All employers need to be aware of their responsibilities following the introduction of pension reforms. Some elements of this new legislation, such as the safeguards for individuals, came into effect for all employers from 1 July 2012. The Pensions Regulator has issued “Getting Ready” notes for employers and this can be downloaded as a PDF […]
Maintaining Positive Cash Flow
In today’s economy, difficulties with cash flow are quite frequent as customers take longer to pay their bills and banks tighten credit facilities. As a result, many business owners find themselves in a reactive cycle when it comes to matters of cash flow. Each month, managers strive to keep their cash flow profitable while costs […]
Child Benefit Scares
The clawing back of child benefit in situations where one partner has an income of over £50,000 (in the current tax year) starts on 7 January 2013. Until then, there are plenty of scare stories doing the rounds; what is clear is that the system is likely to be an administrative nightmare if you find […]
Build your Company’s profile with PR
PR provides an effective way of engaging with your target audience when announcing a big event (such as an upcoming webinar or speaking engagement), sharing news of a great achievement (such as a business award) or simply informing the market of a new product or service offering. Here are some top tips which can assist […]
Seed Enterprise Investment Scheme (SEIS)
Investors in higher-risk smaller companies have benefitted for a number of years from the Enterprise Investment Scheme (EIS). The new SEIS is targeted to provide funding for early stage companies who may find it difficult to raise seed capital. Recognising these needs, the SEIS scheme also offers investors higher tax breaks than the existing EIS. […]
The Real Time Information System for PAYE
This revolutionary development in the PAYE system will involve many fundamental changes. If you do your own payroll you need to be up to speed with what RTI is all about. For every occasion that an employee is paid, the details must be reported to HMRC. The idea is that it will make it […]
Tax Diary Sept/Oct 2012
1 September 2012 – Due date for Corporation Tax due for the year ended 30 November 2011. 19 September 2012 – PAYE and NIC deductions due for month ended 5 September 2012. (If you pay your tax electronically the due date is 22 September 2012.) 19 September 2012 – Filing deadline for the CIS300 monthly […]
Termination payments
In a further, recent First-tier case the Tribunal considered the tax treatment of a businessman who was paid £123,750 on the termination of his employment. He dutifully deducted the usual £30,000 tax-free amount from this payment and declared the difference on his tax return. Unfortunately, the termination payment was paid under the terms of his […]
Benefits in kind and partnerships
In a potentially wide ranging decision, a First-tier Tribunal has ruled in favour of HMRC. The case involved an LLP partnership that was formed to provide management services to a company. The following details are of interest: As part of the arrangement the LLP owned and provided the use of cars to the partners. This […]