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Practice News

Paying your Tax

As we are fast approaching the Self Assessment deadline (31st January) it is important to make sure that you have had your Tax Return completed and that you have paid your tax to HMRC before the end on January. Please follow the attached link to find more ways to pay your tax. https://www.gov.uk/pay-self-assessment-tax-bill

HMRC Scam

Many of our clients have been targeted by bogus phone calls from people claiming to be from HMRC. Please remember HMRC won’t call you if you are due a refund or owe money – it would be done by letter sent to you from either HMRC or ourselves. HMRC are aware of the telephone scams and advise…Read More

Tax Credits

Tax Credit renewal date is 31st July 2018, if you previously received Tax credits you must ensure that you have renewed to receive them before the end of July, failure to do so will stop your payments and you will have to re-apply.  You can also visit the Gov.uk website to help with your renewal.…Read More

NEW PRIVACY NOTICE

On May 25, 2018, the most significant piece of European data protection legislation to be introduced in 20 years will come into force when the EU’s General Data Protection Regulation (GDPR) replaces the 1995 Data Protection Directive.  Today, we are updating our privacy policy which has been specifically adjusted to reflect the new regulation. The updated privacy policy takes effect immediately for…Read More

HMRC Scams

HMRC is warning everyone to take care as there are many different ways that people are being scammed into losing money, paying fake HMRC websites and also getting hold of personal data for fraudulent activity. https://www.gov.uk/government/publications/phishing-and-bogus-emails-hm-revenue-and-customs-examples/phishing-emails-and-bogus-contact-hm-revenue-and-customs-examples

New GDPR

The GDPR (General Data Protection Regulation) replaces the Data Protection Act (DPA) all companies need to be compliant by the 25th May 2018. All companies who hold any personal data need to have an updated system in storing this data for security and privacy.

Making Tax Digital

The Government are introducing a new digital tax system, that will make administration of tax more efficient and easier. It will become mandatory for almost all businesses and landlords (self-employed, partnerships and limited companies) to use software or a spreadsheet to keep accounting records. Paper accounting records will cease to meet the requirements of tax…Read More

Business entertainment

Whether its casual drinks in a bar with a customer, buying them lunch or a Christmas ball to promote the company, HMRC won’t allow any tax relief on business entertainment.

Staff Entertainment (including Christmas)

Money spent on entertaining employees is tax deductible and includes directors, partners and sole traders (where they attend a staff function) However there is catch, staff entertainment is a taxable benefit in kind. New rules from 6 April 2016 allow an employer to spend £50 per employee without a benefit in kind tax charge. What…Read More

Gifts for clients

Christmas is now on its way and you are now deciding what to give your best customers? The general rule is there is no tax relief for gifts. However a business can give away an item incorporating a conspicuous advertisement provided it costs less than £50. No relief is given on food, drink, tobacco or…Read More

Gifts for employees

A gift made by an employer to an employee is tax deductible in the employer’s accounts. Vat is also reclaimable. While HMRC does not limit the value of the gift, it must be considered trivial.

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