News

Scott Says - HMRC Proposals - Thank you for your Feedback
26/08/2016 - More...
We wrote to you last month, asking for your feedback to our survey relating to HMRC proposals to change the intermediaries legislation for the public sector. Our survey has now closed and we are delighted to have received 424 responses many with additional comments. The feedback received suggests that you (our clients) are really

Scott Says - IR35 in the Public Sector - We need your feedback
29/07/2016 - More...
A Consultation on IR35 in the Public Sector is now underway. The proposals suggest that a hirer, or an agency acting on the hirer’s behalf, will complete a ‘test’ for those working in the public sector. If the test is passed gross payments will be paid to your limited company. However, if the assignment fails (the test) Tax and NIC will

A new partnership with UK's most innovative CRM company
01/07/2016 - More...
1st Option is delighted to announce it has added a CRM solution to its portfolio of products and services. The cloud-based small business CRM solution from UK based Monii, is a winner when it comes to productivity gains, which means more billable hours for you. Monii is your secret weapon to track tasks, contacts, and notes. One of the

Scott Says - How to reduce your Corporation Tax
01/07/2016 - More...
Everyone loves paying taxes right? Well if you don’t, this article provides a few basics every business owner should know to ensure they are not paying too much! Jim Callaghan, the Chancellor of the Exchequer introduced Corporation Tax in 1965. Since 1965 the Corporation Tax rates have ranged from 42% in the seventies to 19% in the

Professional bodies approved for tax relief
27/05/2016 - More...
Many professionals such as accountants, lawyers and health professionals are required to make a subscription to a professional body or learned society. HMRC has recently published an updated list of the organisations that they will accept as valid professional bodies. This list is updated from time to time and a recent update lists all

Healthcare when away from home
27/05/2016 - More...
· Do you work away from home? · Are you often too busy to visit your local GP? We are delighted to introduce i-GP. Designed and run by UK trained family doctors with over 30 years of NHS experience between them, they provide free online assessments for over 20 minor illnesses. They offer instant access to the

Finance Bill receives Royal Assent
21/09/2016 - More...
The Finance Bill 2016 received Royal Assent on 15 September 2016 following agreement by both Houses on the text of the Bill. The Bill is now an Act of Parliament (law) known as Finance Act 2016. The Bill contains the legislation for many of the tax measures that had been announced by the Government at Budget 2016, Autumn Statement 2015

Lifetime ISA launch
21/09/2016 - More...
The new Lifetime ISA, that will help those aged between 18 and 40 to save for a new home or for their retirement, is expected to be available from April 2017. The legislation necessary to bring about the introduction of this new flexible savings plan is currently progressing through the various parliamentary stages. The new scheme will

EU Payments Account Directive
21/09/2016 - More...
The EU Payments Account Directive more commonly known as PAD sets a European wide standard on the services provided to EU residents by banks. The directive is meant to ensure that services, including an account switching service, the right of access to a basic bank account for those who are legally resident in the EU and clear and

Non-Resident Landlords Scheme
21/09/2016 - More...
The Non-Resident Landlord (NRL) Scheme is a special scheme for the UK rental income of non-resident landlords. This includes companies or trustees whose 'usual place of abode' is outside the UK. As a general rule, basic rate tax (currently 20%) must be deducted from the rent payable to a non-resident landlord either by the letting agent

The marriage allowance
21/09/2016 - More...
The marriage allowance came into force on 6 April 2015 and allows lower earning couples to share part of their personal tax-free allowance. The marriage allowance is available to married couples and those in a civil partnership where a spouse or civil partner doesn’t pay tax or doesn’t pay tax above the basic rate threshold for income tax

Prompt Payment Code
21/09/2016 - More...
New measures to support the Prompt Payment Code (PPC) have been confirmed in a letter sent to PPC signatories from the newly appointed Minister for Small Business, Margot James and chief executive of the Chartered Institute of Credit Management (CICM), Philip King. The letter confirms that signatories to the PPC should be paying invoices

New £5 note launched
14/09/2016 - More...
The new £5 note entered into circulation on 13 September 2016 and is the first note issued in England to be printed on polymer, a thin flexible plastic. It will take a few weeks for the notes to become commonplace across the country. The new plastic £5 note will feature the image of Sir Winston Churchill. In tandem with the launch of the

Autumn statement 2016
14/09/2016 - More...
The Chancellor, Philip Hammond has announced that he will deliver his first Autumn Statement to the House of Commons on 23 November 2016. This will be the first big statement by the new Chancellor and will help reveal the fiscal direction of the government after the Brexit vote. The Autumn Statement will be used to give an update on the

VAT refunds from EU countries
14/09/2016 - More...
The VAT paid in other EU countries may be recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The exact rules that determine what VAT is refundable depends on the other countries' rules for claiming input tax. It is important to note that VAT incurred in foreign countries can never by

Tax-free childcare scheme
14/09/2016 - More...
HMRC has updated their Tax-free childcare scheme (TFCS) guidance entitled Tax-Free Childcare: Top things childcare providers should know. The TFCS will support working families with their childcare costs and will be launched in early 2017 with all eligible parents able to join the scheme by the end of next year. HMRC is currently writing

Paper Self Assessment return deadline
14/09/2016 - More...
The 2015-16 tax return deadline for taxpayers who continue to submit paper Self Assessment returns is 31 October 2016. Late submission of a Self Assessment return will become liable to a £100 late filing penalty. The penalty will apply even if there is no liability or if any tax due is paid in full by 31 January 2017. We would recommend

Deliberate tax defaulters list updated
14/09/2016 - More...
HMRC has published an updated list of deliberate tax defaulters as at 14 September 2016. The list includes individuals, businesses and companies and lists the amounts on which penalties are due and the amount of penalties charged. The details of a tax defaulter details will be held on HMRC’s website for a maximum of twelve months from the

Annual Investment Allowance
14/09/2016 - More...
The Annual Investment Allowance (AIA) limit has changed significantly over the last number of years. However, the limit has been fixed at £200,000 for all qualifying expenditure on or after 1 January 2016. The current £200,000 limit is a generous allowance and will more than cover the annual capital expenditure spend of many small and

Enterprise Management Incentive (EMI) schemes
14/09/2016 - More...
The use of the EMI can help small growing companies to attract and retain sought after employees. The EMI allows employees to buy shares free of Income Tax and NICs on the difference between the amount paid for shares when an option is used and the actual value at the time. HMRC’s guidance has been updated. The value of shares over

Sports Direct to address its employment failings
12/09/2016 - More...
Earlier this year, the founder of the embattled retailer Sports Direct was given a grilling by a government select committee of MPs following allegations of poor working practices and worker exploitation at its Derbyshire warehouse. The allegations included paying staff below the National Minimum Wage (NMW) because of the time taken in

Over £14 million in civil penalties for illegal working
12/09/2016 - More...
The government has published a quarterly report which shows that the total gross value of fines (civil penalties) issued to UK employers between January and March 2016 for employing illegal workers was over £14 million, covering 1,195 illegal workers and 838 penalties. Over half (662) of these illegal workers were found in London and the

Current HMRC tax campaigns
07/09/2016 - More...
HMRC has updated their online guidance covering targeted campaigns against tax avoidance that are currently available to taxpayers. The guidance on long running compliance issues for these campaigns has been updated. The following disclosure opportunities are currently available: Second Incomes Campaign The Second Incomes Campaign

Worldwide Disclosure Facility launched
07/09/2016 - More...
At the end of August, HMRC announced a new Worldwide Disclosure Facility (WDF) would be launched on 5 September 2016. The WDF, first announced at Budget 2015, allows those with outstanding tax to pay (relating wholly or in part to an offshore issue) to put their affairs in order. This replaces previous country- specific amnesties such as