Does it make sense for your business? Around 1.4 million businesses in the UK employed members of staff in 2018, and all of them shared one thing in common: the legal requirement to run payroll. This task consumes a large amount of time each month, with multiple processes to complete in order to comply with… Continue reading Outsourcing payroll – is this a good idea?
National insurance contributions (NICs) are set aside to pay the state pension and other benefits, but due to the UK’s ageing population the National Insurance Fund is under increasing strain, with the state pension taking up more than 90% of its annual outlay in 2018. A review by the Government Actuary’s Department (GAD) predicted the… Continue reading National Insurance – where are we headed?
Leading tax bodies have joined the House of Lords in calls to delay the introduction of Making Tax Digital (MTD) for all taxes, less than three months before it’s due to come into force for VAT. MTD is finally due to commence on 1 April 2019 for VAT-registered businesses with an annual taxable turnover of… Continue reading Delay Making Tax Digital says tax bodies and House of Lords
The Office for Tax Simplification (OTS) has urged the Government to implement a digital system for inheritance tax, following complaints the current form-filling system is too complex. On average, there are around 570,000 deaths in the UK every year, although inheritance tax is due on less than 5% of estates. Although the majority of estates… Continue reading Digital system for IHT – good or bad?
Businesses in the UK spent £23.7 billion on research and development (R&D) in 2017, according to the latest data from the Office for National Statistics (ONS). The ONS found that year-on-year expenditure on R&D increased by £1.1bn – or 4.9% – compared to statistics for 2016. Firms in the pharmaceutical sector continued to have the… Continue reading R&D investment grows
Businesses are finally beginning to understand the apprenticeship levy, after previously voicing serious concerns over its complexity and lack of flexibility. The apprenticeship levy took effect on 6 April 2017 and means businesses with an annual pay bill of more than £3 million must pay the levy towards apprenticeship funding. It is charged at 0.5%… Continue reading The apprenticeship levy – your understanding so far