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Tax Losses From CIS Scheme Solutions To Come In To Force To Tackle Tax Fraud In The Construction Industry

HMRCs consultation on new powers to correct the Construction Industry Scheme (CIS) deduction amounts claimed by sub-contractors on employer returns earlier this year has now presented solutions to tackle fraudulent practices in the construction industry scheme and is due to come in to force from 6th April, 2021. Accounting Web reports: Subcontractor companies which have suffered deductions from payments by contractors are able to set off those deductions against their PAYE liabilities as an empl...

October 16, 2020

The State Pension Age For Men And Women Is Now The Same - Do You Know Enough About Your Pension?

What Is The State Pension?The State Pension is a regular payment by the government that people can claim once they reach the specified age, the State Pension age differed between men and women in the past with women able to claim this at a younger age then men but both men and women have their state pension age aligned to 66 for now (October 2020.) So, for the time being, both men and woman must be at last 66 to be granted access to their state pension. It is expected that in 2026 more chan...

October 12, 2020

Can A Business Claim Tax Relief On Employees Eye Tests And Glasses Paid For By The Business?

Employers must protect employees from the health risks of working with display screen equipment (DSE) such as PC, laptops, smartphones and tablets. Regulations for DSE do not apply to workers that use screens infrequently or for a short time. Employees should ensure they take regular breaks from DSE work, whilst DSE work does not cause permanent dame to eyes, long spells looking at the screen can cause: tired eyesdiscomforttemporary short-sightednessheadaches   It is important for the emplo...

September 28, 2020

Employing Staff For The First Time? Make Sure You Know Your Responsibilities

Set up as a new employer with HMRC In order to set up a Pay As You Earn (PAYE) scheme with HMRC it is necessary to contact the New Employer’s Helpline. This takes up to 5 working days and can be done 2 months before you start paying people. This can be done by: Online: – click here to register as an employer for Gov.uk Phone: 0300 200 3211   As an employer you will be responsible for operating PAYE and calculating National Insurance Contributions (NICs). There a...

September 14, 2020

HMRC Have Fined A Double Glazing Company Over £58,000 For Failing To Correctly Operate PAYE And Inaccurate Staff Records

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September 9, 2020

As Part Of National Payroll Week We Look At How The Payroll Software BrightPay Has Supported The Change Of Working Habits Caused By Coronavirus COVID-19 Pandemic

Over the last 6 months we have seen many changes, the coronavirus pandemic has turned our lives upside down both personally and professionally. Professionally, there has been much disparity to jobs with some industries not functioning at all but other industries inundated with work. For those lucky enough to continue to work, how and where they work has vastly changed. Thanks to the existence of the internet many of our computerised tasks can be carried out remotely just as easily as in the offi...

September 9, 2020

What Is Your Tax Code?

Were you aware you could be underpaid or overpaid without even knowing it? This happens if you are on the wrong tax code. While being overpaid because of an incorrect tax code may not sound too bad, the tax man will catch up with you and any unpaid tax may be taken from your pay over the next tax year - leaving you with less take home pay.   What is the solution? Check your tax code. It takes five minutes and will ensure that you are gettin...

September 8, 2020

As Part Of National Payroll Week 2020, We Have Interviewed Our Payroll Expert, Carol Webb PM Dip About All Things Payroll

How did you get in to payroll? Payroll was a natural progression from bookkeeping. All through my office management and finance management life someone else did the payroll so it was not something I had ever thought about. Then, when I first started on my own I was asked to provide maternity cover for another bookkeeper. When she showed me the ropes she asked me to do a simple payroll, that's when the realisation hit me that I would need to understand payroll to be an efficient bookkeeper. ...

September 7, 2020

National Payroll Week 7th – 11th September 2020 - What Are We Celebrating?

We know payroll professionals do a fantastic job but many people outside of the payroll industry don’t know what they do exactly and how their work supports the UK economy.So, National Payroll Week was established by CIPP (Chartered Institute of Payroll Professionals) in 1998 as a chance to cheer on the payroll professionals, highlight what an amazing job they do and the impact they have to the UK economy. Working in payroll is not an easy role, it is much more than making a few clicks on...

September 7, 2020

The Job Retention Bonus (JRB) Government Grant Introduced To Encourage Employers To Retain Furloughed Staff - Eligibility And How To Claim

The government announced the Job Retention Bonus (JRB) in July to support the UK’s economic recovery. The JRB is a bonus, payable to eligible employers who keep on their furloughed employees in meaningful employment after the Coronavirus Job Retention Scheme (CJRS) ends on 31st October, 2020. The JRB is a one-off ‘bonus’ payment to employers of £1,000 for every eligible employee* who they  have previously claimed for under the scheme, and who remains continuously employed through to ...

September 2, 2020

Many Businesses Could Unknowingly Be Committing Tax Fraud By Claiming Coronavirus Job Retention Scheme (CJRS) AKA The Furlough Scheme

In April this year, the government increased the Employment Allowance (EA) from £3,000 to £4,000 however there were more restrictions on eligibility than in previous years, therefore, employers needed to reapply and will need to do so annually. The Employment Allowance allows eligible employers to reduce their National Insurance liability by up to £4,000 per annum. This means that each time payroll is run, the employer pays less employers Class 1 National Insurance until t...

September 2, 2020

Value Added Tax (VAT) - A Look At What It Is; VAT Schemes & The Complexities

VAT (or Value Added Tax, to give its full name) was introduced in the UK in 1973 and is the third largest source of government revenue after income tax and National Insurance. VAT is levied on the sale of goods and services by UK businesses and is charged by a business at the point of sale of goods and services. The standard rate of VAT is currently 20%* and this rate has been in place since 4 January 2011. This rate covers most goods and services. The other rates are: • Reduced rate of 5%, w...

August 25, 2020

Quickly And Easily Manage Your Bookkeeping: Receipts and Invoice Filing And Data Entry Made Simple

We are all looking to save time and make our lives easier, unfortunately your bookkeeping can be a time intensive process – we are always looking at ways to help our clients cut down on time and energy spent to provide us with what they need. Many businesses and individuals find managing their paperwork an uphill struggle, piles of paperwork for business or tax returns, little time to sort through and process these, putting off dealing with the paperwork until it becomes urgent and then the st...

August 14, 2020

As A Proud BNI (Business Networking) Member, We Are Pleased To Announce That BNI Berkshire (Thames Maidenhead) Have Been Awarded 4 Awards!

At the BNI UK and Ireland National Awards, BNI Thames Maidenhead Chapter won 4 awards.They were: 1. Net Growth in Chapters 2. Net Growth in Members 3. Most improved region 4. Outstanding performance by a region.  BNI Locally in Berkshire continues to go from strength to strength and this is down to the brilliant work of all of the members....

August 12, 2020

What A Bookkeeper Does And How They Differ From Accountants:In Depth

We have a lot of people ask us what a bookkeeper does so we have taken an in depth look to give you the low down on a bookkeeper. Let’s start by looking at the dictionary definition: Bookkeeping is “the skill or occupation of maintaining accurate records of business transactions”. Bookkeeping, as the word suggests, is about ‘keeping books’ and is the first step in the accounting process. The bookkeeper is the person who is responsible for keeping an accurate and complete record of the...

July 31, 2020

The Changing Face of Making Tax Digital - New 10 Year Plan Revealed

IntroductionAll companies that were VAT registered and their VAT taxable turnover was over the 'threshold' were moved over to new Making Tax Digital (MTD) reporting some time ago. The remaining VAT registered companies under the VAT threshold and other taxes were put on hold.  One time to be grateful for Brexit negotiations overrunning some would say! Last week, the new ambitious plan to digitalise tax was revealed with the first draft of the HMRC 10 year plan. MTD for VAT T...

July 28, 2020

To Defer or Not To Defer: Tax Return Income Tax Bill for July 2020

Overview Your tax return should still be filed on timeYou do not need to apply for the defermentTo take advantage, direct debit must be cancelledYou will not be charged penalties or interest for the deferral periodYou don’t have to be self-employed to defer In Depth Firstly, it should be noted that filing your tax return early does not mean you need to pay your Income Tax early, it can still be paid in January, 2021 should you decide to defer. However, filing early allows you to know what your...

July 24, 2020

Why Submitting Your 2020/21 Self-Assessment Tax Return Now Could Save You Money And Don't Forget The Deferment Of 31st July Payment On Account

If you are considering deferring your Income Tax payments on account due in July 2020 then you should also consider filing your tax return now.  If you believe you have if your profit is likely to be lower than last year your payment on account will have been calculated on a higher amount and more is due in the eyes of HMRC. You can reduce this amount by request to HMRC, however if later discovered to be incorrect there are penalties in way of interest to pay. Why not just submit ...

July 13, 2020

The Summer Statement 2020 - What Does It Mean To The Self-Employed and Small To Medium Businesses?

Rishi Sunak, the UK government's Chancellor of the Exchequer has announced the Summer Statement to support the country as it tries to recover economically from the coronavirus COVID-19 pandemic. What does it mean to our clients, the self employed and small to medium businesses?VAT Reduction In the Chancellor’s summer statement, he shared the government's plans to change UK VAT from 20% to 5% for the hospitality and tourism sectors. This change will come into effect from Wednesday 15 ...

July 9, 2020

Coronavirus COVID-19 Job Retention Scheme Update - Flexible Furloughing

Furlough rules are changing: From 1 July: employers can bring back to work employees that have previously been furloughed for any amount of time and any shift pattern, while still being able to claim CJRS grant for their normal hours not worked.employers will be able to agree any working arrangements with previously furloughed employees. • When claiming the CJRS grant for furloughed hours; employers will need to report and claim for a minimum period of a week. • This is a minimum period and...

June 22, 2020

All Employees Required To Work From Home Can Claim £6 Per Week From HMRC

Accounting Web reports that HMRC has changed its practice to allow employees to claim a flat-rate deduction of £6 for each week they work at home to cover additional household costs such as heat and electricity. Since April 2011 employers have been able to pay their employees a tax-free allowance to cover the additional costs incurred when the employee works at home on a regular basis under an agreed home working arrangement. The flat rate of this allowance was raised from £4 to £6 per week f...

May 22, 2020

Coronavirus Job Retention Scheme (Furlough) Government Update 12th May

If you cannot maintain your current workforce because your operations have been severely affected by coronavirus (COVID-19), you can furlough employees and apply for a grant that covers 80% of their usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and pension contributions (up to the level of the minimum automatic enrolment employer pension contribution) on that subsidised furlough pay. This is a temporary scheme in place from 1 March...

May 15, 2020

A Clever, Stress-Free Solution for Staff Expenses That Could Improve Cash Flow (Not COVID-19 Related!)

The staff expense process can be a problem for employees, many companies consider a spreadsheet good enough to manage employee expenses. But disconnected and often inconsistent processes means missing out on some huge benefits, from increased VAT reclaim and increased visibility of spend to improved user experience and quicker claiming. Fixing the expenses process means your business spends less time doing admin and more time doing business! Is your team spending too much time processing claims?...

May 1, 2020

New 100% Government Backed Loan Scheme for Small and Medium Businesses To 'Bounce Back' From The Devastation of Coronavirus COVID-19'

The Government has announced a 12-month interest-free  Bounce Back Loans scheme with £50,000 limit and 100% guarantee.Businesses will be able to borrow between £2,000 and £50,000 and access the cash within daysLoans will be interest free for the first 12 months, and businesses can apply online through a short and simple formLoan terms are up to six yearsAll firms trading as of March 1 will be able to get cashBanks will no longer require forward financials or business plansYou can’t app...

April 28, 2020

Cyber Criminals Seek to Exploit Businesses and Individuals During COVID-19 Pandemic.

The public are being urged to follow online safety advice as evidence emerges that criminals are exploiting the Coronavirus online.  Experts from the National Cyber Security Centre have revealed a range of attacks being perpetrated online as cyber criminals seek to exploit COVID-19. Techniques seen since the start of the year include bogus emails with links claiming to have important updates, which once clicked on lead to devices being infected. These ‘phishing’ attempts have been seen ...

April 24, 2020 Posts 1-25 of 108 | Page next
 

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