Posts Categorised: Tax

Autumn Statement 2016

Small Business Highlights New Chancellor, Phillip Hammond, has made his first formal statement of intent for the country’s finances after the EU referendum. At a strategic level the government has promised greater investment in both infrastructure (e.g. £1.1bn extra investment in local transport networks in England and £220m to reduce traffic pinch points) and housing (e.g…. Read more »

Tax Free Christmas Gifts

HMRC spreads some Xmas cheer As of 6th April 2016 employers can provide staff with some “trivial” benefits in kind, tax free.  The rules were designed to allow companies to give small gifts at Christmas or for birthdays.  They save employees from having to report the benefit on their P11D, or employers dealing with tax and… Read more »

Payroll News November 2016

There have been some important changes recently in payroll-related subjects that you need to know about.   Auto Enrolment Pension You are probably aware that Auto Enrolment applies to all employers however large or small. If you haven’t started the process of setting up a workplace pension yet, remember that Lewis Smith & Co. can help…. Read more »

Holiday Pay and Annual Leave

Are you up to speed on the rules? This is an area that has caused concerns for many employers and is something that is constantly changing as tribunal rulings and new legislation are updated. Currently the statutory holiday leave for a full-time employee is 28 days, while part-time employees’ entitlement is adjusted pro-rata. By law employers… Read more »

Online Payslips

Another step forward in business digitisation This is a new, digitally secure way of sending payslips to your employees. By law you have to give your employees a payslip. By using the online payslips system, your employees will all receive their weekly/monthly pay information directly (by electronic means). Should they lose copies, all previous payslips… Read more »

VAT MOSS compliance

Follow the rules for Electronically Supplied Services in the EU If you offer electronically supplied services such as information downloads and eBooks to consumers in the EU then you need to follow the VAT rules.  Since January 1st 2015 VAT needs to be calculated on the basis of the appropriate rate in the purchaser’s country…. Read more »

Declared Your Credit Card Sales?

HMRC says tell us now or face the consequences HMRC’s Credit Card Sales Campaign is a voluntary disclosure facility for businesses who take credit card and debit card payments and who may not have reflected all of the transactions in a tax return. The campaign is an opportunity to come clean about both accidental and… Read more »

Personal Savings Allowance

A little bonus for your tax return? Back in April we highlighted that HMRC had introduced a tax-free allowance of £1,000 on savings interest. Since many of you will be busy preparing your tax returns (you are doing that aren’t you?) it is worth reiterating some of the details of the allowance. Basic rate taxpayers are… Read more »