On 6 April 2017 new rules will come into force that will require large Limited Liability Partnerships (LLPs) and large companies to publish reports on their payment practices. The Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 and The Reporting on Payment Practices and Performance Regulation 2017 will require these businesses to… Read more…
In recent years more families are finding themselves subject to Inheritance Tax as a result of growing property prices. Currently individuals are each entitled to pass on £325,000 of wealth tax-free each, regardless of whether or not they own a property, while married couples and civil partners are entitled to share the allowance boosting their… Read more…
A request under the Freedom of Information Act has revealed that just 1,300 people have claimed National Insurance (NI) credits, which can help them ensure their entitlement to the full state pension when they reach retirement age, if they have left employment to care for grandchildren or other relatives under the age of 12. With… Read more…
From 5 May 2017, the old paper £5 note will no longer be legal tender and may not be accepted in shops and could be refused by banks. After this date retailers and banks need only accept or swap old notes at their own discretion. The new ‘plastic’ notes are already widely in circulation, but… Read more…
If you buy and use cars in your business, you can claim capital allowances on their value, allowing you to deduct part of the value from your pre-tax profits using writing down allowances. The amount that you can deduct depends of the CO2 emissions of the car, whether it is new or second hand, when… Read more…
HM Revenue & Customs (HMRC) has been accused of using small and medium-sized businesses to plug the UK’s tax gap, following a report which showed an additional £468 million was generated in tax revenue by SMEs in 2016. The figure, obtained via a Freedom of Information Request, follows on from HMRC’s announcement at the end… Read more…
The UK’s large army of small businesses will soon be able to switch their accounts between banks more easily, following changes to bank competition rules. The Bacs Payment Scheme, the organisation responsible for the majority of the UK’s automated payments, has agreed to implement a number of improvements to make the retail banking market more… Read more…
The Government’s long-awaited responses to six consultations about Making Tax Digital (MTD) which were originally opened in August 2016 were published at the end of January. Despite ongoing criticisms regarding the proposed short MTD timescale, HM Revenue & Customs (HMRC) confirmed that the project will not be delayed. This means that mandatory quarterly digital reporting… Read more…
One of the Chancellor’s more significant announcements for small businesses at the Autumn Statement in November was a change to the VAT Flat Rate Scheme. Businesses usually calculate their VAT payments to HM Revenue & Customs (HMRC) by adding up the amount of VAT owed on their sales before subtracting from this the VAT they… Read more…
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