Extending IR35 to the private sector could introduce “a complex web of new rules and liabilities throughout supply chains”. Medium and large companies in the private sector are set to be responsible for determining the tax status of contractors from April 2020. With that date looming, the Association of Chartered Certified Accountants (ACCA) has called… Continue reading Calls grow for delay in extending IR35 to the private sector
Month: July 2019
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Businesses that flout their workplace pension duties face being subjected to random spot-checks by the Pensions Regulator. Employers that provide details to HMRC are having that data cross-referenced by the watchdog in an attempt to identify non-compliance with auto-enrolment. The checks are designed to identify businesses that are failing to enrol eligible staff into a… Continue reading Untitled
Most gifters are ‘unclear on inheritance tax rules’
Most people making gifts of money or assets are unaware of inheritance tax rules that might apply to them. HMRC polled 2,090 people and found that only 25% of those who recently made a gift had a working knowledge of the rules. Less than half (45%) were aware of the rules or exemptions surrounding inheritance… Continue reading Most gifters are ‘unclear on inheritance tax rules’
HMRC error affects payments on account bills for some taxpayers
Some taxpayers may not receive a bill for payments on account this month, and face paying a higher bill in January 2020. The Association of Taxation Technicians (ATT) is advising individuals affected by an error with HMRC’s systems to set aside money to pay the bill in full. Most people who complete self-assessment pay their… Continue reading HMRC error affects payments on account bills for some taxpayers
Identifying inefficiencies in a business
Avoiding waste, maximising profit. Accountants, as a breed, are fans of efficiency. We tend to appreciate optimised systems and abhor waste, whether it’s time, effort or resources being frittered away. The concept of efficiency as we know it today is a product of the industrial revolution. That’s when engineers and manufacturers became obsessed with squeezing… Continue reading Identifying inefficiencies in a business
The tapered annual pension allowance
How it affects high net-worth individuals. The tapered annual pension allowance for high net-worth individuals was in the headlines again recently. Concerns were raised that its impact on doctors within the NHS pension scheme is prompting high-earning NHS staff to leave their posts or reduce their hours. In December 2018, it was reported that the… Continue reading The tapered annual pension allowance
