Avoid the tax scammers
Avoid the tax scammers! HMRC scams are most prevalent in December and January because these are always the busiest months for tax return filing. HMRC has recently issued a warning about self-assessment scams, including phishing emails and texts. How can you avoid getting caught? HMRC occasionally contacts taxpayers to warn … READ MORE
Christmas PAYE arrangements
Early paydays If you pay any of your employees early over the Christmas period you need to report the normal (contractual) payday as the payment date on your PAYE full payment submission (FPS). You must submit the FPS on or before the normal/contractual pay date. In other words, the … READ MORE
Supporting Working Parents With Holiday Cover In School Holidays
According to a poll of 36,000 working parents with primary school-aged children, nearly two-thirds don’t have enough childcare to cover the six-week school summer holiday period this year, increasing to three-quarters among single parents. What are your options in being flexible towards them? Thanks to the coronavirus pandemic, nearly 20% … READ MORE
Covid-19 Support for Small Businesses
Coronavirus Job Retention Scheme Covid-19 Support for Small Businesses Under the new Coronavirus Job Retention scheme, government grants will cover 80% of the salary of PAYE employees who would otherwise have been laid off during this crisis. The scheme, open to any employer in the country, will cover the cost … READ MORE
How to make sure your invoices get paid
When starting out as a small business, you quickly realise the importance of invoicing promptly. Cashflow is everything. And with the absence of a guaranteed bank deposit every month from an employer, making sure that you get the money is vital to getting through those early days.No matter how brilliant … READ MORE
How to Avoid Mistakes in Business Entertainment Tax
Business entertainment Income and corporation taxes prevent businesses from claiming a deduction from profits for expenses spent on business entertainment. This includes taking clients out for a meal or attending a sports event. There is a similar rule for directors and employees but to prevent being taxed twice the same … READ MORE
Ensuring your staff party is tax free
A staff party or an annual function qualifies as a tax-free benefit for your employees providing that you meet the following conditions: The total cost must not exceed £150 per head, per year. £150 includes VAT together with any extra costs such as transport and accommodation. The £150 is a limit and … READ MORE
Tax Free Staff Christmas Gifts
In the run up to Christmas we thought we’d give you a few hints and tips about tax efficient benefits for your employees.April 2016 brought in new rules for trivial benefits. There is no annual requirement, and it covers small non-cash gifts, e.g. flowers, wine, meals etc. Unlike the Christmas … READ MORE
VAT flat rate scheme changes
Changes to the VAT flat rate scheme could significantly affect the tax liability of small businesses that currently make use of the scheme. The flat rate scheme simplifies the process of calculating how much VAT a business needs to pay or claim back from HMRC. It introduces a fixed rate … READ MORE
Making Tax Digital – Be ready…
Did you know that just as businesses are getting over the huge cost and upheaval from the Automatic Enrolment regime HM Revenue and Customs (HMRC) are introducing ‘Making Tax Digital’ (MTD)Whilst the final details are yet to be finalised, the 2017 Spring Budget saw the announcement that in essence from … READ MORE