2022 -
July
PAYMENTS ON ACCOUNT - 28.07.2022
Payment on account deadline looming
For those in self-assessment, 31 July is an important date for a number of reasons. What are these, and why is it important to review taxable income ahead of Sunday’s deadline?
VAT - 28.07.2022
New VAT registration service from 1 August
A new VAT registration service goes live for accountants and tax advisors on 1 August 2022. What does this mean for registrations awaiting submission?
DISCRIMINATION - 14.07.2022
Policies for LGBT+ employees
According to a TUC survey conducted in June 2022, 21% of employers have no policies in place to support LGBT+ staff. What could you look at implementing?
BONUS SCHEMES - 07.07.2022
Could retention bonuses help prevent resignations?
According to new research nearly 20% of UK workers plan to voluntarily resign from their current roles in the next twelve months. To incentivise employees not to quit, should you consider implementing a retention bonus arrangement?
PERSONNEL MANAGEMENT - 07.07.2022
Impact of employee bankruptcy on employment
The ongoing cost of living crisis is likely to result in an increase in the number of individual bankruptcy cases over the next year or two. Where an employee is made bankrupt, what are the implications for the employment relationship?
FOREIGN WORKERS - 07.07.2022
New Scale-up visa route under immigration system
The new Scale-up visa route opens on 22 August 2022, enabling individuals with a skilled job offer at the required salary level from an authorised scale-up company to come to the UK. What else should you know?
ADMINISTRATION - 07.07.2022
Dealing with employee pay queries
When payday comes around the payroll team are often inundated with questions from employees about their pay packet. Is there anything you can do to reduce the number of queries?
PAYE SCHEMES - 07.07.2022
Multiple PAYE schemes
You can elect to set up more than one PAYE scheme in respect of groups of employees. The process for making such an election changed on 6 April 2022. How do you do it now?
COMPLIANCE - 07.07.2022
What happens if you pay PAYE late?
Your company has a short-term cash-flow shortfall due to a large customer paying late. One way around this would be to delay making the PAYE payment by a few days. What are the consequences of doing so?
VAT - 07.07.2022
VAT-efficient supplies to directors and employees
Now that you and your fellow directors often work from home you need newer and better IT equipment. The company will buy it in bulk to get a discount and then transfer it to each employee. What’s the most VAT-efficient way to do this?
HOMEWORKING - 07.07.2022
Can you revoke permanent homeworking?
In May 2022 it was reported that civil service staff have been ordered back to their workplaces, thus ending their homeworking arrangements. If an employee’s homeworking arrangement is permanent, can it be revoked?
BENEFITS - 07.07.2022
Is your summer staff party tax and NI free?
You’re thinking of holding your first ever summer event for your employees. You’re not sure what form it will take but one factor in your decision is the cost and therefore the tax and NI position. What do HMRC’s rules say about this?
CORPORATE MANSLAUGHTER - 07.07.2022
Recycling firm convicted of corporate manslaughter
A metal recycling firm has been convicted of corporate manslaughter after its employee was killed while working under a waste hopper. The investigation uncovered multiple safety breaches in the run-up to the accident. What went so wrong at this workplace?
SAFE SYSTEMS OF WORK - 07.07.2022
Engineering firm fined over fatality
An engineering firm has been prosecuted after a worker was crushed to death whilst working under a 1,000 tonne press. What were the failings and what should have been done to prevent such a tragedy?
CAPITAL GAINS TAX - 07.07.2022
Business asset disposal relief company exit trap
Our subscriber recently sold his shares back to her company. She made a capital gain from this which qualified for business asset disposal relief (BADR). The company has now offered her a one-off freelance job. Might this cause her to lose the BADR?
MISCONDUCT - 07.07.2022
Accessing porn during working hours
According to media reports a male MP was seen watching porn in the House of Commons by a colleague in April 2022. If one of your employees was observed doing the same thing, would this automatically be gross misconduct?
PAYROLL - 06.07.2022
Avoid unexpected casual staff costs
The company is looking to take on some temporary workers over the summer months. But what admin needs to be taken care of to ensure the tax and NI bill is kept to a minimum?
MERGERS & ACQUISITIONS - 06.07.2022
The importance of tax due diligence
A 2022 case highlights the importance of undertaking tax due diligence when acquiring an existing business to alert the buyer to any historical liabilities. What should the process focus on?
CORPORATION TAX - 06.07.2022
Using provisions to reduce tax
A corporation tax refund scheme has been doing the rounds which is based on claims for potential GDPR breaches. Could your company make such a provision to reduce its tax bill?
SPREADSHEETS - 06.07.2022
Using WORKDAY to find a particular day of the month
There may be times when you need to find a particular weekday of the month in Excel, for example if you have a journal that needs to be posted on the last Friday of every month. How can you use the WORKDAY function to find this?
VAT - 06.07.2022
Are you entitled to a VAT refund?
The bookkeeper has pointed out that some customers have been charged standard-rate VAT for goods that ought to have been zero-rated and you’ve accounted for the excess on the company VAT returns. Is a refund possible?
DIVIDENDS - 06.07.2022
Dividend dilemma needn’t cause tax issues
The draft company accounts have been prepared and they show the director shareholders received “unlawful dividends”. What are the tax consequences of this and how can they best be managed?
INSURANCE - 06.07.2022
How to deal with the rising cost of insurance
According to estimates from PwC UK, businesses could see price rises of between 10 and 20% in the cost of their annual insurance bill. What can you do to reduce the premium without jeopardising the level of protection?
LOANS - 06.07.2022
The travel expense trap in staff loans
The cost of living crisis has led the company to consider offering interest-free loans to staff. But in certain cases travel expenses can see the tax-free limit breached. What’s to know and how can you avoid this trap?
ACCOUNTS PAYABLE - 06.07.2022
Calculating the hidden cost of purchase invoices
The cost of an invoice is not limited to the total shown. You also have to pay for the time and resources it takes to process the invoice itself. How can you measure this hidden cost?
FINANCIAL ANALYSIS - 06.07.2022
Calculating the churn rate
You’d like to monitor how many customers you lose each year, i.e. the churn, so that you can quantify the impact on revenue and create improvement plans to reduce the churn figure. How do you calculate the churn rate?
CAPITAL ALLOWANCES - 06.07.2022
Is the cost of a holiday park home tax deductible?
You want to buy a holiday retreat but haven’t got a fortune to spend. As a low-cost option a friend has suggested a static home in a holiday park which will generate income to offset the cost. She says another advantage is that you’ll get tax relief on the purchase price. Is she right?
MAKING TAX DIGITAL - 06.07.2022
MTD ITSA record-keeping rules released
HMRC has at last published regulations for the record-keeping requirements for Making Tax Digital for Income Tax Self Assessment. What’s the full story?
EXPENSES - 06.07.2022
Travel expenses between UK and overseas workplace
You’re sending one of your employees to mainland Europe for a job that will take several months to complete. What’s the tax and NI position if you pay for a return trip to the UK for purely private reasons?
INHERITANCE TAX - 06.07.2022
Residence nil rate band when there’s no residence
You mother recently died having spent the last couple of years in care. Last year you sold her home to help pay the nursing home fees. When preparing the inheritance tax forms are you entitled to claim the residence nil rate band?
CAPITAL GAINS TAX - 06.07.2022
When does dwelling ownership begin for PRR purposes?
The First-tier Tribunal (FTT) had to decide if private residence relief (PRR) began when a couple moved into their home or when they bought the land on which it was built. This proved a surprisingly tricky question. What did the FTT decide?
PROFIT EXTRACTION - 06.07.2022
Sharing your company with your unmarried partner
The rules for sharing income from your company with your spouse or civil partner are well known. But, if you’re not legally joined, is there a tax-efficient way to share your income?
NATIONAL MINIMUM WAGE - 06.07.2022
Minimum wage and mileage costs
One of our subscribers provides employees with electric vans. As this is seen as a perk, the employees are not reimbursed for charging them at home. If they’re on the minimum wage, could this be challenged by HMRC?
HOLIDAY PAY - 06.07.2022
Overtime and holiday pay
You have a number of staff who are paid overtime. When does this overtime need to be included in their holiday pay calculations? And what are the key elements you need to take into consideration?
NATIONAL INSURANCE - 06.07.2022
Paying Class 1A NI
The deadline for paying any Class 1A NI that was declared on your P11D(b) return is fast approaching. When does payment need to be made by and what payment reference should you use?
NATIONAL INSURANCE - 06.07.2022
Calculating NI for Freeport tax sites
If you have employees located in a Freeport tax site, you can benefit from an employers’ NI relief. But how much is the relief worth for each qualifying new employee and how do you calculate it?
COST OF LIVING - 05.07.2022
Helping with the cost of living crisis
According to new data from Culture Amp, 60% of workers think their employers should help them with the cost of living crisis. What are your options for offering assistance?
ENFORCEMENT - 04.07.2022
Prepare for dust inspections
The HSE is targeting construction sites as part of a respiratory health inspection initiative and its Dust Kills campaign. How can you prepare?
ASBESTOS - 04.07.2022
Failure to prevent exposure to asbestos
Two company directors have been fined after a refurbishment project at a former department store was found to have repeatedly disturbed asbestos-containing materials (ACMs). What were the failures and what can you do to prevent a similar outcome?
MENTAL HEALTH - 04.07.2022
Mental health crisis in construction?
Mental health is a workplace challenge that is increasing, particularly in the construction industry. Why is this and what can you do to support your workers and avert problems in your business?
MACHINERY - 04.07.2022
Company fined after employee severs thumb
A timber company has been fined after a worker amputated his thumb when it came into contact with a moving saw blade. How could this have happened and what should you do to protect workers from dangerous moving parts?
MANAGEMENT SYSTEMs - 04.07.2022
Action planning your management system
Health and safety management systems (HSMSs) require a great deal of planning to make sure you know where you are and where you need to be. How can you help focus improvements and targets for the year ahead?
ENVIRONMENT - 04.07.2022
HSBC suspends banker over “nut job” climate comments
HSBC has reportedly suspended a senior executive who accused central bankers and other officials of exaggerating the financial risks of climate change. How can a flippant comment damage your business?
