OUR BLOG

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

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 Accountants in BedfordshireJul 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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Landlords to see sizeable increase in taxable profits

Toni HunterJun 14,2017

By now, landlords up and down the country should be aware that on 6 April 2017 the Government began to roll out Section 24 of the new buy-to-let tax relief system, which will be phased in over a period of 4 years. The changes mean that landlords, who were previously able to deduct the cost of….

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Instant pension duties for start-up businesses

George Hay Chartered Accountants in BedfordshireMay 18,2017

Businesses who begin trading and recruiting from 1st October this year will have instant pension duties to fulfil. This warning comes as the current schedule for employers to meet their automatic enrolment obligations comes to an end, meaning all businesses who existed prior to April 2012 will now have passed their staging date. Specifically, the duties will apply….

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Combatting tax evasion: Charities must report under CRS by 31st May

Toni HunterMay 16,2017

In an earlier blog, from October last year, we addressed the new requirements for charities under the Common Reporting Standard (CRS). To recap, it requires charities classified as ‘financial institutions’* to report to HMRC on the following: • Any funds constituting maintained ‘financial accounts’ • Relevant payments made to tax residents outside of the UK and, • Findings of due diligence….

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Company ownership and control: Changes to legislation

Martin WilliamsMay 8,2017

Businesses should be aware that new and important legislation, related to company ownership and control, are arriving soon. On 26th June 2017, significant changes will be made to current UK anti-money laundering measures, intended to improve transparency in respect of who owns and controls companies in the UK. As a business, what you’re probably most concerned with….

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MTD plans cast aside prior to snap election

Barry JefferdApr 26,2017

Following news of a snap election, we now see the largest Finance Bill in history shrink significantly during the ‘wash-up’ before parliament is dissolved in time for the election on the 8th June. The ‘wash-up’ refers to the final few days of Parliament prior to its dissolution ahead of a General Election; during this time….

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Probate fee hike put on hold

Barry JefferdApr 21,2017

Today, the Government have confirmed that the planned changes to the probate fee system have been placed on hold. The new fees, expected to take effect in May, will remain on hold at least until after the general election. The Ministry of Justice have said that there is not sufficient time for the legislation to pass through parliament,….

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