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Aug 08

Sage and Company Chartered Accountants are proud to sponsors of the Denbigh & Flint Agricultural Show

Sage & Company Chartered Accountants are proud to sponsor the Denbigh & Flint Agricultural Show again this year. With agricultural accounting being at the forefront of our specialisms, we have developed well-established links with other professional practices strongly associated to the rural community. As such, we pride ourselves on our strong connections with the local rural […]

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Enterprise Management Incentive continues

It has previously been reported that the Enterprise Management Incentive scheme State Aid approval lapsed on 6 April 2018. HMRC had previously warned that EMI share options granted in the period from 7 April 2018 until EU State Aid approval was received may not be eligible for the tax advantages afforded to option holders but […]

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Aug 03

UK ‘tax gap’ falls to 5.7%

HMRC has confirmed that the tax gap for 2016/17 has fallen to 5.7%. The ‘tax gap’ is the difference between the tax that should theoretically be paid to HMRC and the actual tax that has been paid. HMRC believes that the tax gap is lower as a result of its work to help taxpayers get things […]

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Sage-blog-headers-construction

Jul 31

VAT reverse charge for construction services consultation

HMRC proposes to introduce new VAT rules for construction services which are subject to consultation. HMRC has published a draft statutory instrument for technical consultation together with a draft explanatory memorandum and a draft tax information and impact note. Under the draft legislation supplies of standard or reduced-rated construction services between construction or building businesses will be […]

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Jul 27

Latest guidance for employers

HMRC have issued the latest version of the Employer Bulletin. This June edition has articles on a number of issues including: P11D and P11D(b) filing and payment deadlines benefits in kind with cash allowances, flexible benefit packages and salary sacrifice important information about childcare voucher and directly-contracted childcare schemes Construction Industry Scheme – helpful reminders for […]

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Sage-blog-headers-fraudsters

Jul 23

HMRC saves public £2.4M by stopping fraudsters

HMRC has announced that it has saved the public over £2.4m by tackling fraudsters that trick them into using premium rate phone numbers for services that HMRC provide for free. HMRC has reported that scammers create websites that look similar to HMRC’s official site and then direct the public to call numbers with extortionate costs […]

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Sage-blog-headers-plumber

Jul 18

Workers’ rights for Pimlico Plumber

A plumber has won a legal battle for working rights in a Supreme Court ruling. The Supreme court has backed up an earlier ruling by an Employment Tribunal in the case of a contractor engaged by Pimlico Plumbers. Plumber Gary Smith carried out plumbing jobs for Pimlico Plumbers. He was VAT registered and paid tax […]

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Jul 13

HMRC extends RTI late filing easement until April 2019

HMRC has extended the payroll Real Time Information (RTI) late filing easement until April 2019. Under RTI payroll obligations employers must submit details of payments made to employees on or before the day that wages are paid via a Full Payment Submission. The updated guidance extends the easement, introduced in April 2015 to April 2019. […]

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Sage-blog-headersuniversal credit

Jul 09

Universal Credit and self employment

The government has published a report, Universal Credit: supporting self-employment which considers the issues faced by self-employed claimants. The report considers the impact of the Monthly Income Floor (MIF) earnings requirement. To be eligible for Universal Credit (UC) claimants must earn the MIF. However, the MIF assumes self-employed claimants earn a regular income at least […]

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Sage-blog-headershmrc scams

Jul 03

Tax refund scams warning from HMRC

HMRC has issued a warning to taxpayers regarding the latest tax refund scams. These scams are targeting individuals via email and SMS messages. HMRC is currently processing genuine tax refunds for the 2017/18 tax year and the fraudsters are sending scam messages which claim that taxpayers are entitled to a rebate. These messages go on […]

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Sage-blog-headersemi options

Jun 29

State Aid approval granted for the Enterprise Management Incentive

It has previously been reported that the Enterprise Management Incentive State Aid approval lapsed on 6 April 2018. On 15 May EU approval was granted however HMRC has not confirmed expressly that this approval will be backdated to 6 April 2018. The Enterprise Management Incentive (EMI) allows selected employees (often key to the employer) to […]

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Sage-blog-headersprivate consultation

Jun 26

Off-payroll working in the private sector consultation

HMRC has launched a consultation on how to tackle non-compliance with the off-payroll working rules in the private sector and are asking for comments on the best way to do this. HMRC estimates only 10% of PSCs that should apply the legislation actually do so, and the cost of this is projected to increase from […]

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Sage-blog-headerswales

Jun 22

Wales to set devolved income tax rates

From April 2019, the National Assembly for Wales will be able to vary the rates of income tax payable by Welsh taxpayers. Responsibility for many aspects of income tax will remain with the UK government, and the tax will continue to be collected by HMRC for Welsh taxpayers. The process for setting Welsh rates of […]

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Sage-blog-headersfuel

Jun 18

Advisory fuel rates for company cars

New company car advisory fuel rates have been published which take effect from 1 June 2018. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on […]

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Sage-blog-headersminimum wage

Jun 14

200,000 receive back pay as HMRC enforce National Minimum Wage

BEIS and HMRC are urging underpaid workers to complain about National Minimum Wage (NMW) and National Living Wage (NLW) underpayments. Recent figures show that the number of workers receiving the money they are owed has doubled. During 2017/18, HMRC investigators identified £15.6 million in payments owed to more than a record 200,000 of the UK’s […]

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Sage-blog-headershmrc priorities

May 31

Changing priorities at HMRC

Over the coming years, the government plans to phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system. However HMRC has shared a statement about how they are prioritising change in the department and as a result, some parts of MTD will be delayed. HMRC […]

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Sage-blog-headersemi options

May 28

EMI (Enterprise Management Incentive) options may not qualify for tax relief

The Enterprise Management Incentive (EMI) allows selected employees (often key to the employer) to be given the opportunity to acquire a significant number of shares in their employer through the issue of options. An EMI can offer significant tax advantages as the share option scheme allows options to be granted to employees which may allow […]

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Sage-blog-headersVAT fuel scale charges

May 23

VAT fuel scale charges

HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2018. VAT registered businesses use the fuel scale charges to account for VAT on private use of road fuel purchased by the business. Please do get […]

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Sage-blog-headersworkplace charging

May 21

HMRC consultation on benefits exemption for workplace charging facilities

HMRC are consulting on the tax exemption which will apply from 6 April 2018 on workplace electric charging facilities used by employees. It was announced in the Autumn Budget 2017 that the government intends to implement an exemption for the benefit of electricity provided by an employer, at the workplace, to charge electric or plug-in […]

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Sage-blog-headersp11d deadline

May 17

P11D deadline approaching

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2018 are due for submission to HMRC by 6 July 2018. The process of gathering the necessary information can take some time, so it is important that this process is not left to […]

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