A luxury car dealer has been banned from running companies for 13 years after failing to maintain adequate accounting records.
After being placed into Creditor’s Voluntary Liquidation in 2015, the director of the company was unable to deliver accounting records to the insolvency practitioner, which then led to an in-depth investigation.
Find out more about the case and the real cost of failing to maintain adequate accounting records regardless of the size of your business.
This report was first published by the Insolvency Service on the GOV.UK website and can be read in full here.
Whether you are a landlord of a large property portfolio, or you just let a single property to a tenant; you must pay tax on your rental income.
The ‘Let Property Campaign’, is a Government initiative that was launched in 2013 with the aim of giving landlords the opportunity to get their taxes up to date through voluntary disclosure.
As the campaign launched, it was estimated that 1 in 3 landlords were not declaring rental income.
Find out more about the Let Property Campaign and how it affects you as a landlord.
Limited companies are one of the most popular legal structures in the UK, you will find them across all different sectors and industries.
Limited Companies are treated as separate entities to the individuals that own them. This means that shareholders in the company are only liable up to the value of their shares, although directors have legal responsibilities in the way that they are expected to run the company, which means they may have some personal liability.
Find out more about the advantages of incorporating as a limited company, as well as some important things to consider before taking this legal route.
From 1st April 2018, the National Minimum Wage (NMW) and National Living Wage (NLW) increased for workers in the UK. The NMW and NLW are reviewed every year, and both increased last April 2017.
Find out more about the new rates of National Minimum Wage and National Living Wage and how you can ensure compliance as an employer through accurate payroll.
As of 6th April 2018, the Childcare Voucher scheme will no longer be available to new parents wanting to join the scheme.
Parents will instead have the option of tax-free childcare (TFC), an initiative that was launched in April 2017.
The new scheme is not as favourable for all parents, so it may be more beneficial to opt in for the existing childcare voucher scheme before the deadline.
Find out more about the changes and if you could be better off applying for childcare vouchers before the scheme closes below.
Making Tax Digital, or MTD is a radical change coming to HMRC, which will see them become the most digitally advanced tax administration in the world. There is an estimated investment of £1.3 billion going into software and infrastructure developments to make the change possible.
Whilst HMRC has remained committed to MTD, they have recognised that the originally planned start date of April 2018 for the first businesses may be unachievable. For this reason, the HMRC have amended the timeline for MTD for business and extended the pilot programmes.
Find out more about what MTD is and how it affects your business, the new changes to MTD timelines and how you can make sure you’re prepared.
Auto-enrolment has been rolling out to employers across the UK since 2012, with the aim of ensuring more people have a pension in place when they finish working.
Auto-enrolment duties started with the largest employers and have since moved through to smaller and medium-sized businesses.
Find out more about the latest changes to auto-enrolment, and your duties as a new employer from 1st October 2017. Continue reading
Taking on a second job is a great way to earn extra money and many people now find this necessary to make ends meet. It also improves your skill set and looks impressive on a CV, providing better job prospects in the future.
But working two jobs comes with many considerations for both employee and employer. In this blog, we’ll look at the benefits and pitfalls of working two jobs including legal restrictions and tax guidance for both parties.
With no legal entitlement to holiday pay, taking time off can be a challenge for the 4.8 million self-employed people working in the UK. Often when not working for clients, there is a lot of administration and accounting work that needs to be fulfilled. However, with careful planning and organisation of accounting duties, taking time off shouldn’t be difficult.
In this blog, we’ll cover ways you can take valuable time off whilst self-employed without sacrificing client satisfaction or revenue.
Finance is full of jargon! We know because we answer so many queries from our clients about what certain acronyms, words and phrases mean.
To make sure you’re never left confused again, we’ve pulled together an A-Z jargon buster with common accountancy, financial, business and employment terms and their meanings.