Free Advice

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 […]

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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 […]

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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 […]

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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 […]

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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, […]

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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, […]

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MTD update (“Making Tax Digital”)

“Making Tax Digital” – what is it ?… Making Tax Digital is a UK Government initiative that sets out a vision for ‘a transformed tax system and the end of the tax return’ by 2020″.   Here is an updated timetable; How will the initiative be implemented ?. As MTD is rolled out, a number of changes will be implemented. Here […]

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Quantitative Easing ? What’s that ?

We’ve heard about QE on the news as if we know all about it. So, what is it ?. QE is simply the BoE (that’s Bank of England) prints money. That’s it !. Well, they don’t print pound notes but they create “digital pounds”. Q. What do they do with the created money ?. A. […]

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3 quick items of interest

Just a three quick items of interest if you are self-employed, or are self-assessed taxpayer…. Class 2 NIC’s It was announced in the recent 2016 budget, that Class 2 National Insurance Contributions would be scrapped from April 2018. Yes…you read that correctly !. Currently you are paying £2.80 per week if you earn a PROFIT […]

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The new PSC Register – is your company &/or company charity prepared ?

Most charity trustees will not be aware of the new Small Business Enterprise and Employment Act 2015 (the ‘Act’) that is part of the Government’s new transparency regime. It adds a new and complex requirement into the Companies Act 2006 for most UK companies (including charitable companies !, and their trading subsidiaries) to create, populate and  maintain a […]

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