Common FAQ’s about Making Tax Digital

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Making Tax Digital – What does it mean for your business? If you are VAT registered then you will need to start to keep a digital record  (i.e. use software to record all your VAT invoices and receipts). If you are not VAT registered then digital record keeping is optional. If you are VAT registered and do not currently use … Read More

HMRC send out making tax digital letters

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Have you received a letter from HMRC about Making Tax Digital? If so, you’re not alone. About 200,000 HMRC Making Tax Digital letters have been issued to businesses to let them know about the new service and how VAT record keeping and the way that VAT returns are submitted will change from April 2019. HMRC has sent the first 20,000 … Read More

Making Tax Digital-Are you ready?

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Making Tax Digital – Are you ready? With the ever looming deadline approaching, 1 April 2019, VAT-registered businesses in the UK will need to submit their VAT returns using “functional compatible software”, as part of HMRC’s Making Tax Digital (MTD) plans. One thing to remember is that from April 2019, if your VAT turnover is above the VAT threshold (currently … Read More

The Budget 2018 for businesses

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The Budget 2018 has been announced. It will be the final one before the UK leaves the EU. It was put forward on Monday 29th October 2018 by Chancellor Philip Hammond. Here is what it means for businesses. Will I pay less income tax? 31 million people pay income tax in the UK –  18 million men and 13 million … Read More

Minimum pension contributions to increase in April 2019

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Minimum pension contributions rates increase again in April Minimum contributions that are set by the government for auto-enrolment will increase again in April 2019. It will be the law. The increase will take the total minimum amount to 8% (at least 3% from you as the employer). This is assuming you’re calculating minimum pension contributions on qualifying earnings. If you … Read More

Campaign warning about pension scams

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Don’t let scammers enjoy yours or your employees’ retirement The Pensions Regulator has joined together with the Financial Conduct Authority to launch the ScamSmart campaign in order to warn savers about pension scams. As an employer you pay in to your employees’ pension, with contributions rising again next April. Don’t let yours and your employees’ money go to waste at … Read More

New employee payslip legislation in April

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New employee payslip legislation for April 2019 New legislation is being introduced in April 2019 changing the requirements of employee payslips. The changes require all workers which include permanent, casual and zero hours employees to be provided with fully itemised payslips. These itemised payslips follow recommendations made by the Taylor Review of modern employment practices, which called for employers to … Read More

Pensions Regulator warns of fake exemption certificates for Auto Enrolment

The Pensions Regulator (TPR) has issued a warning about fake exemption certificates of Auto Enrolment workplace pension duties. They have advised they are investigating a number of instances of employers being approached by companies offering to sell them  ‘Certificates of Auto Enrolment Exemption’ in relation to workplace pension duties. These employers have been convinced to purchase documents which the scammers claim … Read More

HMRC Employee PAYE code changes

HMRC are changing the way they issue HMRC PAYE tax codes for employees with effect from end of May 2017. PAYE tax codes will now be issued every time there is a change to an employees’ circumstances that affect their tax. What’s changing? From the end of May 2017, HMRC will be using the real time information (RTI) that’s submitted from … Read More