 2018, £29.6… Read more…

A Government scheme set up by HM Revenue & Customs (HMRC) is advising parents to apply for the Tax-Free Childcare scheme, which provides contributions on savings used to cover childcare costs. Research has revealed that more than a million families are failing to make use of the Tax-Free Childcare scheme. The Tax-Free Childcare scheme is… Read more…

New research from internet service provider, Beaming, has revealed that in 2018 UK small and medium-sized enterprises (SMEs) were affected by cybercrime to the tune of £17.4 billion. Business cybercrime is the flavour of the month for fraudsters, with hacking, phishing and data breaches affecting millions of UK companies and causing billions of pounds of… Read more…