Tax E-Newsletter – June 2024
Welcome to the June edition of our Tax newsletter. We hope that you find this informative. Please contact us if you wish to discuss in more detail any of the points highlighted. REPORT EMPLOYEE BENEFITS ON FORM P11D BY 6 JULY P11D forms for reporting expenses and benefits in kind provided to employees and directors […]
Navigating GDPR
The General Data Protection Regulation impacts business worldwide GDPR mandates stringent requirements governing the processing of personal data, emphasising transparency, accountability, and individuals’ rights. Businesses must grasp the fundamental principles and obligations outlined by GDPR to align their practices accordingly. Conducting a Data Audit A critical first step for businesses is conducting a […]
Have your self-assessment tax returns prepared now!
Another standard aspect of the tax process commonly put off until the dreaded filing deadline of 31 January is the “Filing of the Self-Assessment Tax Return”. Typically, this is considered a behavioural problem and generally left until the last minute because it is often viewed as a chore and a process contributing little benefit. However, […]
Square payment processing
Payment processing for small and medium sized businesses. Square Point of Sale (POS) systems have become incredibly popular since they launched in 2017. The ubiquitous little square card reader now appears everywhere from busy restaurants to coffee carts outside train stations and even in taxis. Square’s card reader is a little square gadget […]
Second properties and capital gains tax
There has been recent press speculation around Angela Rayner and her disposal of a property that, purportedly, gave rise to a capital gain of some £48,500 before costs of acquisition and disposal and her failure to pay any capital gains tax We are not aware of the full circumstances by any means. We […]
VAT Road Fuel scale charges
If VAT is reclaimed on road fuel and the vehicle has any element of private usage, an adjustment is needed in each VAT return The VAT fuel scale charge is the method businesses in the UK use to calculate the VAT they owe on fuel for business vehicles used for private purposes. This allows […]
Empathetic listening
As a manager, how can you become a more empathetic listener? Effective leadership in business requires more than just giving orders or making decisions. It involves understanding and connecting with employees on a deeper level, which is where empathetic listening comes into play. As a manager, developing empathetic listening skills is essential for […]
Company reporting
Please note the following changes if these are adopted: Micro entity thresholds will move from not more than £632,000 turnover to not more than £1m. For small, it will increase to not more than £15m turnover, from £10.2m. The upper medium threshold will move to not more than £54m. Everything above that would classify as […]
Companies House – increased powers
The Economic Crime and Corporate Transparency Act 2023 (ECCTA) was passed in October 2023 It represents a significant effort to combat economic crime and enhance corporate accountability. A part of this was a reform within Companies House. Companies House has long been criticised for its deficiencies, illustrated by instances of companies being registered under the […]
Dealing with a cyber-attack
Most businesses have exposure to cyber risk Almost every modern business relies on computer networks for day-to-day operations, and this means that most firms are exposed to cyber risk. A cyber-attack is any attempt to steal data, damage or disrupt a computer system. In the event of a cyber-attack, it’s important to […]