Disguised Employment Relationships via LLPs
Defining disguised employment as: a limited liability partnership (LLP) member who works for the LLP on terms that are tantamount to employment; Chancellor of the Exchequer George Osborne announced during Budget 2013 that the government was due to consult on a number of changes to the tax rules on partnerships, including the act of disguising employment relationships through LLPs.Read more
Tax Tips and News for January 2014
This issue ... New RTI Relief, Capital Allowances on Fixtures, Disguised Employment, Partly-exempt Businesses, January Question and Answer Section, January Key Tax Dates
New RTI Relief
Have you been struggling to send full payment summary (FPS) reports under RTI to HMRC on or before the days on which your employees are paid? This is particularly difficult when your workers receive irregular…
Top Tips on RTI for SMEs
Back in April 2013 HMRC introduced Real Time Information (RTI) PAYE reporting, a new system designed to improve the accuracy of returns while ensuring employers such as yourself are paying the correct amount of tax.
Unlike in the previous system whereby you would submit an end of year return to HMRC with the full tax liability of each employee, under RTI PAYE reporting you're required to…
Autumn Statement: Full Report from Tax Agility
Further to our blog posted yesterday, we are pleased to provide a full report of the Autumn Statement, highlighting the main items affecting both SME business owners and individuals.
Delivering the 2013 Autumn Statement, the Chancellor said the latest forecasts from the Office for Budget Responsibility proved that “Britain’s economic plan is working” but warned that the “job is not done.”Read…
Autumn Statement: Key Points for Individuals and SMEs
Earlier today George Osborne, Chancellor of the Exchequer, delivered his Autumn Statement to Parliament.
Following are a summary of the key points affecting both SME business owners and individuals, taken from today's statement.Read more
SEIS Investment Injects £82m Into Start-Ups
The SEIS (Seed Enterprise Investment Scheme), put forward by Chancellor George Osborne in 2011 and formally launched in April 2012, is designed to help small, early-stage or start up companies raise equity finance by encouraging individual investors with the prospect of receiving 50% of their investment back as income tax relief.
In the eighteen months since its introduction, over 1,100…
Small business owners get £2,000 Employment Allowance Tax cut
The Employment Allowance tax cut will give businesses and charities up to £2’000 a year tax saving.
The planned tax cut will be introduced from April 2014 through the National Insurance Contributions Bill and is expected to benefit more than 1.2 million small businesses in UK. The aim of the Employment Allowance is to assist small businesses to grow by supporting the cost of employment. When…
TaxAgility launch New Accounting App
A great new App free from TaxAgility accountants in London
TaxAgility is one of the first accountancy firms in London to launch a free mobile Accounting App. As a business we are always looking for ways to improve the service we offer our clients and we are delighted to announce the launch of our new TaxAgility Accounting App.
It’s completely free of charge to download and it is available for…
A summary of GAAR and how it may impact you
There has been much written about the new GAAR legislation since it came into force in July 2013 and the majority of articles are extremely technical and very lengthy. I thought it would be helpful to provide a summary of GAAR and how this may impact you.
The General Anti-Abuse Rule (GAAR), has been introduced in the UK as part of the governments endeavours to combat tax avoidance and evasion.…
RTI Relaxation
The real time information (RTI) system for submitting PAYE information to HMRC must be used by small employers from April 2013. However, there has recently been a temporary RTI relaxation of one of the reporting requirements for employers with fewer than 50 employees.Read more