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Don't be Late in Paying Your Personal Tax Bill

Individual’s 2017/18 income tax, CGT, class 2 and 4 NIC liabilities should have been paid by 31 January 2019.

Note that if the balance is still unpaid at the end of February 2019 a 5% surcharge penalty is added in addition to the normal interest charge unless a time to pay arrangement has been agreed with HMRC.

Termination Payment Changes Delayed to 2020

HMRC have announced that the changes to the national insurance (NIC) treatment of termination payments and sporting testimonials have been delayed to 6 April 2020.

From 6 April 2020 Employer class 1A NIC will become payable on termination payments in excess of £30,000 and on sporting testimonials that exceed £100,000 (lifetime limit).

Welcome CGT Entrepreneurs' Relief Change for Shareholders

In December, we alerted you to important changes to CGT entrepreneurs’ relief included in the latest Finance Bill that could have the effect of denying the relief to certain employee shareholders. As the result of lobbying by the professional bodies, the government have made a late change in the Finance Bill to the definition of “personal company” so that fewer shareholders will be denied the relief when they dispose of their shares. 

Corporation Tax Relief Back for Acquired Goodwill

A further late change to the Finance Bill will re-introduce relief for acquired goodwill on the acquisition of businesses with eligible intellectual property from 1 April 2019.

This relief was withdrawn back in July 2015 and the restoration of relief for goodwill and customer-related assets is very welcome although the new form of relief will be more restricted.

No Deal Brexit - What About VAT?

The Government and HMRC have updated its collection of high-level guides called “partnership packs”, intended to help businesses involved in importing and exporting prepare for changes to customs procedures after 29 March 2019 in the event of a “no deal” scenario.

If the UK exits the EU without a deal, UK businesses will have to apply customs, excise and VAT procedures to goods traded with the EU, in broadly the same way that already applies for goods traded outside of the EU.

Invest in your People with a Wellness Programme

Your people are your firm’s most important asset. As such, it is important to invest in their wellbeing.  

As global technology develops and demands on employees increase, it is not surprising that the terms ‘burnout’, ‘dissatisfaction’ and ‘distress’ are being increasingly reported across the developed business world.

Obvious Innovation

Innovation can be driven by taking an ‘obvious’ idea from one context and applying it in another.

The successful development and implementation of new, innovative ideas is crucial in business. Your innovation could focus on improving business processes, bringing new and improved products and services to market, increasing efficiency or, most importantly, improving profitability.

How to Overcome your Fear of Failure

One of the most common things holding people back from achieving their full potential in business is the fear of failure.

It is human nature to fear the unknown. When we push ourselves outside of our comfort zones, whether in business or in our personal lives, it is pretty normal to feel some degree of stress and anxiety. 

5 Business Trends to Watch in 2019

Here are some of the top Business Trends to we expect to see in 2019. Make sure your business is ready to keep up to date as these change.

1. Marketing will continue to become more personalised 

HMRC Tax Scam

Telephone and email scams are always a threat, but as we approach the Tax Return deadline of 31 January each year we always see an increase in the number of calls and emails pretending to be HMRC. The most recent scams seem to involve phone calls threatening the listener with arrest and/or deportation if they don't pay their overdue tax immediately.

These scams have become more sophisticated as they are able to make it look as if they are calling from HMRC's official phone number, making it harder to tell if it is real or not.