Accountancy Blog

The digital divide

A growing divide is opening up between businesses that use digital technology and those that do not, according to research by the Confederation of British Industry (CBI).

94% of businesses agreed that digital technologies were key to increasing productivity but only 30% see themselves as ‘digital pioneers’.

The biggest problem for businesses were:

  • 45% of the organisations surveyed do not have the resources to invest in digital technology
  • 42% don’t have the skills
  • 27% lack sufficient knowledge of the tools available.

More…

Tracing a lost pension pot

In a bid to help people locate their lost pension pots, the Pension Tracing Service has launched a new website.

There is currently around £400 million in unclaimed pension savings, according to the Department for Work and Pensions.

People can enter their former employers’ details into an online database and receive contact details for pension schemes that they may have paid into. More…

Buy-to-let activity

House price growth was 9.2% in April 2016 compared to 10.1% the previous month, according to Halifax.

The slowdown in growth follows a surge in buy-to-let activity before the introduction of new stamp duty land tax (SDLT) rates on 1 April 2016.

50% of properties sold in the last 2 weeks of March went to landlords, while February 2016 saw a 61% year-on-year increase in buy-to-let loans, according to the Council of Mortgage Lenders. More…

Significant control register

It is now a legal requirement for companies and limited liability partnerships (LLPs) to keep a people with significant control (PSC) register from 6 April 2016.

A PSC register lists individuals with ‘significant control’ over a company.

All information on the PSC register must be delivered to Companies House at least once a year from 30 June 2016. This can be done as a confirmation statement, which replaces the annual return from June 2016. More…

Auto-enrollment – pensions

Auto-enrolling employees into a workplace pension scheme is a legal requirement for all businesses, from those employing hundreds to those with 1 or 2 people on the payroll.

Over 6 million workers have been enrolled since 2012, with a further 1.8 million due over the next 2 years as the process turns to smaller employers.

The Pensions Regulator has warned that while the majority of companies are complying with the process, a rise in non-compliance is expected from smaller employers who have not prepared properly. More…

Capital gains tax planning

Selling something you own for more than you originally bought it for is the basis of doing ‘good business’ in terms of both personal and business finance.

Depending on the profit that an individual or organisation makes on the sale of their asset, they may become liable to pay capital gains tax (CGT).

There have been a number of changes introduced to CGT and its allowances and reliefs for the 2016/16 tax year. More…