Insights

As one tax tear ends and another begins, there are employment tax issues that employers need to be thinking about. My previous blog covered reporting requirements for employment related securities. In this blog, I’ll look at some changes in legislation.

I’m guessing that most people’s answer to this is no. However, if you don’t plan to receive your income in the most tax efficient manner, you may well end up paying more.

Whilst time is short to get things changed prior to 5 April 2018, a review now may save tax in 2018/2019.

In the lead-up to 5 April each year there are plenty of employment tax issues to be thinking about, both in relation to reporting requirements for the tax year now ending as well as the legislative changes going forward. One area that employers need to consider is that of employment related securities.

As many charities are facing increasing pressure on their traditional sources of income they need to be innovative in either finding new sources of income or different ways to operate more efficiently. Read our blog to see how working with other charities could help.

VAT is an increasingly complex tax, particularly in the motor trade where mistakes can be costly due to the high unit values involved. HMRC continue to target motor dealers using specially trained officers, so it’s always worth reviewing your VAT accounting.

With the spotlight on governance it’s easy to overlook the clerk, who can be a vital resource, supporting the effective functioning of the governing body. The voluntary nature of governance makes the role all the more important as it provides a vital link to administrative, organisational and advisory support; contributing to the efficiency, effectiveness, productivity and compliance of the governing body.

Information technology (IT) continues to be one of the fastest growing industries in the world. It affects every other industry as most good businesses rely on IT to function smoothly and efficiently.

By now, everyone will have seen the reports about Oxfam, and the resulting damage to its reputation. Donations to Oxfam have certainly been hit but it appears that donations to charities in general may fall as the public’s mistrust of charities increases.  

With Christmas a distant memory, and January and February out of the way, we can look forward to spring with renewed optimism. The depressing dark days are behind us and we’ve got over ‘Blue Monday’. What else can we do to brighten the outlook? What do you need to start thinking about in terms of tax affairs?

Is your firm’s cash under strain? Are you hoping to invest in improvements but don’t have the ready cash? Do you have a retirement looming? What are your options?

We are looking for feedback from hundreds of tourism, leisure and hospitality businesses across Norfolk, Suffolk and Essex.

With charities under increasing public scrutiny, there is added pressure to be seen to be ‘doing the right thing’ by potential donors. The recent high-profile allegations against the Presidents Club have resulted in some charities returning donations received from the Presidents Club Charitable Trust.   The Charity Commission has issued a news story on this area called Returning Money to Charities.

The Museums and Galleries Exhibition tax relief (MGETR) is now law and fully in effect. HMRC have updated their guidance so we also know more about how it works.

New small grants government initiative announced for farmers – claim window 7 February – 14 March 2018

Trustees have a duty to safeguard charity assets and to make sure resources are used wisely. A good system of internal financial controls is key to this. Sound internal financial controls can reduce the risk of loss through theft, fraud, bad decisions or error.

The results have just been released for the levels of business sales in 2017 and, despite a national 5.5% downturn in the number of completed deals, 2017 proved to be another busy year for the Corporate Finance team at MHA Larking Gowen.  

Changes to accounting rules – will your charity need a deed of covenant?

Charities with subsidiary companies need to understand changes to accounting rules that were announced by the Financial Reporting Council in December 2017. They may have to create a deed of covenant to allow the accounts to show the gift of that year’s profits from subsidiary to the parent charity.

We are pleased to announce that our 12th annual Tourism and Leisure Business Survey is live.  

Now in its 12^th year, the annual tourism and leisure business survey asks all business from the tourism, hospitality and leisure sector to join forces and take part.

The EAT Suffolk Food & Drink Awards 2018 are now open for entries! We're proud sponsors of the 'Best Independent Food & Drink Retailer' category. Awards are open for entries until midnight 4 March visit www.suffolkfada.co.uk for more information.

Recognising the work The Charity Commission is undertaking to upskill both trustees and increased standards and governance throughout the sector, we have focused our 2018 publication on trustees.

With MHA we have created 11 Key Steps for Trustees, 1 Giant Leap for Your Charity. Each month we will look at a different issue, month 1 focuses on the recruitment of trustees.

How can professional firms manage change? Read our blog and access a simple self-assessment matrix to see if your organisation is ready to face change.

The UK construction giant Carillion was placed into compulsory liquidation on 15 January 2018, threatening the jobs of more than 43,000 employees worldwide. Could this affect your business?

The aim of a rebrand is to breathe new life into a business or product, but it has to be done with a real focus on strategy.

What is a brand and how can you create a new brand? What unique challenges do small businesses face in developing or updating a brand?

OMG it’s January and my tax return isn’t done! If you need to submit a tax return for 2016/17, the deadline is 31 January. Miss the deadline and you will receive an automatic penalty of £100. Don't despair though - we can help.

For many small businesses the Flat Rate Scheme (FRS) can simplify VAT reporting procedures. However, there are potential pitfalls. Read our blog to see if FRS is suitable for you and how to avoid the traps and penalties.

There are more and more schemes and scams by fraudsters to get hold of your money. Read on for an example of how your practice could be targeted, which has already worked on other practices in professional services, as well as suggestions on how to improve your security.

When the Entry Level Schemes ended in 2014 the replacement Countryside Stewardship arrangements were disappointing. A new and simplified initiative launched at the end of November is therefore welcome. Read more about this scheme and why this is good news for farmers.

A recent Law Gazette report stated that artificial intelligence and automation will result in 67,000 jobs being replaced by 2038. How will this affect the legal sector?

Last week the BBC reported on the fall in the number of workers starting apprenticeships and suggested that the Government's apprenticeship levy is to blame for the 59% drop. Read our blog to see how this affected one local business.

Ashley Smith shares a blog from MHA MacIntyre Hudson regarding the impact this week's Budget has had on farms and agriculture.