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Chartered Certified Accountants
and Business Advisors

01530 267320

Latest news

16 Jul 2018

Making Tax Digital

The Making Tax Digital pilot for Self Employed businesses launched in March which will progress in a few years’ time as a new form of tax administration that will me mandatory for any individual, business or non-profit organisation that has to file a tax return. Making Tax Digital (or ... (click to read more)

16 Jul 2018

Running a Family Business

According to the Institute for Family Business there are currently 4.8 million family-owned businesses, that’s 88% of all enterprises in the UK. Family run businesses are often negligent when it comes to the little details of running a business. Family members are much more relaxed than standard employees therefore rules ... (click to read more)

16 Jul 2018

Selling your Business

When selling a business, the process is much more complicated than a simple transaction and a signature. It’s all about finding the correct time, partners, professional expertise and potential buyer. A business has so much involved – time, money and personal care and even creates a significant emotional attachment ... (click to read more)

09 Jul 2018

Flexible working staff over the summer holidays, how will this affect your payroll?

The school holidays are soon upon us and it can be a difficult time for working parents who are usually juggling managing their work life along with paying more on childcare for a reasonably long time. Whilst many choose to take all of their annual leave during the school ... (click to read more)

02 Jul 2018

What's a reasonable excuse to not file your tax return on time?

It is very known that when a tax return has been issued, but not filed by the statutory deadline on time then an automatic penalty of £100 will be issued. There is however, some scope for you to appeal against the penalty if they had a reasonable excuse for ... (click to read more)

02 Jul 2018

What must go through your payroll and be subject to PAYE?

You may think it’s obvious what must be going through your payroll and be subject to PAYE however, it’s not just salary that goes onto those timesheets, and many people can fall foul! Have any of these crossed through your mind when doing your payroll? Claiming mileage – for home-to-work ... (click to read more)

02 Jul 2018

Do you know who controls your business?

The law requires all Limited Companies and LLPs to tell Companies House about the people with significant influence or control over the company. The register of people with significant control (PSC) was introduced in April 2016 and replaced the Annual Return. The new PSC form improves corporate behaviour, deter money ... (click to read more)

25 Jun 2018

Employing casual staff

As an employer you must pay a worker a fair wage for a fair days work and also provide a workplace pension, welfare and much more. You also need to act as unpaid tax and NI collectors by operating the increasingly complex PAYE system. An error in this system ... (click to read more)

25 Jun 2018

RTI Penalties

When entering your information into your payroll, even it is all correct you still need to make sure that it is reported on time and that the resulting payment are paid in full and on time. The reporting deadline for RTI is on or before the date of payment ... (click to read more)

25 Jun 2018

Expenses & Benefits Review

Have you ever thought of initiating an expenses and benefits review? What better time of year than now to work through this helpful step by step process: Are you sure there are not any items on your expenses claim that are taxable? It is important to be certain that everything ... (click to read more)

18 Jun 2018

P11d and P11d(b) Filing and Payment Deadlines

Remember, you need to tell HMRC about any Class 1A National Insurance Contributions (NICs) for the tax year ending 5 April 2018 and submit any P11d forms by 6 July 2018, failure to do this may result in penalty. Any NICs that you owe must be paid to HMRC ... (click to read more)

18 Jun 2018

First Soft Drinks Industry Levy return due in July

If you are a packager of drinks that are liable for the Soft Drinks Industry Levy (SDIL) you are required to send a return to HMRC every quarter, and pay any levy due. There will be fixed reporting periods ending June, September, December and March. You must submit returns ... (click to read more)

18 Jun 2018

Cycle to work scheme

The cycle to work scheme allows your business to provide employees, including directors, with the loan of a bicycle and cycling equipment, but without it counting as a taxable benefit-in-kind. The conditions are that: All your employees must be offered availability to a bicycle. They must not own it. They must ... (click to read more)

11 Jun 2018

Changes in advisory fuel rates from 1 June 2018

These advisory fuel rates apply for all journeys undertaken on or after 1 June 2018. You can use the previous rates for up to one month from the date the new rates apply. Find the previous rates on our website here: http://www.senceaccounting.co.uk/news/hmrc-changes-tax-free-fuel-rates Engine Size Petrol per mile LPG per mile Diesel per ... (click to read more)

11 Jun 2018

Do you always have to issue a VAT invoice?

It’s no coincidence businesses that poor records and paperwork are more likely to fail. Tax rules, especially those for VAT, impose paperwork obligations and failing to meet them could land you with a fine! There is actually only one situation where you are required by law to issue an ... (click to read more)

11 Jun 2018

Salary Sacrifice

A salary sacrifice scheme involves an employee giving up some of their gross pay in exchange for something in return, usually where the taxable value of the perk is less than the salary sacrificed. This produces both tax and NI savings for both the employee and employer. Anti-avoidance rules ... (click to read more)

06 Jun 2018

Help-to-save scheme postponed

The government help-to-save scheme, which was due to be ready on 6 April 2018 has now be postponed and will not be in operation until October 2018. The scheme will be available to individuals who receive tax credits or Universal Credits, and whose household brings in earnings at ... (click to read more)

06 Jun 2018

New scale for VAT on fuel

HMRC has released details on the flat rate charges for car fuel. If you’re VAT registered you can use the scale charges to work out the VAT payable where your business pays for fuel for private journeys, e.g. for your employees. You should use the new rates from the ... (click to read more)

06 Jun 2018

Carillion share loss claims

HMRC has recently agreed that securities, e.g. shares, in Carillion plc have been worthless (HMRC calls this “negligible value”) since 15th January 2018. This means that if you own shares etc. in the company you can claim a capital gains tax loss for 2017/18 equal to the price you ... (click to read more)

29 May 2018

Tax-free aid

Working from home is becoming increasingly common! There are few special tax provisions to help employees and employers in this situation for example an employer can pay a tax and NI-free allowance to cover additional domestic costs. Employers can provide equipment for work which do not count as a benefit-in-kind ... (click to read more)

04 May 2018

Proposal to extend pension auto enrolment to younger workers

There has been an announcement to extend pensions auto enrolment to young workers and to amend the way the contributions are calculated. Under auto enrolment, employers are required to automatically enrol all eligible workers (generally employees) into a workplace pension scheme and pay a minimum contribution into their pension. However ... (click to read more)

04 May 2018

New Student loan limits

If you are an employer, you need to be aware that the earnings thresholds at which you are required to make deductions from an employee’s pay if they have a student loan have increased from 6 April 2018. The new annual thresholds changes from: £17,775 to £18,330 for Plan 1 loans £21,000 ... (click to read more)

30 Apr 2018

Company tax on directors' loans

A director of a Company is called a ‘participator’. HMRC taxes loan arrangements between participators and their companies under S.445 of the Corporation Taxes Act 2010. It states that where a participator owes money to the company, the company must pay tax of 32.5% of the debt as it ... (click to read more)

30 Apr 2018

What HMRC says about the 'not so simple' taxation of Bitcoin

HMRC’s opinion on cryptocurrencies is given here. This covers VAT, corporation, income and capital gains taxes. Cryptocurrencies are a new and evolving area and they have a unique identity and cannot be directly compared to any other form of investment activity or payment mechanism. This means the tax position ... (click to read more)

30 Apr 2018

The Chancellor's Spring Plan - Tax-efficient training

Tax relief on training costs was one of the interesting consultations that relates to current rules favouring employees especially where their employer meets the cost. The good news is that the government wants to widen tax relief for training costs that add entirely new skills to a persons repertoire. ... (click to read more)

Click here to view the news archive

Latest news

Making Tax Digital

The Making Tax Digital pilot for Self Employed businesses launched in March which will progress in a few years’ time a...

Click to read more >

Selling your Business

When selling a business, the process is much more complicated than a simple transaction and a signature. It’s all abou...

Click to read more >

Flexible working staff over the summer holidays, how will this affect your payroll?

The school holidays are soon upon us and it can be a difficult time for working parents who are usually juggling managin...

Click to read more >

What's a reasonable excuse to not file your tax return on time?

It is very known that when a tax return has been issued, but not filed by the statutory deadline on time then an automat...

Click to read more >

What must go through your payroll and be subject to PAYE?

You may think it’s obvious what must be going through your payroll and be subject to PAYE however, it’s not just sal...

Click to read more >

Do you know who controls your business?

The law requires all Limited Companies and LLPs to tell Companies House about the people with significant influence or c...

Click to read more >

Employing casual staff

As an employer you must pay a worker a fair wage for a fair days work and also provide a workplace pension, welfare and ...

Click to read more >

RTI Penalties

When entering your information into your payroll, even it is all correct you still need to make sure that it is reported...

Click to read more >

Expenses & Benefits Review

Have you ever thought of initiating an expenses and benefits review? What better time of year than now to work through t...

Click to read more >

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