by SP Media | Aug 21, 2019 | Business, Finance, HMRC, News, Tax
At this time of every year, HM Revenue and Customs embark on a massive computerised reconciliation process. This is to check that those with PAYE records, but not in self-assessment, have paid the right amount of tax in the preceding tax year. Where the department... 
by SP Media | Aug 7, 2019 | Business, Finance, HMRC, MTD, Tax, VAT
It’s good for businesses to know that HMRC expects them to record digitally for every individual invoice, no matter how minor and inconsequential it might be. This stands irrespective of the fact that a business’s clients might make a single monthly payment against a... 
by SP Media | Jul 18, 2019 | Business, Finance, HMRC, News, Tax
The new fuel rates take effect from 1 June 2019, although the previous rates can be used for an additional month. These rates only apply to employees who are using a company car in the following scenarios: When employees are reimbursed for business travel in their... 
by SP Media | Jul 17, 2019 | Business
The use of the smartphone has changed dramatically over the past decade: it has gone from being merely a gadget to being an increasingly used and increasingly important lifestyle and business tool. A report by Ofcom (the UK regulator for the communications services)... 
by SP Media | Jul 10, 2019 | Business, Finance, HMRC, Tax
The HMRC form P11D is the form employers use to report the details of taxable expenses and benefits provided to employees and directors during the course of a tax year, after that year has ended. Employees pay tax on the benefits disclosed on the submitted P11D via a... 
by SP Media | Jul 10, 2019 | Business, Finance, News
In a recent report by the Low Pay Commission (LPC), it was found that the number of people being paid less than the statutory minimum wage is on the rise. In April 2018, 439,000 workers were paid less than the National Minimum Wage (NMW), and out of those individuals,... by SP Media | May 29, 2019 | Business, Finance, News
The UK Government has issued new advice to small businesses on how they could be affected by the UK’s leaving the EU. The documents contain advice regarding a range of issues, such as sending and receiving personal data and EU-UK trading. The UK government recommends... 
by SP Media | Apr 9, 2019 | MTD
Most businesses with VAT return periods beginning on or after 1 April 2019 will need to comply with the regulations mandated for VAT. For businesses with “more complex” VAT, this date has been deferred to 1 October 2019. This delay applies to trusts, not for profit... 
by SP Media | Nov 8, 2018 | Business, News
The government has issued notices that aim to help both businesses and individuals prepare in the event of a UK-EU agreement not being realized. The notices cover passports and driving licenses, together with data protection and mobile phone roaming charges. With... 
by SP Media | Nov 8, 2018 | MTD, VAT
Growing confidence It’s official. Sole traders and companies with up-to-date VAT affairs are now able to join HMRC’s test phase for VAT Making Tax Digital (MTD). While testing of VAT-MTD started last April, until now it has been on a limited, controlled,... 
by SP Media | Nov 8, 2018 | Finance, HMRC
The government has decided not to abolish Class 2 National Insurance Contributions (NICs) from April 2019. This is today paid at a rate of £2.95 per week by self-employed individuals with profits of £6,205 or more annually. Robert Jenrick, Exchequer Secretary to the... 
by SP Media | Nov 8, 2018 | News
The guidance has been updated on how businesses and individuals should recognise whether contact from HMRC is genuine or whether it is phishing or fake. Contact us for more... 
by SP Media | Nov 8, 2018 | Business
When setting out on a new venture or business idea, so many businesses do not succeed. This could be down to a combination of factors. Yet, one common factor is the challenges associated with executing the idea and establishing it in the market. To ensure your idea or... 