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News Stories

Reimbursing employer for benefits in kind

  • Posted On: 21 September 2017
Reimbursing employer for benefits in kind It has been confirmed that the promised legislation to allow employees to reimburse their employers for benefits provided, and thereby avoiding a tax charge, will be included in the second Finance Bill 2017. These changes will align the dates for

Changing your company’s year end

  • Posted On: 21 September 2017
Changing your company’s year end There are special rules which limit the ability to change a company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated. Under

Closing down a limited company

  • Posted On: 21 September 2017
Closing down a limited company There are a number of reasons why a limited company may no longer be required and can be shut down. The limited company structure is no longer suitable as: being incorporated is not the best option the business is no longer trading or the

New Data Protection Bill introduced to Parliament

  • Posted On: 19 September 2017
New Data Protection Bill introduced to Parliament Following the Statement of Intent published in August 2017, the new Data Protection Bill has now been introduced to Parliament and it had its first reading in the House of Lords on 13 September 2017. The second reading in the House of Lords, which

Date announced for Autumn Budget 2017

  • Posted On: 13 September 2017
Date announced for Autumn Budget 2017 The Chancellor has announced that the Autumn Budget 2017 will be held on Wednesday, 22 November 2017. The announcement was made on the GOV.UK website and included a video message from the Chancellor, Philip Hammond. In the video, the Chancellor said

Reduction in dividend allowance confirmed

  • Posted On: 13 September 2017
Reduction in dividend allowance confirmed Now that the second Finance Bill of 2017 has been published, we finally have confirmation that a number of measures announced earlier this year are to be included on the statute books. These measures were cut from the first Finance Bill of 2017 due

Making Tax Digital

  • Posted On: 13 September 2017
Making Tax Digital The new timetable for the introduction of Making Tax Digital (MTD) has been confirmed with the publication of the second Finance Bill. The MTD regime was originally due to start from April 2018. However, there were significant concerns that the

Card transaction disclosures

  • Posted On: 13 September 2017
Card transaction disclosures HMRC’s Card Transaction Programme is a disclosure opportunity for businesses that accept card payments and have not paid the right amount of tax due. The disclosure opportunity has been widened to also allow businesses that accept cash payments to

VAT Annual Accounting scheme

  • Posted On: 13 September 2017
VAT Annual Accounting scheme The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year. The main benefits of the scheme include the requirement to file only one VAT return per year. This can significantly reduce the amount of

Paying wages for the first time?

  • Posted On: 13 September 2017
Paying wages for the first time? There are a myriad of rules that new businesses must follow when they start employing staff for the first time. A full examination of the rules is beyond the scope of this article however we wanted to point out some important issues to be aware of