Category Archives: Industry News

How Can Businesses Prepare For A No Deal Brexit Scenario?

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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No Deal Brexit Scenario ImageWhilst a deal has been agreed between EU and UK negotiators said the deal is currently likely to lack enough support in parliament to be accepted, with some MPs now resigning and casting votes of no confidence in the current leadership.

As a no-deal scenario becomes more and more of a possibility, businesses should ensure they are prepared for any outcome. Recently, the Government released detailed guidelines for businesses in the event of the UK leaving the EU without a deal.

Find out more about the guidelines and how you can ensure your business accounting is prepared in our latest blog post.

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October 2018 Budget Summary

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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Cabinet Office Blog ImageOn 29th October 2018, the Chancellor, Philip Hammond delivered the Autumn Budget.

Whilst this budget was overshadowed for the most part by the UK’s upcoming departure from the European Union, there were a number of announcements that will impact both individuals and businesses in the UK.

Find out more about the key announcements and how they may affect you.

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Latest Updates on Making Tax Digital for VAT

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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How to prepare for digital tax
Making Tax Digital (MTD) is quickly approaching. The system, which is designed to make tax more efficient has seen many timeline changes and will affect all businesses in the UK once fully implemented.

The next big milestone on the journey to a digital tax system comes in April 2019. From this date, businesses with a taxable turnover of above £85,000 will need to keep VAT records digitally and file their returns using software that’s compatible with MTD; this will impact around 1 million businesses in the UK.

On the 16th October 2018, HMRC launched a private pilot, inviting around 500,000 businesses to try the new online VAT service.

Find out more about the pilot scheme, the latest updates to MTD in regards to VAT and how you can ensure you are prepared if your business will be required to fulfil MTD obligations from April 2019.

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Reversal of Plan to Scrap Class 2 NICs – What It Means for the Self Employed

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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Vibrant overvew of london image

The Government’s plan to abolish Class 2 NICs by April 2019 has been shelved, with no chance of the abolishment of Class 2 NICs taking place during this parliament.

The planned move, which could have benefited self-employed workers earning more than £6,205 per annum, was dropped under the premise that lower earning self-employed workers would have seen their voluntary payments increase significantly.

Find out more about the change, the current rates of National Insurance for the self-employed and how you can ensure you’re paying the correct National Insurance Contributions (NICs).

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Landmark Gig Economy Case – Pimlico Plumbers

Megan

Megan

As well as having Payroll experience, Meg is our main point of contact for auto-enrolment setup. Now a qualified member of AAT, Meg is building her portfolio of accounting clients in a variety of sectors.
Megan

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Gig economy ruling for plumbersIn another landmark case for those working in the so called ‘Gig Economy’, the Supreme Court has ruled in favour of a plumbing and heating engineer being a worker as opposed to being self-employed; granting him access to workers rights including sick pay, holiday pay and protection for unfair dismissal. You can read the full story here.

This is not the first case of its kind, with other gig economy employers including Uber and Deliveroo having cases brought against them in relation to the employment status and rights of the people working for them.

Find out more about the gig economy and the rights of those working in it in our latest blog post.

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Luxury Car Dealer Banned From Running Companies for 13 Years

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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Latest posts by Steph (see all)

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.

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National Minimum Wage and National Living Wage Rates from April 2018

Megan

Megan

As well as having Payroll experience, Meg is our main point of contact for auto-enrolment setup. Now a qualified member of AAT, Meg is building her portfolio of accounting clients in a variety of sectors.
Megan

Latest posts by Megan (see all)

Money from a payslipFrom 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.

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Employer Supported Childcare Voucher Changes From 6th April 2018

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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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.

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National Minimum Wage and National Living Wage To Rise From 1st April 2017

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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Latest posts by Steph (see all)

British one pound coins in a stackFrom April 1st 2017 the national minimum wage and national living wage will be going up for workers in the UK. Find out more about the increase in this blog post, including the new rates and how you can ensure you are being paid the correct amount by your employer.

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Spring Budget Updates: Small Business Will Have An Extra Year To Prepare For Digital Tax

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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Latest posts by Steph (see all)

What Should You Expect When Working With An AccountantAs part of the spring budget, the chancellor has pledged that small businesses and landlords that fall under the VAT threshold will have an extra year to prepare for MTD; this is considered great news for the 3.1 million small businesses that fall into this category.

The announcement comes after many small business owners voiced their concern about the digital tax timeframes, with many citing they would need to make substantial investments on administration, software and technology upgrades in order to be ready to switch on the MTD deadline. Find out more about these changes, and what they mean for small businesses and landlords.

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