VAT Flat Rate Scheme – Limited cost trader Changes are being made to the Flat Rate Scheme (FRS) which take effect from 1 April 2017. These changes may mean that the FRS is less attractive to some businesses and this may result in these businesses deciding to no longer operate under the FRS. In some […]

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Providing services to a public sector – off payroll working In the latest Employer Bulletin HMRC advise those providing services to a public sector client through their own limited company to ensure they are ready for the new rules which take effect from 6 April 2017. The new rules for off payroll working, commonly referred […]

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Construction Industry – Subcontractor verifications HMRC have confirmed in the latest Employer Bulletin that changes will be made to the verification of subcontractors in the construction Industry Scheme (CIS) from 6 April 2017. From 6 April 2017, contractors must use an approved method of electronic communication to verify their subcontractors. So from 6 April 2017 […]

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New Lifetime ISA The Lifetime Individual Savings Account (ISA) is a longer term tax-free account that receives a government bonus. The accounts will be available from 6 April 2017. HMRC have produced a helpful guide on the account. Some of which is reproduced below: Opening a Lifetime ISA You can open a Lifetime ISA if […]

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Over £9.2 billion released by pension freedoms Hundreds of thousands of savers have cashed in £9.2 billion from their pension pots since pension freedoms were introduced in April 2015. In April 2015, the government introduced significant pension reforms giving people the ability to access their pensions savings how and when they want. Over 1.5 million […]

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HMRC have released a list of the most outlandish items which have been claimed as expenses. These include: Holiday flights to the Caribbean Luxury watches as Christmas gifts for staff – from a company with no employees International flights for dental treatment ahead of business meetings Pet food for a Shih Tzu ‘guard dog’ Armani […]

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With the end of the tax year looming there is still time to save tax for 2016/17. We have set out some points you may want to consider. Make full use of your ISA allowance – ISAs can offer a useful tax free way to save, whether this is for your children’s future, a first home […]

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This is a basic guide, prepared by ACCA’s Technical Advisory team, for members and their colleagues or clients. It is an introduction only and should not be used as a definitive guide, since individual circumstances may vary. Specific advice should be obtained, where necessary.   A stronger, fairer, better Britain were the themes of the […]

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  New company car advisory fuel rates have been published which took effect from 1 March 2017. 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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The Department for Business Innovation & Skills has released a Government response paper on ‘enhancing the transparency of UK company ownership and increasing trust in UK business’. Within the paper they have stated the following in paragraph 169: ‘We have therefore decided to pursue a default prohibition of corporate directors, whilst additionally providing for limited […]

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