Latest Business News

IR35: off-payroll working rules set to change next year

HM Revenue & Customs (HMRC) has published new guidance on the expansion of the IR35 requirements to contractors working in the private sector. IR35 governs the tax status of people working through personal service companies (PSCs) and until now required public sector employers to determine whether contractors working for them should be taxed as employees.…

Additional year to prepare for Making Tax Digital for taxes other than VAT

The Chancellor’s Spring Statement contained an important nugget of information for businesses that had been wondering when they will need to be ready for Making Tax Digital (MTD) for taxes other than VAT. Until recently, the Government’s official line was that the rollout of the UK’s digital system would be confined to VAT until “April…

Beware the Employer Compliance Check Questionnaire

HM Revenue & Customs (HMRC) is understood to be sending out “Employer Compliance Check Questionnaires” without notifying agents, which could land businesses in trouble if the wrong information is provided. The questionnaires are understood to be a replacement or substitute for a PAYE audit, which would typically require a visit from HMRC to ensure that…

How do I comply with Making Tax Digital?

Making Tax Digital is now here to stay The Making Tax Digital (MTD) programme has now become law. With effect 1 April 1.2 million VAT registered businesses earning over £85,000 are required to keep their records digitally and submit their VAT Returns beginning on or after 1 April 2019 via MTD compliant software. For businesses…

Businesses get to grips with new employment costs

Employers across the UK are starting April with a sudden increase in employment costs following a rise in workplace pension contributions and minimum wage costs. The sharp increase in expenditure on staff couldn’t come at a worse time for business who are experiencing growing uncertainty over the UK and wider global economy. Minimum contributions for…

Tax-free HMRC scheme assists families with childcare costs

A Government scheme set up by HM Revenue & Customs (HMRC) is advising parents to apply for the Tax-Free Childcare scheme, which provides contributions on savings used to cover childcare costs. Research has revealed that more than a million families are failing to make use of the Tax-Free Childcare scheme. The Tax-Free Childcare scheme is…