Category Archives: Tax

Tax

Charity strategic planning – think about tax!

Chris Yeates

Charities are certainly adapting to changing funding environments. In seeking to reduce reliance on grant funding, many charities have looked to increase enterprise trading and charging for services. But the tax impacts of developing new opportunities and even delivering the same services under different arrangements have sometimes been overlooked – these need to be on a charity’s radar.

Read More

Is the role of the accountant becoming redundant?

Peter Glading

Making Tax Digital for Business (MTDfB) is a key part in the Government’s plan to modernise the tax system – it is the biggest change in tax administration in decades.

It will affect every business in the UK, including those with rental income, and will change the way that businesses keep their accounting records, report profits and interact with HM Revenue & Customs (HMRC).

Read More

National insurance contributions and working overseas

Michael Morter

There are proposed changes to the national insurance system which will impact on a number of people, and in particular those who have left the UK to work overseas.

The proposal is that Class 2 national insurance contributions (NIC) will be abolished. Class 2 is £2.85 per week from 5 April 2017 and for UK residents it is normally paid by self-employed people, together with Class 4 NIC, which is charged as a percentage of profits made.

Read More

Dividend Surprise

Hayley Stockwell

There has been much commentary in the last week or so concerning the reduction in the Dividend Allowance. This follows the Chancellor’s surprise announcement in the Spring Budget that this would be reduced to £2,000 from April 2018. It would seem an appropriate time to remind individuals that significant changes took place to the taxation of dividends at the start of this current tax year when the £5,000 Dividend Allowance commenced.

Read More

National Minimum Wage – risk areas

Tessa Brown

With the forthcoming change in rates for the National Minimum wage (NMW) I wanted to take the opportunity to highlight a number of risks that may arise for employers.

Paying the incorrect rate

With every NMW increase there is the risk that the increase is not applied in a timely manner to your employees’ pay.

Read More

Budget 2017 – What it means for the Not for Profit Sector

Giles Kerkham

With the vast majority of measures already being announced, and with very few sector specific announcements, there were no real surprises for the Not for Profit (NFP) sector in the 2017 Spring Budget.

Items with a NFP focus which were previously made public and will come into effect shortly include:

Amendments to Social Investment Tax Relief (SITR) – whilst the government has increased the amount of investment which can be raised under this scheme to £1.

Read More