Can the Chancellor save the high street?
Business rates will be cut by one third for small retailers as part of the government’s drive to revitalise the UK’s high streets, as announced in the 2018 Budget. Most retail business with a rateable value of less than £51,000 will see their business rates cut by 33% for two years from April 2019. Whilst […]
Smaller firms benefit from Budget business detail
The details released after the 2018 Budget statement revealed a range of new restrictions for businesses. However, they have been structured to reduce the impact on smaller businesses. Off-payroll working and IR35 One measure announced was the expected extension of the off-payroll working rules, known as IR35, to the private sector. This has now been […]
Budget 2018 – Key Points
In a longer than usual Budget speech, and in a slightly more jocular than usual mood, the Chancellor laid out the government’s vision for post-Brexit Britain. With a raft of measures aimed at shoring up businesses, infrastructure and the health service, Mr Hammond used the better than expected public finances to present an upbeat programme. […]
HMRC caught out on IR35 and holiday pay
HMRC has suffered an embarrassing setback after one of its contractors launched a claim for unpaid holiday pay, relating to work covered under the off-payroll working rules, also known as the IR35 rules. At the end of 2016, HMRC employed a marketing consultant, who was required to go onto an agency payroll. The consultant wasn’t […]
Brief victory on VATMOSS for microbusinesses
A successful campaign by micro-business owners has seen the EU introduce a new minimum threshold for the VATMOSS rules. But with legislation due to take effect in January 2019 at risk from a no-deal Brexit, the success could be short-lived. Under the EU rules on place of supply, VAT is charged on any sales of […]
Trick or treat? The Chancellor calls the 2018 Budget for late October
The 2018 Budget has been set for Monday 29 October, setting a deadline for speculation and proposals. Mr Hammond, however, has indicated that he won’t end the long spell of austerity measures, despite improving public finances. Proposals raised by think tanks and professional bodies include overhauls of income and inheritance tax, ‘pension tax relief simplification’, […]
Class 2 NICs here to stay
The Chancellor has changed his mind – again – on National Insurance Contributions (NICs) for the self-employed. The Treasury has revealed that Class 2 NICs will remain for at least the rest of this Parliament. The Treasury’s justification was that, without Class 2 NICs, “A significant number of self-employed individuals on the lowest profits would […]
The importance of a shareholder agreement for your new business
When incorporating a new business, it can be easy to focus on immediate concerns of making some money. However, it is also really important to take the opportunity to create a shareholders’ agreement. A shareholder agreement is a legal document that sets out the rights, responsibilities, liabilities and obligations of the shareholders. Importantly, where the […]
News on no deal Brexit for VAT
It has been confirmed that the UK VAT system for domestic transactions will continue in the event of the UK leaving the EU with no deal in March 2019. The government has published a guidance note which confirms some details of what will happen in the event of a ‘no deal’ Brexit. The note confirms […]
Wide-reaching changes proposed to gender pay gap reporting requirements
Gender pay gap reporting requirements should be extended to organisations with 50 or more employees from April 2020, according to the Business, Energy and Industrial Strategy Committee. Early this year there was much media coverage as large organisations with 250 or more employees were required to publish information about their gender pay and bonus gaps, […]
