Have you heard of the Prompt Payment Code?
June 25, 2019

The Prompt Payment Code (Code) is not a fanciful device to access cash from bank machines or a way to secure automatic “prompt” payment from your customers.

The Code was actually set up by the Chartered Institute of Credit...

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What exactly is insolvency?
June 20, 2019

The dictionary definition of insolvency is less than illuminating, it is:

The state of being insolvent…

Listed synonyms provide more detail:

bankruptcy · liquidation · failure ·...

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Complaining to HMRC
June 18, 2019

Although many of the tax office processes are automated, dealt with by computerised systems, the rest is managed by human beings each subject to the same range of foibles as the rest of us. And we all know how reliable computerised systems have...

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The real tax cost of benefits in kind
June 13, 2019

There is a sting in the tail for companies that provide their directors or employees with taxable benefits as part of their remuneration package.

Obviously, the directors or employees that receive the benefits will pay additional income...

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E-bike cycle to work scheme announced
June 11, 2019

Readers who have been tempted to cycle to work but are challenged by fitness issues or really can’t afford the bike they would like, might be interested in the recent announcement that has extended the existing Cycle to work scheme to...

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Did you know income rates can be as high as 60 percent?
June 6, 2019

Most of us know that income tax is charged at three main rates: 20%, 40% and 45%.

Unfortunately, there are certain levels of income that trigger a loss of benefits or allowances as well as a charge to income tax. Because of this, the...

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Tax Diary June/July 2019
June 5, 2019

1 June 2019 - Due date for Corporation Tax due for the year ended 31 August 2018.

19 June 2019 - PAYE and NIC deductions due for month ended 5 June 2019. (If you pay your tax electronically the due date is 22 June 2019)

19 June...

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Employing students in the summer break
June 5, 2019

If you employ students to manage your staff needs over the summer break period, you will need to add them to your payroll and apply PAYE and NIC rules.

Students should be advised that they will pay tax and NIC if:

Tax free perk before annual leave
June 5, 2019

It is possible to make small tax-free payments to employees, including directors, and this might be an appropriate time to make a small tax-free bonus in advance of the annual holidays.

Employers and employees don’t have to pay...

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Holiday entitlements
June 5, 2019

As we are approaching the annual holiday season it would seem to be a suitable time to set out employees’ rights to receive holiday pay.

Almost all workers are legally entitled to 5.6 weeks’ paid holiday per year (known as...

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