News

Reminder: National Living Wage set to increase from April
15 January 2020

On 1 April 2020 the Government will introduce increases to the National Living and Minimum Wage. From this date the National Living Wage (NLW) will rise from £8.21 to £8.72 per hour and will mean that 2.8 million full-time workers will see a £930 boost to their annual earnings. The Government claims that the introduction of the...
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HMRC launches revamped CEST IR35 off-payroll working tool
15 January 2020

With less than three months remaining before the IR35 off-payroll working rules begin to apply in the private sector, HM Revenue & Customs (HMRC) has launched a revamped CEST IR35 off-payroll working tool. The rule change means that engagers, rather than workers, will be responsible for determining whether an engagement falls within...
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New Advisory Fuel Rates
15 January 2020

A new set of Advisory Fuel Rates came into effect from the beginning of December 2019, which apply to employees who use a company car. The rates can be used in circumstances where you are reimbursing employees for business travel in their company car or in requiring employees to repay the cost of fuel used for private journeys.
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VAT receipts reach record level of £133 billion
15 January 2020

Figures published by HM Revenue & Customs (HMRC) have revealed that VAT revenue in 2018/19 rose by £7 billion from the previous year to reach a record £133 billion. In the ten years since 2008/09, the VAT take has risen by 52 per cent from £87.9 billion. The bulk of the VAT take last year came from incorporated companies...
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Around half of the UK’s SMEs admit to making errors on taxes
17 December 2019

According to accounting software providers, QuickBooks, over 50 per cent of UK small and medium-sized enterprise (SME) owners have made a mistake when filing their VAT returns, while just a quarter (25 per cent) feel confident that they have filed their VAT accurately. As the business owner, it is important to bear in mind...
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Late payments a huge drain on SMEs
17 December 2019

Small firms are owed a staggering £23.4 billion in late payments, an issue that is continuing to cause greater problems for businesses each year. In the last year alone, the figure has increased by £10.4 billion. According to one study by Pay.UK, this is costing small businesses dear in both time and money, as 22 per cent of...
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The end of the help-to-buy ISA – What’s next?
17 December 2019

Since 2015, banks and building societies have been offering help-to-buy ISAs to first-time buyers. To qualify, you had to be 16 or over and be a first-time buyer. However, as of the end of last month, the scheme has been closed to new savers. Under the scheme savers could deposit a lump sum of up to £1,200 when they...
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HMRC urges taxpayers to be vigilant ahead of self-assessment deadline
17 December 2019

HM Revenue & Customs (HMRC) has urged taxpayers to be vigilant ahead of the self-assessment deadline on 31 January 2020, with a surge in fraudulent activity expected. HMRC has said that it has received 900,000 reports in the last 12 months relating to suspected fraud, with phone calls, text messages and emails being the most...
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Keeping workplace gifts tax-free this Christmas
17 December 2019

Over the Christmas period, you may wish to treat your employees. This is a tried and trusted approach to building a strong relationship with your team. But are you aware that you may be breaking PAYE rules by doing so? We want to ensure that you enjoy the holidays just as much as your team, so we’ve put together our top tips...
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Annual R&D spend in the UK reaches £25 billion
17 December 2019

According to the latest figures from the Office for National Statistics (ONS) businesses in the UK spent £25 billion on research and development (R&D) during 2018. The figure represents a 5.8 per cent increase on the previous year when the figure stood at £23.7 billion.
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