Mar 29

Making Tax Digital Open Days

Wednesday 3rd April & Monday 8th April – 9:00am to 5:00pm Are you confused by MTD? Do you know how MTD applies to your business? Despite all the negative press, with a simple a plan for your business, MTD does not have to be stressful. We’re here to help! Book in to one of our […]

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Mar 04

Does preparing payroll stress you out? We’re here to help.

Does preparing payroll stress you out? Are you always struggling to meet deadlines? Are you fearful of missing a submission or a pension upload? We know you have enough to deal with in the day to day running of your business… have you thought of letting someone else deal with the payroll stress?  At Sage […]

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Protect your pension pots

The Insolvency Service has urged individuals saving for retirement to protect their pension pots from criminals and ‘negligent trustees’. Research carried out by the Service found that criminals use a range of tactics to convince savers to part with their funds, including persuading individuals to access their pension and invest in unregulated schemes. Pension scam […]

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Feb 26

HMRC’s Voice ID database

Since 2017, HMRC has captured millions of callers’ voice data on its Voice ID system by encouraging the caller to say a key phrase instead of the conventional password to gain access to their accounts. However, non-profit organisation Big Brother Watch warns that people have been ‘railroaded into a mass ID scheme by the back […]

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Feb 22

Spring Statement date announced

Spring Statement date announced The Chancellor of the Exchequer, Philip Hammond, has announced that the government will respond to the forecast from the Office for Budget Responsibility (OBR) in the Spring Statement on Wednesday 13 March 2019. The Chancellor may take the opportunity to announce tax changes and consultations. We will update you on pertinent […]

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Feb 19

MTD for VAT – pilot extended to all eligible businesses

HMRC has extended its Making Tax Digital for VAT (MTDfV) pilot scheme to all eligible businesses. For most businesses, compliance with the regulations is mandated for VAT return periods beginning on or after 1 April 2019. However, MTDfV for some ‘more complex’ businesses has been deferred until 1 October 2019. This deferral applies to: trusts; […]

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Feb 15

Businesses urged to prepare for post-Brexit Customs Declarations

HMRC is urging VAT-registered UK businesses which trade exclusively with the EU to be prepared for a no deal Brexit. In a letter sent to 145,000 affected businesses, HMRC explains changes to Customs, Excise and VAT procedures in the ‘unlikely event’ that the UK leaves the EU without a Brexit deal. HMRC’s letter advises businesses […]

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Feb 11

Unbelievable excuses’ for late filing of tax returns

HMRC has revealed some of the most ‘bizarre excuses’ taxpayers have given for failing to file their self-assessment tax return on time. Excuses included ‘I’m too short to reach the post box’, and ‘my boiler had broken and my fingers were too cold to type’. One taxpayer claimed that a junior member of staff ‘forgot to […]

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Feb 04

HMRC publish details of deliberate tax defaulters

HMRC have updated the list of deliberate tax defaulters. The list contains details of taxpayers who have received penalties either for: deliberate errors in their tax return deliberately failing to comply with their tax obligations HMRC may publish information about a deliberate tax defaulter where an investigation has been carried out and the taxpayer has […]

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Jan 30

Pension contribution increases ahead

The Pensions Regulator (TPR) is reminding employers that from 6 April 2019, the amount that will need to be paid into a workplace pension will increase to an overall minimum of 8%, with employers contributing at least 3% of this total amount. TPR is now starting to write to all employers to remind them of […]

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Jan 28

Sage & Co brief Brexit commentary

Brexit is a significant uncertainty for small and medium-sized businesses. There is lots of advice available on planning for businesses. We have found the following useful:Welsh Government have a Brexit portal that includes a tool to assess a businesses’ position: Welsh Government Brexit Portal National Government has provided a series of technical notices that are […]

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Jan 25

Scottish Budget 2018 property tax changes

In the 2019/20 Scottish Draft Budget, Derek Mackay announced changes to Scottish Land and Buildings Transaction Tax (LBTT) which are considered below. The government’s stated policy priority for Residential Land and Buildings Transaction Tax (LBTT) remains to help first-time buyers and to assist people as they progress through the property market. Since its introduction, this […]

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Jan 22

HMRC reminder to employees to claim their tax deductible expenses

HMRC is reminding employees that they may be able to claim a tax rebate on their work-related expenses. HMRC estimate that millions of employees, particularly those working in the service industry, could be entitled to a tax refund. Workers, including nurses, hairdressers, construction workers and those working in the retail and food sectors, may be […]

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Jan 18

Scottish Budget 2018 income tax changes

Finance Secretary Derek Mackay delivered the 2019/20 Scottish Draft Budget on Wednesday 12 December 2018 setting out the Scottish government’s financial and tax plans. The announcement had been timed to take place after Chancellor of the Exchequer Philip Hammond delivered the UK Budget on 29 October 2018. The Finance Secretary announced changes to Scottish income […]

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Jan 16

Self assessment deadline approaching | 31 January 2019

The deadline for submitting your 2017/18 self assessment return is 31 January 2019. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions (NIC), capital gains tax and High Income Child Benefit Charge liabilities. […]

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Dec 03

HMRC countdown: file your tax return

With less than 100 days until the self assessment tax return deadline of 31 January 2019, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last minute rush. The deadline for submitting 2017/18 self assessment tax returns online is 31 January 2019. An automatic penalty of £100 applies if […]

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Nov 30

New guidance for employers

HMRC has issued the October 2018 Employer Bulletin which contains a number of articles relevant to employers on payroll related issues. The articles cover a number of areas including: clarification of the rules regarding paying employees when the regular payday is a non-banking day dealing with PAYE Settlement Agreements and new procedures to accommodate Scottish […]

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Nov 26

Making Tax Digital for VAT (MTDfV) public pilot opens and deferral for some businesses

HMRC has opened the Making Tax Digital for VAT (MTDfV) public pilot. However certain VAT-registered businesses (around 3.5% according to HMRC) with more complex requirements will be deferred from being subject to MTD for six months. Essentially, the public pilot is now open to sole traders and companies using standard VAT accounting. This applies whether […]

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Nov 22

Further contingency planning guidance on a ‘No deal Brexit’

HMRC has issued a Partnership Pack to help businesses carry out contingency planning and to help their customers, members and clients to: think about how they will need to adapt their business to comply with new systems, processes and controls assess the impact of the increased demand for customs declarations on their business consider whether […]

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Nov 19

Entrepreneurs Relief changes

The government announced, as part of the Budget, that some changes are being made to the rules for Entrepreneurs Relief (ER) with immediate effect for disposals on or after 29 October 2018. Two new tests are to be added to the definition of a ‘personal company’, requiring the claimant to have a 5% interest in […]

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My firm and family can only but support and endorse your endeavours. Thank you for your ever willing help, from all colleagues at every level of Sage and Company, to reduce any concerns that I may have had to enable my life to be as ‘stress free’ from as many ‘financial worries’ as painlessly as it is possible to be, and with such a pleasant attitude and disposition.

 

 

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