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Fact Sheets
MAKING TAX DIGITAL FOR VAT
Over the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital...MAKING TAX DIGITAL FOR INDIVIDUALS
Over the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital...VENTURE CAPITAL TRUSTS
Venture Capital Trusts (VCTs) are complementary to the Enterprise Investment Scheme (EIS), in that both are designed to encourage private individuals to invest in smaller...VAT – SEVEN KEY POINTS FOR THE SMALLER BUSINESS
This factsheet focuses on VAT matters of relevance to the smaller business. A primary aim is to highlight common risk areas as a better understanding...VAT FLAT RATE SCHEME
The flat rate scheme for small businesses was introduced to reduce the administrative burden imposed when operating VAT. Under the scheme a set percentage is...VAT – CASH ACCOUNTING
Cash accounting enables a business to account for and pay VAT on the basis of cash received and paid rather than on the basis of...VAT – BAD DEBT RELIEF
It is quite possible within the VAT system for a business to be in the position of having to pay over VAT to HMRC while...VAT ANNUAL ACCOUNTING SCHEME
HMRC have introduced a number of VAT schemes over the years designed to reduce the administrative burden on small businesses. One such scheme is the...VAT
VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them....VALUING YOUR BUSINESS
There are many reasons why you may need to calculate the value of your business. Here we consider the range of methods available as well...TRUSTS
What are trusts? Trusts are a long established mechanism which allow individuals to benefit from the assets whilst others (the trustees) have the legal ownership...TRAVEL AND SUBSISTENCE FOR DIRECTORS AND EMPLOYEES
Travelling and subsistence expenditure incurred by or on behalf of employees gives rise to many problems. We highlight below the main areas to consider in...TAXATION OF THE FAMILY
Individuals are subject to a system of independent taxation so husbands and wives are taxed separately. This can give rise to valuable tax planning opportunities....TAX-FREE CHILDCARE
The government has introduced a tax incentive for childcare Tax-Free Childcare (TFC). Overview Under TFC the tax relief available is 20% of the costs of...STATUTORY RESIDENCE TEST
The concept of residence in the United Kingdom is fundamental to the determination of UK tax liability for any individual. The Statutory Residence Test (SRT)...STATUTORY SICK, STATUTORY MATERNITY AND STATUTORY PATERNITY PAY
Statutory Sick Pay (SSP), Statutory Maternity Pay (SMP) Statutory Paternity Pay (SPP) and Shared Parental Pay (ShPP) are important regulations to understand as they enforce...STARTING UP IN BUSINESS
It is the ambition of many people to run their own business. Some may have been made redundant and find themselves with free time and...STAMP DUTY LAND TAX
Who pays the tax? SDLT is payable by the purchaser in a land transaction occurring in England and Northern Ireland. Scotland has its own Land &...SOURCES OF FINANCE
The financing of your business is the most fundamental aspect of its management. Get the financing right and you will have a healthy business, positive...SOCIAL ENTERPRISE ENTITY STRUCTURES
A social enterprise entity is a business with primarily social objectives. Any surpluses made are reinvested into the main principle of that entity (or into...SMALL COMPANY ACCOUNTING
The required format of statutory accounts that small companies have to prepare and send to Companies House has changed. This factsheet sets out the choices...SHARE OWNERSHIP FOR EMPLOYEES – EMI
Enterprise Management Incentives (EMI) Retaining and motivating staff are key issues for many employers. Research in the UK and USA has shown a clear link...SEED ENTERPRISE INVESTMENT SCHEME
The Seed Enterprise Investment Scheme (SEIS) provides tax relief for individuals prepared to invest in new and growing companies. It is the junior version of...SECURING BUSINESS SUCCESS
As many as half of all businesses fail in their first three years of trading. A contributor to ensuring business success and avoiding failure is...RESEARCH AND DEVELOPMENT
Research and development (R&D) by UK companies is being actively encouraged by Government through a range of tax incentives. The government views investment in research...REGISTER OF PEOPLE WITH SIGNIFICANT CONTROL
All companies (except certain listed companies) are required to keep a register of people with significant control (PSC register) and, file relevant information at Companies...REDUNDANCY PROCEDURES
There have been many changes to employment law and regulations in the last few years. A key area is the freedom or lack of freedom...RECRUITMENT PROCEDURES – SEVEN STEPS FOR GOOD PROCEDURES
In order to avoid the danger of discriminating in some way, particularly unconsciously, employers must take care to develop and use recruitment procedures which will...RAISING FINANCE
Who needs finance? Every business from its commencement and through its development and growth will need finance. But what type of finance is best suited...PROPERTY INVESTMENT – TAX ASPECTS
Investment in property has been and continues to be a popular form of investment for many people. It is seen as a route by which:...PROPERTY INVESTMENT – BUY TO LET
In recent years, the stock market has had its ups and downs. Add to this the serious loss of public confidence in pension funds as...PREPARING FOR YOUR ACCOUNTANT
Whether we are producing your accounts or carrying out your annual audit, being prepared for us will ensure our work is carried out smoothly and...PERSONAL TAX – WHEN IS INCOME TAX AND CAPITAL GAINS TAX PAYABLE?
Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time....PERSONAL TAX – SELF ASSESSMENT
Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time....PERSONAL TAX – DIVIDENDS AND INTEREST
Dividend and savings allowances are available. We consider the opportunities and pitfalls of the personal tax rules. Dividend income When dividends are received by an...PENSIONS – TAX TREATMENT ON DEATH
Alongside the changes from April 2015 to the access of pension funds, significant changes were made to the tax treatment of pension funds on death....PENSIONS – TAX RELIEFS
Types of pension schemes There are two broad types of pension schemes from which an individual may eventually be in receipt of a pension: Workplace...PENSIONS – AUTOMATIC ENROLMENT
What is automatic enrolment? Automatic enrolment places duties on employers to automatically enrol ‘workers’ into a work based pension scheme. The main duties are: assessing...PAYROLL REAL TIME INFORMATION
We set out below details of how payroll information has to be submitted to HMRC under Real Time Information (RTI). RTI – an introduction Under...PAYROLL – BASIC PROCEDURES
New employer In order to set up a Pay As You Earn (PAYE) scheme with HMRC it is necessary to contact the New Employer’s Helpline...OCCUPATIONAL PENSION SCHEMES: TRUSTEES’ RESPONSIBILITIES
Many employers offer their staff an opportunity to save for their retirement through an occupational (or company) pension scheme. Those employees who join the scheme...NON-DOMICILED INDIVIDUALS
This factsheet sets out the rules which deal with the taxation in the UK of income arising outside the UK, for non UK domiciled individuals....NATIONAL MINIMUM WAGE
The National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable...NATIONAL INSURANCE
National insurance contributions (NICs) are essentially a tax on earned income. The NICs regime divides income into different classes: Class 1 contributions are payable on...MONEY LAUNDERING – HIGH VALUE DEALERS
The Money Laundering Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) apply to a number of different businesses which include...MONEY LAUNDERING AND THE PROCEEDS OF CRIME
There are tough rules to crack down on money laundering and the proceeds of crime. These rules affect a wide range of people and we...MICRO ENTITY ACCOUNTING
Small companies, which qualify as ‘micro-entities’, have a choice of accounting standards: to use the same accounting standard – FRS 102 – as larger UK...MANAGING ABSENCE
Recent surveys indicate that the adverse impact of absence on business profitability today is significant, with thousands of man hours lost every day. Recent statistics...MAKING TAX DIGITAL FOR VAT
Over the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital...MAKING TAX DIGITAL FOR INDIVIDUALS
Over the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital...LIMITED LIABILITY PARTNERSHIPS
Most important features of LLPs The key advantage of a LLP compared with a traditional partnership is that the members of the LLP (it is...LEGAL WORKING IN THE UK
In line with the Immigration, Asylum and Nationality Act 2006, it is a criminal offence to employ anyone who does not have an entitlement to...LAND TRANSACTION TAX
From 1 April 2018, a new Land Transaction Tax (LTT) replaces Stamp Duty Land Tax (SDLT) in Wales. LTT is broadly consistent with SDLT, but...LAND AND BUILDINGS TRANSACTION TAX
Land and Buildings Transaction Tax (LBTT) is payable by the purchaser in a land transaction which occurs in Scotland. These types of transaction would include...IR35 PERSONAL SERVICE COMPANIES
The ‘IR35’ rules are designed to prevent the avoidance of tax and national insurance contributions (NICs) through the use of personal service companies and partnerships....INTERNET AND EMAIL ACCESS POLICY
In order to protect the firm, its employees, customers and suppliers, all members of staff should be given a copy of the firm’s policy regarding...INSURING YOUR BUSINESS
When starting a new business, you will no doubt recognise the need for insurance. It can provide compensation and peace of mind should things go...INHERITANCE TAX AVOIDANCE – PRE-OWNED ASSETS
Inheritance tax (IHT) was introduced approximately 30 years ago and broadly charges to tax certain lifetime gifts of capital and estates on death. With IHT...INHERITANCE TAX – A SUMMARY
Inheritance tax (IHT) is levied on a person’s estate when they die, and certain gifts made during an individual’s lifetime. Gifts between UK-domiciled spouses during...INDIVIDUAL SAVINGS ACCOUNTS
Successive governments, concerned at the relatively low level of savings in the UK economy have over the years introduced various means by which individuals can...INCORPORATION
The issue of whether to run your business as a company or a sole trader or partnership is an important one. In this factsheet, we...HOMEWORKING COSTS FOR THE SELF-EMPLOYED
Over the last ten years technology has advanced massively. It was not so long ago that mobile phones were the size of a brick. Now...HOMEWORKING AND TAX RELIEF FOR EMPLOYEES
Over the last ten years technology has advanced massively. It was not so long ago that mobile phones were the size of a brick. Now...GRANTS
Ensuring adequate finance is a fact of life if you run a business. Whether you are looking to expand, undertake a specific project or simply...FRAUD AND HOW TO SPOT IT – TEN STEP GUIDE
Major corporate frauds and collapses hit the headlines from time to time and many of these were high profile and the amounts involved quite spectacular....FRANCHISING
Franchising is a flourishing industry boasting nearly 1,000 brands in a multitude of different sectors. The business community now takes franchising very seriously and the industry...FIXED RATE EXPENSES
We consider an optional system of fixed rate expenses which is available for some businesses. The rules allow the use of a ‘simplified’ fixed rate...ENTERPRISE INVESTMENT SCHEME
The purpose of the Enterprise Investment Scheme (EIS) is to help certain types of small higher-risk unquoted trading companies to raise capital. It does so...EMPLOYMENT BENEFITS
Today the remuneration of many directors and employees comprises a package of salary and benefits. Essentially two tests must be applied in determining the tax...EMPLOYER SUPPORTED CHILDCARE
Employer supported childcare, commonly by way of childcare voucher, is for many employers and employees a tax and national insurance efficient perk. We consider the...EMPLOYEE EXPENSES
This factsheet considers the operation and reporting of employee expenses and benefits. The exemption regime An exemption may apply to the reporting of employee expenses...DISMISSAL PROCEDURES
There have been many changes to employment law and regulations in the last few years. A key area is the freedom or lack of freedom...DIRECTORS’ RESPONSIBILITIES
The position of director brings both rewards and responsibilities upon an individual. Whether you are appointed to the Board of the company you work for...DATA SECURITY – GENERAL DATA PROTECTION REGULATION – ENSURING COMPLIANCE
The General Data Protection Regulation (GDPR) replaced the existing Data Protection Act and applies from 25 May 2018. The GDPR requires all organisations that deal with individuals...DATA SECURITY – GENERAL DATA PROTECTION REGULATION
The General Data Protection Regulation (GDPR) will replace the existing Data Protection Act and will apply from 25 May 2018. Whilst there are similarities between...DATA SECURITY – DATA PROTECTION ACT
Many businesses are totally reliant on the data stored on their PCs, laptops, networks, mobile devices and in the cloud. Some of this data is...DATA SECURITY – DATA LOSS RISK REDUCTION
Many companies are now completely reliant on the data stored on their network servers, PCs, laptops, mobile devices or in the cloud. Some of this...DATA SECURITY – CLOUD AND OUTSOURCING
Many companies are now completely reliant on the data stored on their network servers, PCs, laptops, mobile devices or in the cloud. Some of this...DATA SECURITY – BACKUP
Many companies are now completely reliant on the data stored on their network servers, PCs, laptops, mobile devices and in the cloud. Some of this...DATA SECURITY – ACCESS
Many businesses are now completely reliant on the data stored on their Network Servers, PCs, laptops, mobile devices and cloud service providers or internet service...CRIMINAL FINANCES ACT 2017
The Criminal Finances Act 2017 (CFA) came into effect on 30 September 2017, and makes companies and partnerships criminally liable for failing to prevent their...CREDIT CONTROL
Obtaining new customers is great for business, unless they fail to pay you. If you fail to check that the customer can support the amount...COULD I REALLY MAKE A GO OF IT?
Many people wonder deep down if they could really make a go of running their own business. It is not for everyone but the following...CORPORATION TAX SELF ASSESSMENT
Key features The key features are: a company is required to pay the tax due in advance of filing a tax return a ‘process now,...CORPORATION TAX – QUARTERLY INSTALMENT PAYMENTS
Under corporation tax self assessment large companies are required to pay their corporation tax in four quarterly instalment payments. These payments are based on the...CONSTRUCTION INDUSTRY SCHEME
The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance (NI) for those working in the construction industry. Businesses in the...COMPANY SECRETARIAL DUTIES
Company legislation provides an opportunity for a business organisation to benefit from the protection of limited liability, separating the legal persona of the organisation from...COMPANIES – TAX SAVING OPPORTUNITIES
Due to the ever changing tax legislation and commercial factors affecting your company, it is advisable to carry out an annual review of your company’s...COMMUNITY AMATEUR SPORTS CLUBS
Local amateur sports clubs may wish to register with HMRC as Community Amateur Sports Clubs (CASCs) and benefit from a range of tax reliefs including...CHILD BENEFIT CHARGE
The High Income Child Benefit charge applies to a taxpayer who has income over £50,000 in a tax year where either they or their partner,...CHARITIES: TRUSTEES’ RESPONSIBILITIES
It is often considered an honour to act as a trustee for a charity and an opportunity to give something back to the community. However,...CHARITIES IN SCOTLAND: TRUSTEES’ RESPONSIBILITIES
It is often considered an honour to act as a trustee for a charity and an opportunity to give something back to the community. However,...CHARITABLE GIVING
If you are thinking of making a gift to charity, this factsheet summarises how to make tax-effective gifts. You can get tax relief on gifts...CASH BASIS FOR THE SELF-EMPLOYED
We consider the optional rules which allow small unincorporated businesses to calculate their profits for tax purposes on a cash basis rather than the normal...CARS FOR EMPLOYEES
The current regime for taxing employer provided cars (commonly referred to as company cars) is intended: to encourage manufacturers to produce cars which are more...CAPITAL GAINS TAX AND THE FAMILY HOME
The capital gains tax (CGT) exemption for gains made on the sale of your home is one of the most valuable reliefs from which many...CAPITAL GAINS TAX
A capital gain arises when certain capital (or ‘chargeable’) assets are sold at a profit. The gain is the sale proceeds (net of selling costs)...CAPITAL ALLOWANCES
Overview The cost of purchasing capital equipment in a business is not a revenue tax deductible expense. However tax relief is available on certain capital...BUSINESS STRUCTURES – WHICH SHOULD I USE?
Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The most...BUSINESS PLANS
Every new business should have a business plan. It is the key to success. If you need finance, no bank manager will lend money without...BUSINESS MOTORING – TAX ASPECTS
This factsheet focuses on the current tax position of business motoring, a core consideration of many businesses. The aim is to provide a clear explanation...BRING YOUR OWN DEVICE (BYOD)
Some employees will often prefer to use their own personal mobile devices to access company networks/systems. However, this is potentially a security loophole which places...BRIBERY ACT 2010
The Bribery Act 2010 (the Act) applies across the UK and all businesses need to be aware of its requirements. The Act includes a ‘corporate’...ANNUAL LEAVE
Background Under the Working Time Regulations 1998 (as amended), workers are entitled to paid statutory annual leave of 5.6 weeks (28 days if the employee...AGENCY WORKERS REGULATIONS
Regulations which took effect from 1 October 2011 mean that workers supplied to a company, or to any other entity, by an agency will become...AGE DISCRIMINATION
The Equality Act 2010 replaces all previous equality legislation, including the Employment Equality (Age) Regulations 2006. The Equality Act covers age, disability, gender reassignment, race,...Statutory Compliance
Are you up to date with the new Companies Act? The Companies Act 2006 (“the Act”) was aimed at simplifying the administration of companies, in...Changes are coming to the way intermediaries legislation (commonly known as IR35) is applied to workers in the public sector.
From 6 April 2017 the way IR35 is applied to “off payroll workers” in the public sector is changing. As a result of the changes,...Publications
BUDGET REPORT 2018
Budget Report 2018DOING BUSINESS IN THE UNITED KINGDOM
To view the interactive PDF, click here.Mixed Funds Cleansing Rules for Non-UK-Domiciliaries
The latest reforms to the taxation of UK resident but foreign domiciled individuals (“RND”) came into effect as expected from 6 April 2017. Read our...Tax Rates 2018/19
To view the Tax Rates for 2018/19, click here.Spring Statement 2018
The Chancellor Philip Hammond presented his first Spring Statement on Tuesday 13 March 2018. In his speech he provided an update on the economy and...Year End Tax Planning Guide 2018
Our full 2018 Year End Tax Planning Guide can be found by clicking this link.Review Newsletter Winter 2017 Edition
Click here to view the latest edition of our Winter NewsletterProposed Rates and Allowances 2018/19
Click here to see the Proposed Rates and Allowances for 2018/19.Budget Report 2017
Click here to view the latest edition of the Autumn Budget Report 2017.About Us Brochure
Click here to download a PDF copy of our About Us brochure.Autumn Statement 2016
A summary of the Autumn Statement 2016 is now available to view. Please click here. Draft legislation has now been published, click here to read...Budget 2016
George Osborne presented the first Spring Budget of this Parliament on Wednesday 16 March 2016. In his speech the Chancellor reported on ‘an economy set...Budget 2017
Here is our summary of the Chancellors spring 2017 Budget report, please click here to view. We hope you find this informative, but if...Employers Guide – Workplace Pensions (Auto Enrolment)
To view our guide on Workplace Pensions (Auto Enrolment) click here.Inheritance tax on UK residential property
In the July 2015 Summer Budget, the Government announced that an Inheritance Tax (“IHT”) charge would be imposed on UK residential property held through offshore...HMRC Software Issues – We may not be able to file your Tax Return Online
HMRC has recently acknowledged that there are a number of issues affecting 2016/17 tax computations and the ability to file 2016/17 tax returns electronically. In...Making Tax Digital – The Proposals
In 2015 the Government announced a major plan to modernise the tax administration system by introducing digital services for tax. This is the most substantial...Making Tax Digital – An Update
Further to our last communication in November regarding the Government’s plan to digitise and modernise the tax administration system, we are now able to confirm...MAKING TAX DIGITAL (MTD) – LATEST UPDATE!
HMRC have announced a new timetable for Making Tax Digital which will mean that the smallest businesses and landlords will not be made to move...Review Newsletter July 2017
Please click here to read the Review Newsletter July 2017.Tax Rates 2017/18
Click here to read the latest tax rates for 2017/18.VAT Flat Rate Scheme changes from 1st April 2017
The VAT Flat Rate Scheme (FRS) is designed to simplify the calculation of VAT due for small businesses. VAT is calculated by applying a predetermined...Reforms to the taxation of non-UK domiciles from April 2017
Reforms to the taxation of non-UK domiciles from April 2017 On 8 September 2017, the Treasury published Finance Bill (No.2) 2017 which contains the legislation...Review Newsletter December 2016
Please click here to read the Review Newsletter December 2016. .Review Newsletter July 2016
Tax Specialist – Laith Al-Hilfi Joins Rayner Essex Rayner Essex has launched its Middle East team with the appointment of Laith Al-Hilfi to cater for the growing demand ...Webinars/Video