Latest News

Guerrilla Coaching

Some new-fangled description of an age-old method, just to get new punters looking this way?

Well no! Guerrilla Marketing and Guerrilla Coaching are about stepping right in, doing some small stuff, and stepping right out. Small Interventions, BIG results.

GDPR is Almost Here!

The implementation date for the EU Data Protection Regulation (GDPR) is 25 May. Despite Brexit, UK businesses will need to comply.

In order to maintain business links with EU countries, the UK will need to create EU equivalent rules and regulations. GDPR is an example of this and must be complied with if businesses want to trade with the EU. The GDPR regulations are more favourable to consumers than businesses.

Don't Panic! Creating a Disaster Recovery Plan for Your Business

A disaster recovery plan is a documented process designed to help recover and protect a business and its infrastructure in the event of a disaster. It provides a clear plan of action to be taken before, during and after a disaster.

Diversity and Inclusion

Thanks to recent coverage in the global press, diversity and inclusion in the workplace have become an even greater priority for businesses.

As the UK population becomes more diverse, the businesses that embrace diversity and inclusion are more likely to be able to relate to their clients and target sectors, therefore improving their chances of winning new customers.

Taking a Lodger? Don't Forget to Claim "Rent a Room" Relief

HMRC are carrying out a review of rent a room relief to discover whether the scheme, introduced back in 1992 provides the right incentives for the rental market. The current scheme exempts from tax, gross rents up to £7,500 where rooms within the taxpayer’s main residence are rented out.

Most accountants that responded to the call for evidence were keen for the relief to continue as it encourages taxpayers to let out spare rooms and provides them with additional income. 

HMRC Loses IR35 Case

In the February newsletter, we reported the Tax Tribunal decision involving Christa Ackroyd Media Ltd, a company set up by a TV presenter to supply her services to the BBC, where it was held that the IR35 personal service company rules applied to the arrangements. In a recent case involving a night manager on a building site, another tribunal decided that the IR35 rules did not apply. 

Form P11Ds to Include Benefits Provided by Salary Sacrifice

Employers need to report all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs) or “salary sacrifice” arrangements, to HMRC on form P11D from 6 April 2018, unless they are registered to voluntarily payroll benefits.

Tax Advantage of EMI Share Option Schemes Lapses

HMRC have advised companies to consider delaying the grant of Enterprise Management Incentive (“EMI”) share options until fresh State Aid approval has been granted by the EU.

As the UK Government were late in applying for an extension (12 months’ notice is required) the existing approval expired on 6 April 2018 and EMI share options granted after that date before new approval is received may be treated as non-tax advantaged employment-related securities options.

Changes to Termination Payments

Care is always required when employees are made redundant or payments are made on the termination of employment. Not only are there employment law considerations, there are also important tax implications and this is an area where professional advice is strongly recommended to avoid unnecessary pitfalls. The tax treatment of these payments changed from 6 April 2018 and further changes come into effect in 2019.

Pay In Lieu of Notice

Tax Efficient Extraction of Profit from Companies for 2018/19

The new tax year means that many directors of family companies will be considering the most tax efficient method of paying themselves. 

For many years accountants and tax advisors have suggested that director/shareholders should extract profit by paying themselves a low salary with the remainder of their income being extracted in the form of dividends. 

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