The government is to consider new laws to protect consumers who have prepaid for products when a business becomes insolvent. • Government to consider new laws to protect consumers who have prepaid for products when a business becomes insolvent • proposed measures will include guaranteeing consumer schemes like Christmas savings clubs can safeguard customers’ money • reforms are part of the government’s modern...
Time for a tax-free seasonal bash?
Time to let your hair down? Enjoy a festive moment or two with your business colleagues and staff? If you are careful with your budgeting, you can enjoy the event without increasing your tax or National Insurance payments. Here’s what you need to consider: What's exempt? You might not have to report anything to HMRC or pay tax and National Insurance. To...
Merry Christmas
From a business perspective there is not much to be merry about this year especially if you need some clarity regarding our impending exit from the EU. Never-the-less, business owners would be wise to consider the tax-free gifts that can be made to ease the financial needs for extra funds over the festive season. In particular, make the most of the trivial...
Brexit may be in limbo, but Making Tax Digital is not
As we have highlighted in many posts to this blog, from 1 April 2019, ALL VAT registered businesses with turnover above the £85,000 VAT registration threshold will have to submit their VAT returns from within software that can link with HMRC’s networks. In techno- speak, your data will need to be transferred using a designated API (HMRC’s application programming interface). The...
A possible, unwelcome increase in service charges
From 1 November 2018, owners of properties on estates or sites that are obliged to pay service charges to a management company - for example, for the maintenance of common areas, gardens, or the employment of a site warden or caretaker - may be in for an unwelcome surprise. It would seem that HMRC have applied a concession in the past...
What is an OpRA?
OpRA is the acronym for an optional remuneration arrangement. Before April 2018, these were termed “salary sacrifice” arrangements. Essentially, both are benefits in kind (BiK) offered to employees in place of salary increases. Recent changes ensure that that where such benefits are offered recipients many are taxed as if the cash value of the benefits provided were taken as salary. Readers should...
Would you set off for uncharted territory without a plan?
Truthfully, no one knows what trading conditions will be like once we exit the EU. Will supply chains seize up or will it be business as usual? If there is a possibility, however remote, that the commercial landscape will change, doesn’t it make sense to undertake an assessment of any downside risks and plan accordingly? From a Brexit point of view, supply...
Disqualified from acting as a director
When a director has been found guilty of mismanagement verging on fraud, one of the remedies that the courts can impose is disqualification as a director. But what does this actually mean? A disqualified director has to abide to the following restrictions: While the order or undertaking is in force, it stops a person acting as if they were a director. Accordingly,...
Tax free perks at Christmas time
This article is our usual reminder of the tax breaks available if you are organising a Christmas party for your staff. Many businesses take time out to provide their employees with a work based party or similar event. If you are concerned about the tax consequences of Christmas celebrations, read on. We have included in this article ways to organise these...
What is AEO?
Businesses that presently trade with the EU block may like to consider applying for Authorised Economic Operator (AEO) status. The following notes explain why this may be helpful. AEO status is an internationally recognised quality mark that shows: your role in the international supply chain is secure your customs controls and procedures are efficient and meet EU standards It’s not mandatory, but gives quicker...