OUR BLOG

Keeping you up to date on the latest accounting and tax issues

Self-employed should be aware of self-assessment registration deadline

George Hay Chartered AccountantsSep 20,2017

HMRC must know about any new source of income by 5th October in the tax year following it’s establishment. The concern, with only a short time left to register for self-assessment, is that self-employed and gig-economy workers may be unaware of this requirement. Should you be registered for self-assessment? For these individuals, work doesn’t always come in….

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Pension contributions increase for employees whilst the self-employed still struggle to save

Elaine ShawSep 18,2017

Under The Pensions Act 2018, the minimum pension contributions paid into auto-enrolment schemes, by employers and employees, will increase. There will be two increases, the first in April 2018 and again in April 2019. As an employer you should consider how the new pension contributions will impact upon your budgets. Compliance is mandatory; any scheme not using the higher….

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SME’s and the problem with productivity

Martin WilliamsSep 15,2017

Small and medium-sized enterprises (SME’s) have a huge role to play within the UK economy. Forecasts predict that they will contribute over £217bn to the nation’s pot by 2020. Despite this, productivity in the UK is still a problem as it currently sits at an all-time low. Improving and maintaining productivity is a challenge for many businesses but it can be particularly difficult….

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HMRC release September 2017 advisory fuel rates

George Hay Chartered AccountantsAug 29,2017

HMRC has now published the latest advisory fuel rates (AFR), effective from 1 September 2017, for users of company cars. If you drive a company car, you can’t claim business mileage but you can recoup the cost of fuel for business journeys using HMRC’s recommended advisory fuel rates. Compared with the rates applied in the previous….

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Charities struggling to secure accountancy support

Toni HunterAug 15,2017

A report published by the Charity Finance Group (CFG) indicates that charities are, generally speaking, struggling to secure accountancy support. What’s going wrong? The findings indicate that there has been a significant decline in the number of service providers in recent years. Not only this but, of those available, many providers often fail to satisfy charities needs due….

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Government makes move to speed up delivery of business rates relief

Martin WilliamsAug 3,2017

Earlier this year, the Chancellor pledged to support small businesses who faced a dramatic increase in their business rates bills. Business rates are a tax chargeable on non-domestic properties, such as pubs, restaurants and warehouses. The amount payable is calculated based on the value of the property. Delayed implementation of provisions The provisions promised included a £25m fund, a further £300m….

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More progress made with Making Tax Digital

Phil BlackburnJul 21,2017

Last week, Ministers set out the next steps for the Finance Bill following June’s general election. In doing so, they made an important announcement about Making Tax Digital (MTD). It has now been decided that around 3m of the smallest businesses and landlords will be able to transition to the new system at a pace more suited to them…..

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UK businesses still struggling with Automatic Enrolment

George Hay Chartered AccountantsJul 6,2017

As UK law now states, it is your job as an employer to enrol all eligible employees onto a workplace pension scheme and contribute towards it. This is called ‘Automatic Enrolment’. During 2017 it is estimated that approximately 700,000 employers will stage. Are employers complying with Automatic Enrolment? Figures recently released by The Pensions Regulator show that just over 598,100….

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Academies Accounts Direction recently updated

Colin AireyJun 28,2017

Now that the furore surrounding the general election has somewhat subsided, the Education and Skills Funding Agency (ESFA) has released the updated Academies Accounts Direction (AAD) for 2016-17. A small number of changes have been made since the previous version, particularly in comparison to past releases, yet they are still worth taking note of. Deferral of accounts no longer….

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Are you prepared for the P11D deadline?

Sarah DixonJun 23,2017

There is less than two weeks until the deadline for submission of P11D and P11D(b) forms is upon us, as it falls on the 6th July, so now is the time to prepare if you haven’t done so already. HMRC is urging taxpayers to ensure that forms are correct on first submission as errors are not always quick and….

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