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Changes To National Minimum Wage April 2019

National Minimum Wage (NMW) and National Living Wages (NLW) increased from 1 April 2019. Please see the table below for the new rates: Employers should review the ages of employees to ensure they are paid the correct gross pay when carrying out your payroll procedures. At Shapcotts we check an employee’s age as part of […]

Read more April 24th, 2019

Making Tax Digital (MTD) Is Finally Here. Are You Ready?

Now that the government is embracing the digital age, it seems businesses are having to adapt their long-standing approach to various aspects of their administration. In the recent past, we have had Real Time Information (RTI) for payroll. Last year we had GDPR. This year it is the turn of Making Tax Digital (MTD). After […]

Read more April 23rd, 2019

How To Remain Productive While Travelling: 4 Quick Tips

In theory, when you travel with work, you should have time to focus on getting a few things done. In reality, it can be almost impossible to work in a busy airport or on a busy flight. Here are a few tips to help you to be more productive when you are on the road. […]

Read more April 23rd, 2019

Creating A High-Performance Organisation

High-performance organisations stimulate more effective employee involvement and commitment in order to achieve increased profits, improved productivity and higher levels of customer loyalty. We are living in uncertain times. The highest performing businesses will, by their very nature, ride out the storm more effectively than their competitors. So how do you create a high-performance organisation? […]

Read more April 23rd, 2019

Are You Keeping Your Website Up To Date For Google Searches?

Google is still the world’s most popular search engine. Google’s search engine algorithm is continuously being updated. So how do you keep your company’s website up to date so that you are showing up in online searches? More than 2.3 million Google searches are conducted every single minute. The top 5 search results on Google […]

Read more April 23rd, 2019

Disguised Remuneration Loan Charge Starts April 2019

This new charge will apply to certain loans to directors and employees that are still outstanding at 5 April 2019 and new arrangements put in place after that date. The charge will affect arrangements involving loans made via Employee Benefit Trusts (EBTs) and similar disguised remuneration schemes adjudged by HMRC and the courts to be […]

Read more April 9th, 2019

Personal Service Company Changes From April 2020

In the Autumn Budget the Chancellor announced that the “off payroll” workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government have now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services […]

Read more April 9th, 2019

Advisory Fuel Rates for Company Cars March 2019

In line with recent reductions in fuel prices, HMRC have reduced their suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2019. Where there has been a change the previous rate is shown in brackets. Note that for hybrid cars you must use the petrol or diesel rate. You can […]

Read more April 8th, 2019

Scottish Income Tax Rates For 2019/20

The Scottish Parliament has the power to set income tax rates on non-savings and non-dividend income for Scottish taxpayers. It has been confirmed that the 5 band structure and tax rates (19%, 20%, 21%, 41% and 46%) will remain the same for 2019/20. The thresholds for lower tax rates will rise in line with inflation […]

Read more April 8th, 2019

No Tax Changes Announced in Spring Statement

Despite the continuing uncertainty surrounding Brexit the Chancellor delivered his Spring Statement on 13 March. The purpose of this statement is to update the House of Commons and the country on the state of the economy; it is not intended to include any major tax announcements, and none were made by the Chancellor. As already […]

Read more April 8th, 2019

Property Groups – What And Why?

What is a property group? This is a group of companies that is owned by individuals or individual through a holding company which then owns 100% of the shareholdings of the companies owned by the holding company. The only exception being a joint venture company where a smaller percentage such as 40% or 50% may […]

Read more April 3rd, 2019

Interest Rate Relief Restriction or S24

At Shapcotts, we are starting to hear stories of these changes now starting to impact landlords, especially with larger portfolios. Therefore let us show you a couple of examples so it is clear how this may affect you if you have property income that you are receiving in your own name. The example below shows […]

Read more April 3rd, 2019

Student Loan Payments From Property Income

Now that you have rental income you will have an increased income. This is great news for you as it will improve your personal wealth and finances. However, what happens if you have a student loan? When you complete a tax return you also calculate each year any student loan repayments that may be due. […]

Read more April 2nd, 2019

Why Do I Have A Tax Bill In July?

Is your tax bill over £1,000? Typically you only have to pay your income tax bill in January each year. However, when your income tax bill is over £1,000 the tax authorities want you to pay payments on account for the next year. In the year of transition, this becomes quite expensive. The reason being […]

Read more April 1st, 2019