Latest News

Fishing for a risk?

on Jul 18, 17 • in General • with no comments

HMRC seems to be sending out more questionnaires to businesses at the moment.  The latest questionnaire is a “Check of employer records”. It appears that HMRC these days seemingly prefers the use of a letter and a questionnaire rather than the more common face to face visit by a PAYE…

Tribunal decision on the employment rights of Uber drivers

on • in General • with no comments

The self-employed drivers argued that they should be treated as employees, wanting entitlement to the national minimum wage, holiday and sick pay. The decision, if it stands, only applies to the Uber drivers involved in the case, but it would mean Uber having to amend contracts for all 40,000 drivers…

Budget – Key Points

on Apr 5, 17 • in Budget • with no comments

The main rate of Class 4 National Insurance contributions for the self-employed to increase from 9% to 10% in April 2018 to 11% in April 2019. This is intended to reduce the gap between employed and self-employed. Class 2 National Insurance, a separate flat rate contribution paid by self-employed works…

Good News on CIS Deductions

on Jan 9, 17 • in General • with no comments

HMRC has revised its practice in relation to claims for refunds of construction industry scheme (CIS) deductions. What’s changed and how might this affect you? HMRC has, for a long time, waged war with the construction industry on matters ranging from employment status to qualifying for gross payment status (GPS).…

Autumn Statement – Key Points

on Nov 28, 16 • in General • with no comments

The Chancellor has presented his Autumn Statement – here’s a summary of some of what was announced Fuel Duty – will remain frozen for a seventh year. A new 3 year NS&I Investment Bond available from 2017 – with an indicative rate of 2.2.% interest. Available for 16 years and…

Since the news hit that the UK will be leaving the EU, many businesses have been wondering what they should be doing with current EU workers.

on Nov 16, 16 • in General • with no comments

The news that the UK voted to leave the EU has caused shockwaves for employers who employ EU Workers. At present, the position on what will happen to existing EU works in the UK is unknown and will depend on the exit terms that are negotiated between the UK and…

New NI Exemption for 2016/17

on Mar 4, 16 • in General • with no comments

Apprentices: HMRC has confirmed that starting from 6 April 2016 employers will be entitled to an exemption from Secondary Class 1 NI contributions in respect of wages for employees who are apprentices and aged under 25 at the time they are paid. However, the exemption doesn’t apply to primary Class…

Helping your business access the right financial package

on Jul 31, 15 • in General • with no comments

For many ambitious businesses, unlocking finance is the key to future growth. Yet with so many different options now available, knowing which way to turn can be impossible without specialist help. The event has been developed by Access to Finance Northwest, with sponsorship from NatWest Bank Plc  and will provide…

Funding Circle revises fees

on Dec 12, 14 • in Funding • with no comments

The Funding Circle has recently widened its credit criteria and simplified its loan application process with the aim of helping more small businesses access finance. The threshold for loans without asset security has been increased to £200,000 with additional funds also being granted in exceptional circumstances. Either a personal guarantee…

Antenatal Appointments

on Nov 3, 14 • in BusinessPaternity, • with no comments

From 1 October 2014, an expectant father or the partner (including same sex) of a pregnant woman will be entitled to take unpaid time off work to accompany the woman to up to 2 of her ante-natal appointments. “Partner” includes the spouse or civil partner of the pregnant woman and…

Fuel Rates & Minimum Wage

on Oct 29, 14 • in ApprenticeshipsBusiness, Fuel Rates, PAYE, • with no comments

Advisory fuel rates from 1 September 2014 The rates which employers can use to reimburse employees who pay to put petrol in their company cars when they are using them for business have been updated. These rates apply to all journeys undertaken on or after 1 September 2014. The only…

Companies House Update

on • in BusinessLimited Companies, • with no comments

Over the next two years Companies House are replacing their core systems, allowing company information to be viewed and updated through a new unified online service.  Companies House will deliver a more efficient service with no associated cost for providing searches. This will allow Companies House data to be made…

Accelerating Business Growth

on • in BusinessFunding, • with no comments

Accelerating Business Growth (ABG) is grant funding for capital investment, with the aim to stimulate company growth and create jobs. Some of the projects funded could include • Machinery acquisition • Property improvement • Property acquisition Funding of £20,000 to a maximum of £1,000,000 is available, dependent upon total project…

Banks to be forced to refer rejected businesses to alternative funders

on • in BusinessFunding, • with no comments

George Osborne recently announced that the Government will introduce new rules to force banks to offer to refer rejected business customers to alternative funders. Under the new rules businesses will be referred to challenger banks and alternative funders such as crowdfunders, P2P lenders and invoice financiers.  Osborne said “It’s only…

Are you employing a student this summer?

on Jul 28, 14 • in Student • with no comments

Did you know that you should follow the same procedure for temporary student workers as you do for new full time workers?  Here are the steps you need to take for PAYE and NI purposes to stay on the right side of HMRC. First of all you need to ask…

Workplace Pensions – Are You Ready?

on • in Financial PlanningsPension, • with no comments

As an employer you will have to comply with the new pension legislation. Employers are obliged to automatically enrol eligible workers into a workplace pension scheme. The date from which employers automatically enrol employees (the “staging date”) depends upon the size of the workforce. Key Points: • All employers are required…

Real Time Information Update

on • in RTI • with no comments

If you have more than 9 employees and fewer than 50, you should have started Real Time Information (RTI) from 6 April.  Businesses with 9 employees or fewer must now also start real time reporting. However, existing employers with 9 or fewer employees will now not have to start RTI…

Tax relief cut for multiple home owners

on • in Residential PropertyTax, • with no comments

Final period relief used to exempt home owners from paying Capital Gains Tax (CGT) on the last 36 months of property ownership. New rules introduced on 6th April 2014 restrict the exemption to the last 18 months. The change should not cause a problem if you only have one property and continue…

New Website for Business in South Ribble

on Jul 1, 14 • in Business • with no comments

A new website has been launched as a one-stop-shop for business in South Ribble, offering a place to find everything about working, living, learning and relaxing in the borough. The launch of the website aims to offer a whole range of resources for businesses at the click of a few…

Financial Planning in Retirement – Self Invested Pension Plan (SIPP)

on • in Financial PlanningsPension, Saving, Self Assessment, • with no comments

Preserving your wealth and making the most of your hard earned savings is just as important post retirement as pre retirement. Many people take advantage of the flexibility and benefits that a Self Invested Pension Plan (SIPP) offers to generate income in retirement. These include • Taking your tax free…

The World Cup & Your Business

on • in BusinessFlexible Working, • with no comments

With the world cup well under way and a couple of weeks left to go has this had an impact on your business? The main issues affecting both employee and employer will be around requests for annual leave, sickness absence and website use during working hours. These issues aren’t just relevant…

Saving with a Stocks & Shares ISA

on Jun 5, 14 • in GeneralISA, Saving, Shares, Stocks, • with no comments

The 2014-2015 subscription for a Stocks and Shares ISA (Individual Savings Account) was increased to £11,880 in the recent budget, and will further increase to £15,000 on July 1st. This is a tax efficient means of saving, particularly with respect to capital gains tax avoidance. Investment in stocks and shares outperform…

HMRC targets undeclared second incomes

on • in HMRC • with no comments

HM Revenue & Customs (HMRC) has taken the latest step in its crackdown on undeclared income, with the launch of its Second Incomes Campaign. The campaign targets individuals who are employed and resident in the UK, and who receive additional income that is not currently taxed, for example as a…

Landlords are being offered online training in tax matters from HMRC

on • in Residential PropertyTax, • with no comments

The computer-based tutorials will make it easier for landlords too understand when and how to pay tax on property they have let out. The training pack is part of HMRC’s Let Property campaign, aimed at people renting out residential property who have not registered to pay tax, who have under-declared their…

Government to introduce new criminal offence for tax evaders

on • in HMRCTax, • with no comments

The government will consult on plans to introduce a new strict liability criminal offence for individuals who hide their money offshore. Under the plans announced by the Chancellor, HM Revenue & Customs (HMRC) would no longer need to prove that individuals who have undeclared income offshore intended to evade tax,…

Have you reviewed your pension lately?

on • in Pension • with no comments

Reviewing your pension arrangements regularly can be just as important for your financial health as reviewing your accounts each year.  Pensions are an opportunity to optimise your income at retirement and are a tax efficient way to invest for your future. However, pension planning is a complicated area and one…

Let the Taxman Help Pay Your Life Insurance

on May 1, 14 • in HMRCLife Insurance, Tax, • with no comments

Did you know that as a director of your own company, your life cover could provide tax benefits while giving you the peace of mind that your family would be provided for should the worst happen? You can take advantage of the tax benefits available to larger companies by taking…

Employment Allowance

on Apr 25, 14 • in Employer's National InsuranceEmployment Allowance, • with no comments

Employers can reduce the amount of National Insurance contributions (NICs) they pay for their employees by up to £2,000. This is called the ‘Employment Allowance’. Employment Allowance can be claimed from 6 April 2014. You won’t have to pay any employer National Insurance contributions at all if you usually pay…

The Right to Request Flexible Working

on • in BusinessFlexible Working, General, • with no comments

On 30 June 2014 the Flexible Working Regulations will be amended and the right to request flexible working will be extended to all employees after 26 weeks service, rather than only those with children under the age of 17 (or 18 if the child is disabled) and certain carers. Employers…

Impact of the New Residence Tax Rules

on • in Tax • with no comments

The new UK tax residence regime that applied from the 6 April 2013 provides a lot more certainty than the old rules. Residence can be really important for your tax position particularly in terms of income tax and capital gains tax. The new rules on residence put you in one…

HMRC’s new rules for Bitcoins!

on Apr 1, 14 • in HMRC • with no comments

HMRC has proposed the following treatment for Bitcoin related transactions: Income received from Bitcoin mining activities will generally be outside the scope of VAT on the basis that the activity does not constitute an economic activity for VAT purposes because there is an insufficient link between any services provided and…

Only 4 days to go!

on • in Financial PlanningsFinton Doyle, • with no comments

It’s the end of another tax year! With that in mind we thought it would be a good time to remind you of the how pension contributions are a very tax efficient way of saving for your future. What’s more, the changes announced in this year’s Budget have created more…

Key Points to the Budget 2014

on Mar 26, 14 • in BudgetChancellor, General, HMRC, Tax, • with no comments

Personal Tax Allowances For people born after 6 April 1948, the personal tax allowance for 2014/15 is £10,000. This will increase to £10,500 from 6 April 2015. For people born on 5 April 1948 or before, the personal tax allowance for 2014.15 is £10,660. From April 2015, spouses and civil…

University of Central Lancashire’s Investment Funds

on Feb 28, 14 • in FundingRaising Finance, • with no comments

The University of Central Lancashire is offering funding support to businesses aiming to develop innovative new products, services or processes. The UCLan Idea Investment Voucher scheme will provide companies with between £3000 and £20000 funding to cover 50% of the cost to create new products. They will do this by…

Spring Into Business

on • in BusinessExhibitions, • with no comments

On 3rd April our friends at Biz In A Box Ltd are hosting a business exhibition in the Great Room at Preston North End FC. Free to attend, the exhibition is aimed at helping start-up and new businesses to get a flying start in the world of commerce. There’s loads of…

Updates from HMRC

on • in HMRC • with no comments

More than 10 million tax returns were received by the 31 January filing deadline, beating last year’s total of 9.61 million. This is the highest percentage of on-time returns ever recorded. The busiest day for online returns was 31 January, when HMRC received 569,847. The busiest hour occurred between 4pm…

FD Financial Planning

on • in Financial PlanningsFinton Doyle, • with no comments

We are very pleased to announce the formation of FD Financial Planning. This is a joint venture arrangement with Cheetham Jackson, Financial Planners based in Chorley, whom we have known and worked with for many years. Like us, they understand the importance of the trust and high service delivery that…

What you need to know about Auto Enrolment

on Feb 5, 14 • in Auto EnrolmentPension, • with no comments

Employers are now obliged by law to automatically enrol all eligible workers into a workplace pension scheme. The date from which employers automatically enrol employees (the “staging date”) depends upon the size of the workforce. Large employers with 250 or more employees are currently enrolling their workers onto a workplace or…

New Year’s Resolution for Healthy Finances in 2014?

on • in Accounts • with no comments

If you have vowed to get a better understanding of your business finances this year then we can help you to unlock the secrets of your financial accounts. We help to turn this numerical data into meaningful information. This means that companies and individuals can better understand their financial performance…

Self-Employment rules change for LLPs?

on • in HMRCLLP, Self Employment, • with no comments

The Government is cracking down on situations in which workers are treated as self-employed for tax purposes and pay low amounts of NICs but appear to act as employees. This has led to a consultation to remove Limited Liability Partners (LLPs) from self-employment to salaried employees. HMRC is considering the…

A Summary of the Chancellor’s Autumn Statement

on Dec 20, 13 • in ChancellorStatement, • with no comments

The Chancellor George Osborne delivered his Autumn statement on the 5th December. Here are some of the key points: • People born after 5 April 1948 will be entitled to a basic personal allowance of £10,000 for 2014/15. • From April 2015, a spouse or civil partner who is not liable…

HMRC Rental Property Campaign

on • in HMRCResidential Property, • with no comments

HMRC are targeting property owners who have not declared the correct tax with a new campaign aimed at undeclared rental income. HMRC are looking at landlords who own properties and let them on a variety of different basis including long-term lets, holiday lets, student lets and workforce lets. The campaign will…

Managing the Child Benefit Tax Charge

on • in General • with no comments

The high income child benefit charge was introduced on 7 January 2013 meaning that if you already file a self assessment tax return you will probably have to provide us with more information than previously for your 2012/13 tax return. This is because your partner’s financial position can now be…

HMRC warns of new Phishing Scam!

on Dec 2, 13 • in GeneralHMRC, • with no comments

Tax credit claimants may be targeted! HMRC has issued a warning about a new phishing scam. In this latest scam, HMRC say that a number of tax credit claimants have received emails which purport to be from HMRC.  They are from the address “taxrefund@hmrc.gov.uk” and ask the recipient to open…

The Chancellor will deliver his statement on 4 December 2013

on • in ChancellorStatement, • with no comments

The Treasury has announced that the Chancellor will make his annual Autumn Statement on Wednesday 4 December 2013. The statement provides an update on the government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility. These forecasts will be published alongside the Autumn Statement on 4…

3000GBP Match Funding for New Exporters

on Oct 28, 13 • in FundingRaising Finance, • with no comments

The North & Western Lancashire Chamber of Commerce is helping business grow through export to Europe, America, the Middle East and just about anywhere else. For £250 you can access: • £3000 Government match funding for you to use on trade missions, exhibitions, business-2-business meetings overseas or updating your website.…

Failing to Claim Tax Relief Costs Tax Payers Millions

on • in HMRCTax, • with no comments

An estimated £230 million is being missed out on by higher rate tax payers failing to claim tax relief on their pension contributions. Research found that a quarter of higher rate taxpayers, who pay contributions into ‘money purchase’ pension schemes, fail to claim the full relief that they’re entitled to.…

HMRC Focus on Landlords & Latest Task Forces

on • in HMRCResidential Property, • with no comments

The Let Property Campaign is designed to encourage residential property landlords to come forward and voluntarily disclose any undeclared rental income to HMRC.Although the campaign will be directed at all residential landlords, HMRC is particularly focussing on: • Landlords who let to students/groups of workers • Landlords who let out holiday accommodation…

HMRC says Thousands Miss Child Benefit Deadline

on • in HMRC • with no comments

An estimated 165,000 people have missed the 5 October deadline to register with HMRC over their collection of child benefit. Families where one parent has a taxable income of £50,000 need to sign up for self-assessment if they continue to receive child benefit. Eligible families receive £20.30 per week in…

Advisory Fuel rates from 1 September 2013

on Sep 30, 13 • in Fuel RatesTax, • with no comments

HMRC has published the advisory fuel rates to be used from 1 September 2013.  Advisory fuel rates are HMRC approved rates which apply where employers reimburse employees for business travel. Using advisory rates will mean there is no fuel benefit charge. HMRC will also accept the figures in the table…