Recently added Tips & Advice

PENSIONS - 15.04.2021

What’s new with pensions?

As another new tax year gets underway, it’s timely to get yourself up to speed on changes to auto-enrolment and workplace pensions generally. What are the key changes to be familiar with this time around?
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PENSION AND BENEFIT PAYMENTS - 15.04.2021

Post Office card account to close

The Department for Work and Pensions (DWP) and HMRC confirmed that from November 2021 they will stop making payments into Post Office card accounts. The DWP is writing to state pensioners, Universal Credit claimants and other benefit recipients who are being advised to call them and provide new details. Those people who cannot access a bank account will be treated as an exception and arrangements will be made for their benefits to continue. Those with an account should request a P6703 closure form but should not close the account until benefits start to be paid into their new bank account; any remaining funds will be transferred automatically. ...
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STUDENT LOANS - 15.04.2021

Student loans - what’s new this tax year?

Given the significant amount of money loaned to students undertaking degree level study, repayments are a lifetime commitment. Employers have a key role to play in collecting the repayments. What are the main considerations?
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TAX REFORMS - 15.04.2021

Tax day heralds change ahead

The normal raft of consultations that are published by HMRC and the Treasury on Budget day was delayed until 23 March. Over 30 consultations were then published providing insight into the future of tax administration in the UK. Of particular interest were proposals to require the payment of income and corporation tax more quickly. HMRC would like taxpayers to pay their tax closer to the time their income is received. Statistics show the rate of unpaid income tax due through self-assessment and corporation tax is much higher than for taxes such as VAT, and income tax and NI contributions collected by PAYE....
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R&D - 15.04.2021

HMRC outlines approach to R&D claims

Under the Coronavirus Job Retention Scheme (CJRS) one of the key conditions for an employee to be furloughed is that they have been instructed by their employer to cease all work in relation to their employment. As the furloughed employees have ceased all work during the CJRS claim period HMRC considers that those employees cannot be regarded as being directly or actively engaged in relevant research and development (R&D) during those times. This means that during those times the conditions in s.1124(2) Corporation Tax Act 2009 are not being met in respect of their costs. HMRC therefore expects to see these costs excluded from R&D expenditure credit (RDEC) claims. Any time that training is being carried out during furlough is also not considered to be R&D time, so doesn’t qualify for relief. ...
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REDUNDANCY - 14.04.2021

When does the redundancy notice period start?

You’re just about to notify an employee that they are being made redundant. When an employee is given notice of redundancy, does the redundancy notice period start the very second you tell them or at a different point?
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CORONAVIRUS - 29.01.2021

Refusing to return after lockdown

When the lockdown restrictions are eventually eased many employers will start bringing employees back into the workplace. But what if an employee refuses to come back?
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CORONAVIRUS - 11.02.2021

Bank holidays during furlough

The furlough scheme is currently due to end on 30 April 2021. Between now and then there will be two bank holidays. What happens where a bank holiday falls during a period of furlough?
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PROFIT EXTRACTION - 09.03.2021

Remuneration strategies for the old and new tax years

If you have control over the salary and dividends you receive from your company, this time of year is important for tax and NI planning. Especially this year if profits have been adversely affected by the pandemic. What factors should you consider for maximum tax efficiency?
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