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Tax Investigations Continue To Rise

During 2019 HMRC opened 300,762 investigations into self-assessment tax returns and collected an additional £1.2bn in extra tax as a result during the 2018/19 tax year. HMRC continues to come down hard on taxpayers that make mistakes on their tax returns. Taxpayers should always file complete and accurate tax returns as errors can lead to […]

Read more February 26th, 2020

Keeping Customers

Without customers, your business simply would not exist. Some businesses are so focused on winning new customers that they often neglect to put any effort into keeping customers they already have! Winning new customers is often far more expensive than retaining existing ones. Winning a new contract may cost time in terms of developing a […]

Read more February 26th, 2020

Innovation Champions

The word innovation can conjure up images of disruptive developments such as online streaming services or companies such as Uber. Fortunately, innovation doesn’t have to happen on a grand scale to make an impact in your business. Driving innovation in any business begins with creating and encouraging an innovative and forward-thinking culture. Allow your employees […]

Read more February 25th, 2020

Changes To National Minimum Wage April 2020

National Minimum Wage (NMW) and National Living Wages (NLW) increased from 1 April 2020. 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 February 25th, 2020

Are You Brexit Ready?

On 31 January 2020, the UK finally left the EU after months of debate. Little impact will have been felt so far as we now enter the 11 month period of transition. This is to give the UK time to negotiate trade agreements with countries around the world, with the priority being those remaining in […]

Read more February 24th, 2020

Will Inheritance Tax Be Simplified

An announcement to listen out for in the Spring 2020 Budget is whether the Chancellor acts on the recommendations of the Office of Tax Simplification (OTS) regarding inheritance tax (IHT). As reported in a previous article, the OTS suggested simplifying IHT on lifetime gifts including reducing the period of potential exemption from 7 to 5 […]

Read more February 10th, 2020

Time To Sell Property Before 6 April 2020?

If the draft legislation issued for consultation last year is enacted in the next Finance Act there will be important changes to private residence relief for disposals after 5 April 2020. Firstly, the exemption for the final period of ownership will be reduced from 18 months to 9 months. This applies where a former main […]

Read more February 10th, 2020

Possible U-Turn On Pensions For High Earners?

There have been many stories in the press about GPs and senior hospital doctors refusing to take on extra shifts and additional responsibilities due to the additional tax they are required to pay on the extra pension contributions paid by the NHS. A number of solutions have been put forward. There are now strong rumours […]

Read more February 10th, 2020

Changes To Disguised Remuneration Loan Charge

The independent loan charge review, conducted by Sir Amyas Morse, was published on 20 December, having been delayed due to the general election. The loan charge was introduced to collect tax from individuals who had benefited from schemes devised to avoid PAYE and National Insurance. The date that the loan was made to the individual […]

Read more February 10th, 2020

Review Of Off-Payroll Working Rules

In January the Government launched a four-week review of the changes to IR35 “off-payroll” working rules scheduled to come into force in April, as the result of mounting criticism about the way they will operate. The review is scheduled to conclude by mid-February and will see the Government hold a series of meetings with stakeholders […]

Read more February 10th, 2020

Budget Day Is 11 March

The December General Election meant that the Autumn Budget was delayed. We now know that Sajid Javed will deliver his first Budget on the second Wednesday in March which is when Budget day used to be! We are expecting that the tax measures in the Conservative Party manifesto will be announced again, together with confirmation […]

Read more February 10th, 2020