Month: July 2019

  • Calls grow for delay in extending IR35 to the private sector

    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…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…