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

Students set to save with changes to student loan repayments

Elaine ShawOct 12,2017

As part of an ongoing review of student finance, the Government has confirmed that student loan repayment thresholds will increase. The decision, many would say, is a clear attempt by the Conservatives to win the support of young people. Buying some time with changes to student loan repayments The planned changes effectively mean that thousands of graduates will soon….

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Making life easier with multi-user accounting software

Samantha GreenOct 10,2017

Last week, accounting software provider KashFlow™ announced long-awaited improvements to its online accounting package, designed for small business owners. What’s new? Following feedback from many of its customers, the company has revealed handy enhancements to the ‘multi-user’ function. These developments contribute to the continuance of a system whereby multiple users can access the same data sets within….

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Slump in popularity of ISA’s as saver’s priorities shift

Carol GeorgeOct 6,2017

HMRC figures show that the popularity of ISA’s is experiencing a slump. In 2015/16 the amount invested in ISA’s was £58.7bn, but this fell to £39.2bn in 2016/17. The number of ISA’s opened also declined by 1.6 million. Conversely, Stocks & Shares ISA’s seem to be a new favourite with savers; the total invested in these increased from £1.2bn in….

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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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