OUR BLOG

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

Improve your cash flow: quicker payment, less pressure

Toni HunterFeb 9,2018

‘Cash is King’ but it can also present a challenge for many businesses, particularly small businesses and those just starting out. If your cash flow is under pressure, chances are so will most other aspects of your business be. This includes your negotiating and buying power and your ability to pay bills and fulfil any….

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Be savvy when it comes to your Personal Savings Allowance

Sarah DixonFeb 5,2018

What is the Personal Savings Allowance (PSA)? As of 6 April 2016, the Personal Savings Allowance (PSA) has meant that basic-rate taxpayers and higher-rate taxpayers can earn £1,000 and £500, respectively, in tax-free savings interest. Additional rate taxpayers do not get an allowance. These rules, according to HMRC, take roughly 95% of savers out of….

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Taxpayer’s offer outlandish excuses for flouting tax return deadline

George Hay Chartered AccountantsJan 22,2018

Taxpayers must file 2016/17’s self-assessment tax return and pay any tax owed to HM Revenue & Customs by 31 January 2018. But, despite it being on the same date every year, thousands still manage to miss the tax return deadline. Excuses, excuses, excuses Last tax year, 840,000 taxpayers failed to file on time and over the past 12 months….

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The dangers of DIY tax returns: Why risk it?

George Hay Chartered AccountantsDec 15,2017

There are and always will be plenty of people who opt to prepare and file their self-assessment tax returns themselves. This is commonly referred to as the ‘DIY’ approach. There are also thousands who choose to hand the paperwork over to their accountants and let them do the rest. The truth is that the DIY approach carries….

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A long road to VAT simplification

Phil BlackburnDec 13,2017

Last month the Office for Tax Simplification (OTS) published recommendations for the simplification of Value Added Tax (VAT). The long-awaited report followed feedback from trade associations, businesses, professional bodies and individuals. The consensus is that VAT, a tax invented in 1973, has now become much too complicated. Here we summarise some of the key recommendations that can….

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The Autumn Budget 2017: What did the red box reveal?

Phil BlackburnNov 23,2017

Yesterday, Philip Hammond delivered his second Budget of 2017, the Autumn Budget. This follows the move to one major fiscal event each year, announced last November. After the snap general election, many had anticipated major changes and brave decision-making. Though Hammond affirmed widespread investment, despite the country’s debt peaking this year, other radical announcements were few….

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New Living Wage rates announced

Elaine ShawNov 10,2017

The new Living Wage rates for London and the rest of the UK have now been published. Unlike the National Minimum Wage and the National Living Wage, however, the real Living Wage is voluntary. The new rates, which are independently calculated each year, are as follows: Compared with Minimum Wage rates (over 25’s), the Living Wage for London is £2.70 more….

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New scam threatens elderly with HMRC lawsuit

Phil BlackburnNov 8,2017

Last month it was reported that HMRC had successfully taken action against more than 75 scam websites, since January, linked to its services. As a result it has averted in excess of a million visits to these misleading pages. In addition, it has requested the removal of over 20,000 other malicious websites and published advice on spotting them…..

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New campaign aims to continue to raise awareness of auto-enrolment

Elaine ShawNov 1,2017

The Pensions Regulator (TPR) and The Department for Work and Pensions (DWP) have launched a new, dual-branded, auto-enrolment campaign. The campaign places emphasis on the importance of employees ‘getting to know’ their workplace pension scheme and employers ‘getting to know’ their responsibilities. So far over 800,000 employers have enrolled around 8.7m employees into qualifying pension schemes. Now, with only a….

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How you pay HMRC is set to change

Carol GeorgeOct 26,2017

Due to a decline in demand for the service, from 15 December 2017 it will no longer be possible to make Tax/NIC payments at the Post Office via the Transcash system. Ultimately, HMRC would like to see everyone move to electronic systems; they boast speed, ease of use and are much more secure. Electronic payments,….

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