Business Bites Episode 5: is there such a thing as good debt?
Data protection for payroll (GDPR)
GDPR or data protection laws starting 25th May 2018 for payroll will change communication between employers and employees. This will apply to all businesses – no matter how big or small as follows; You can’t do this anymore; – Send/receive emails to/from staff about matters to do with them personally – Staff to email you […]Read More
Are you ready for the increase in pension rates ?
From the 6th April 2018, auto enrolment pension rates are going to increase. It’s important that you’re ready for these contribution increases so that the correct amounts are deducted from your payroll at the right time if you are employer. If you are an employee, you will be paying higher contributions so you need to […]Read More
Do insurance companies pay out on red alerts ?
There is a rumour that insurance companies will not pay out for accidents during a red alert. (Red alert is in place in Scotland at the time of writing, 1st March 2018). This is NOT true. It is not about whether there was a red alert but whether there was “contributory negligence” on the driver’s […]Read More
New Scottish tax & marriage allowance.
By 67 votes to 50, Holyrood (Scottish Parliament) has a new income tax regime. It is more complicated than the rest of the UK in that it has four extra rates and three new thresholds. (SRIT = “Scottish Rate of Income Tax”) On closer examination, there is one of the minor unintended consequences. Marriage Allowance. […]Read More
HMRC vs BBC in IR35 case…ouch ! (this is about contractors with companies)
HMRC has defeated Christa Ackroyd, a BBC presenter in the first IR35 ruling since 2011. The tribunal ruled the TV personality’s contract was caught by IR35 and landed her company with a £420,000 bill! This judgment is the first of a number of IR35 appeals involving television presenters who operated through personal service companies, following […]Read More
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