What is “Making Tax Digital”?
What is “Making Tax Digital”? Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system, with the aim of making the whole process of administrating tax simpler and more efficient. All of your tax information will be in one place (your digital account) and you will be able to pay tax based […]Read More
Automatic enrolment doesn’t end with a declaration of compliance
So, you’ve assessed your staff, put them into a workplace pension, and declared your compliance. But automatic enrolment (AE) doesn’t end there, and neither does your responsibilities. There are still legal duties that need to be completed – automatic enrolment is an ongoing responsibility even after the declaration. Every time your run their payroll, their […]Read More
Film investment – not bad for middle income earners
Did you know that if you invest in a film, you get a 30% tax deduction ?. If you are in the 20% band, that’s a good investment; especially if you get a dividend from the film. The film company accountant will issue you with an “EIS3” form (Enterprise Investment Scheme). They fill it in […]Read More
PSD2 (second Payment Services Directive). Are you ready ?
Yup…another innovation you should know about. PSD2…what’s that ?. Basically, ‘merchants’, businesses like Amazon, with your permission, will retrieve your account data from your bank. That means when you buy something, they can make a payment for you, without having to redirect you to another service (like PayPal or Visa). This is designed by the […]Read More
Are you ready for “open banking” ?.
To be simple, it means that your data can be given to other people. Why ?. So they can offer you a product that is specific and taylored to your needs and your lifestyle. Before you switch off and say “not interested. I am a private person”, please look at the intent before making your […]Read More
Declaration of dividends – what paperwork ?
When you pay yourself a dividend from your company, make sure you; 1. Prepare minutes. This must be completed at each dividend payment. It is the board declaring the dividend. You can pay yourself a dividend as many times as you like during the year. 2. Complete the “Tax voucher”. Don’t be put off by […]Read More
What is the “pension triple lock” ?
Q1. So, what is the “Pension triple lock” you hear about ?. A1. It is simply a guarantee to increase the UK state pension every year by the higher of – inflation or, – average earnings or – a minimum of 2.5%. Q2. When does it apply from ?. A2. introduced by the coalition Government […]Read More
Charity Investment Policy
Charity Trustees should have an investment policy. Here is a free guide for you to download. Here are some tips; – the investment policy is set down in writing for the financial expert or experts by the Management Trustees; – every transaction is reported promptly to the Management Trustees; – the performance of the investments […]Read More
It’s Christmas time…are parties deductible ?
It’s Christmas time…so what is deductible ?, and what isn’t ?. I am glad you asked !. HMRC are not keen on people claiming food and drink as a deduction. Here are some exceptions; – ‘Annual’ and recurring Christmas parties: you can spend up to £150 per year per employee (inclusive of VAT) – Meeting refreshments: Drinks, […]Read More
Trustee’s Week 2016 – some contemporary issues.
Yesterday, we attended a semnar at Dunfermline in Fife, dedicated to Charity Trustees. This was an excellent day hosted by various bodies including OSCR (Office of the Scottish Charity Regulator) who invited others such as HMRC. Here are some contemporary governnce issues raised… – Charity trustees must keep constitution reviewed and up to date, reviewing reviewing, […]Read More