Important changes to the construction industry scheme
February 25, 2015
HMRC are trying to simplify the way the CIS scheme works, under which subcontractors in the construction industry either qualify to receive their payments gross or fail to qualify and therefore suffer tax at source on their receipts from main contractors.
Holiday Pay – Are you paying enough?
February 15, 2015
Our advice to employers is that you should review your policy and review your contracts of employment to ensure that they are consistent with current law.
Tax avoidance, evasion and penalties
February 12, 2015
In an earlier blog I touched on this rather thorny subject and now is an opportune time to revisit it given that there are a number of consultations dealing with the legal aspect of tax avoidance and aggressive tax planning as well as penalties for incorrect returns.
Research and Development
January 12, 2015
For a number of years the government has been generous in its support for research and development through the corporation tax system. Many of our clients have benefited from substantial tax rebates or repayments.
Real Time Information – Beware of the new penalty regime
January 6, 2015
Late filing penalties have now been extended to employers with under 50 employees with effect from March 2015.
The taxation benefits of incorporation – too good to be true?
December 9, 2014
Many of our clients have derived a substantial one-off tax break by incorporating their businesses – that is to say converting their sole trader or partnership into a limited company.
There’s more people driving us to drink
November 12, 2014
The number of registrations to become brewers have leapt by 188% in five years, increasing from 101 in 2009-10 to 291 in 2013-14. Sheffield has seen its own expansion with an increasing number of brewers across the city. Typical of many producers across the UK, they are actively developing new ways to make their beers taste better - there is an awful lot of innovation happening throughout the sector.
Exporting and the Overseas Business Network Initiative (OBNI)
October 15, 2014
The government has stated its aim to double the number of SMEs exporting by 2020. If this could happen, it would increase numbers to 100,000, moving exports to £1 trillion. Easily said, but how will this happen and what support is there for SME’s looking to expand overseas sales? An important part of the plan is the development of the Overseas Business Network Initiative.
A significant new tax relief for the computer games industry is about to be launched
August 11, 2014
Our region has long been the home of some of the most well known computer games companies in the country (if you measure long in terms of a sector that first emerged in the 1980’s). Later this month these companies will be able to claim tax relief of up to 25% on their production costs.
The income tax paid by Sheffield residents
July 25, 2014
Sheffield’s residents have seen their income tax bills rise by only 2.9% in the last five years. Our firm’s research shows that the average annual Sheffield income tax bill rose by only £100 during the recession, from £3,500 in 2006/07 to £3,600 in 2011/12, compared to a national rise of £290 or 6.