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Trivial Benefits

Tax - Trivial Benefits Rules on trivial benefits to employees have been relaxed slightly as part of moves to simplify the tax system. Until 5 April 2016, gifts to employees and directors, given at any time of the year, had to be reported on form P11d. These were...

HMRC 2 Step Verification

HMRC 2 Factor Verification Causes Problems HMRC have stated that the optional 2-step verification (2SV) becomes compulsory this month for businesses. This requires users to combine the government gateway login and password with a security code sent to a mobile or...

Involving Your Children in Your Business

Employing Your Children in Your Business Paying salaries to your children is a good way to reduce your taxable profits but which children can you legally employ? Whilst it is possible to involve your children in your business, this is a strategy that should be...

Auto Enrolment for New Employers

Auto-enrolment for new employers From October 2017, new employers, which will include all new limited companies, will have instant pension duties and obligations. These businesses will need to put pension plans in place. The extension also includes companies that take...

Don’t miss the tax credit deadline – 31 July 2017

Don’t miss the tax credit deadline - 31 July 2017 If you’re on a low income or have children, tax credits can be worth thousands of pounds a year – and you’ve only until 31 July to renew your claim for this year. Each new financial year anyone eligible for tax credits...

Pensions Auto Enrolment

Ignoring Auto Enrolment could lead to big fines Pensions Regulator fines Johnsons Shoes Company £42,000 for failing to meet enrolment deadline The Johnsons Shoes Company fine shows how ignoring auto-enrolment duties is ill-advised. Ignoring The Pensions Regulator...

P11D Deadline 6 July 2017

Employer P11D, P11D(b) and P9D deadline The deadline for submitting the 2016-17 forms P11D, P11D(b) and P9D is 6 July 2017. P11D forms are used to provide information to HMRC on certain benefits and expenses that employees and directors receive during the tax year...

Salary v Dividend

The Salary v Dividend Jigsaw The questions surrounding the issue of how best to extract profits from a company in a tax-efficient manner remain as popular as ever. Despite the introduction of the dividend allowance, and the personal savings allowance, extraction by...

Making Tax Digital

Implementation Timetable for Making Tax Digital Following representations from the House of Commons Treasury Committee, HMRC have published proposals to undertake a year-long pilot of the Making Tax Digital programme. HMRC are committed to having Making Tax Digital...