by Paul Whyatt | Feb 11, 2020 | Business Advice, Personal Tax, Taxation
The tax and NI exemption for “trivial benefits” has been around for more than three years. Despite this, it’s often overlooked as a tax-efficient way of treating your employees or yourself. What is a trivial benefit? It’s a gift made by your business...
by Paul Whyatt | Feb 10, 2020 | News, Personal Tax, Taxation
With the 6 April deadline for the new off-payroll rules (IR35) fast approaching, HMRC has produced a factsheet for those working through intermediaries. Are you affected by the new rules? If you provide your services to a client through an intermediary (e.g. your own...
by Paul Whyatt | Feb 6, 2020 | Business Advice, News, Taxation
A 6.2% increase The government has announced a 6.2% increase in the national living (NLW) and national minimum wage (NMW) rates to take effect on 1 April 2020. Make sure that your payroll manager or outsourced payroll provider takes account of the increases by...
by Paul Whyatt | Feb 3, 2020 | Bookkeeping & IT, Business Start-up, Taxation
Keeping good records is important for many reasons. It will enable you to know your tax liabilities as soon as possible and to submit timely and accurate tax returns. You’ll also be able to respond quickly and confidently to any HMRC enquiry. And you’ll avoid the...
by Paul Whyatt | Dec 18, 2019 | News, Taxation
The number and type of scams involving bogus HMRC communications always increases this time of year, as the self-assessment payment deadline approaches. Statistics show that in 2018/19 HMRC received approximately 900,000 reports about possible scams related to...
by Paul Whyatt | Dec 4, 2019 | Business Start-up, Taxation
HMRC’s tax rules can be a minefield for sole traders. Don’t forget, if you’re running a sole trade business, you are the business – you’ve not set up a company through which to trade. This means that you are personally liable for any taxes due. It’s...
