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Our Blog:

Below you'll find a collection of posts about accounting, business and how we're focussed on our clients success.

Author: Mark Thomas
Date: 26th September 2016
Tags: No tags

Goodbye to Matthew; hello to Jorden, Diane and Gerry

Author: Mark Thomas
Date: 26th September 2016
Tags: No tags

As some of you may already know, Matthew Whitlocke who joined the company from school in 2004 and has been a key and valued member of our team ever since, is leaving us on the 21st September.

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Author: Mark Thomas
Date: 22nd September 2016
Tags: HMRC

Can you trust that convincing call from ‘HMRC’?

Author: Mark Thomas
Date: 22nd September 2016
Tags: HMRC

Phone and online scams, attempting to elicit your personal information, are increasing.

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Author: Mark Thomas
Date: 19th September 2016
Tags: Tax

Are website costs tax deductible?

Author: Mark Thomas
Date: 19th September 2016
Tags: Tax

HMRC’s views have changed, says Mark Thomas.

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Author: Mark Thomas
Date: 12th September 2016
Tags: HMRCRecords

An interesting case of poor record keeping

Author: Mark Thomas
Date: 12th September 2016
Tags: HMRCRecords

Surveyor ignores more than one opportunity to supply records.

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Author: Mark Thomas
Date: 5th September 2016
Tags: EmployersApprenticeships

Are you ready for the apprenticeship levy?

Author: Mark Thomas
Date: 5th September 2016
Tags: EmployersApprenticeships

The way the government funds apprenticeships in England is changing from 6 April 2017.

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Author: Steve Wright
Date: 29th August 2016
Tags: Employers

“It’s age discrimination.  Oh – and sex discrimination”

Author: Steve Wright
Date: 29th August 2016
Tags: Employers

Steve Wright of Twyford HR briefs you on discrimination protection. A German employer, R+V, advertised trainee positions for graduates, and a Mr. Kratzer applied and was unsuccessful. He sent a written complaint to R+V, demanding €14,000 in compensation for age discrimination.

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Author: Mark Thomas
Date: 21st July 2016
Tags: Records

Digital records will soon be compulsory

Author: Mark Thomas
Date: 21st July 2016
Tags: Records

The government will require unincorporated businesses with income of £10,000 per year or more that don’t currently use software to keep financial records, soon to do so. Companies will have to use digital record keeping no matter what the level of their income. For example, the new regime will include landlords who receive rents, etc. of more than £10,000 per year.

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Author: Mark Thomas
Date: 20th July 2016
Tags: Dividends

New rules on dividends has tax implications

Author: Mark Thomas
Date: 20th July 2016
Tags: Dividends

In the year to 5th April 2017, if you intend to receive dividends from a company, then you will be aware that from April 2016 there have been some changes to the way dividends are taxed in that the Dividend Tax Credit has been replaced by a new tax-free Dividend Allowance. Mark Witt alerted you to this in the last issue, but it is worth reiterating in a bit more detail.

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Author: Mark Thomas
Date: 19th July 2016
Tags: HMRC

HMRC’s new guidance on business travel

Author: Mark Thomas
Date: 19th July 2016
Tags: HMRC

Following changes in the rules on 6 April 2016, qualifying business expenses that you reimburse to your employees, or meet on their behalf, don’t count as their taxable income and don’t need to be reported to HMRC on Form P11D. Expenses qualify for this treatment if, had the employee borne the cost personally, they would be entitled to claim a tax deduction for it.

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Author: Mark Thomas
Date: 18th July 2016
Tags: P11D

Is a P11D needed for 2015/16?

Author: Mark Thomas
Date: 18th July 2016
Tags: P11D

If an employee puts in an expenses claim for the last three months, and most of it relates to 2015/16, but he was reimbursed in 2016/17, what should your bookkeeper enter, if anything, on the P11D for 2015/16?

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Author: Alix Passey Brown
Date: 15th July 2016
Tags: Employers

New rights for zero-hours workers

Author: Alix Passey Brown
Date: 15th July 2016
Tags: Employers

New rules from 11 January 2016 give greater protection to zero-hours workers, protecting them from dismissal and discrimination if they look to work for another employer whilst engaged under a zero-hours contract.

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Author: Mark Thomas
Date: 15th March 2016
Tags: Companies House

Is your business at risk of false Companies House posting?

Author: Mark Thomas
Date: 15th March 2016
Tags: Companies House

Charlton Athletic CEO’s fake resignation highlights the need for Companies House ‘PROOF’. A recent case of fraudulent posting on Companies House has emphasised the need for every organisation to protect its identity.

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Author: Mark Thomas
Date: 14th March 2016
Tags: CIS

Online filing of CIS returns is mandatory from April 2016

Author: Mark Thomas
Date: 14th March 2016
Tags: CIS

Not only is online filing of CIS returns mandatory from April 2016 but verifications must also be filed online from April 2017. Over 85% of contractors and their authorised agents are already sending HMRC their CIS returns online, but from April 2016 everyone will have to use the online service. HMRC will no longer be accepting any paper forms from that date.

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Author: Tony Croft
Date: 11th March 2016
Tags: Dividends

Dividend Allowance replaces Dividend Tax Credit

Author: Tony Croft
Date: 11th March 2016
Tags: Dividends

April 2016 sees significant changes to rates of tax, says Tony Croft. From April 2016, the Dividend Allowance will replace the Dividend Tax Credit, meaning you won’t have to pay tax on the first £5,000 of your dividend income, irrespective of your non-dividend income. This is a fairly generous allowance, although it does reduce your Basic Rate band by the same amount.

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Author: Mark Thomas
Date: 10th March 2016
Tags: HMRC

HMRC says it’s one of the world’s most phished brands

Author: Mark Thomas
Date: 10th March 2016
Tags: HMRC

Look out for email invitations to claim refunds, etc. Thousands of taxpayers are targeted by fraudulent companies or individuals, who use bogus emails and links to try and access tax records.

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Author: Mark Thomas
Date: 9th March 2016
Tags: HMRCTax

What is the worst HMRC can do if you pay late?

Author: Mark Thomas
Date: 9th March 2016
Tags: HMRCTax

Tough penalties apply for both late returns AND late payment. Anyone who has been asked by HMRC to complete a self-assessment tax return for 2014/15 faces an automatic penalty of £100 if they didn’t submit it by midnight on 31 January 2016. They face further penalties if they didn’t pay what they owed by the same date.

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Author: Steve Wright
Date: 8th March 2016
Tags: Employers

Are you ready for the new National Living Wage?

Author: Steve Wright
Date: 8th March 2016
Tags: Employers

Steve Wright of Twyford HR gives you the details you need. In April, the Government’s National Living Wage will become law. Anyone aged 25 or over is entitled to be paid a minimum of £7.20 per hour, unless they are in the first year of an apprenticeship.

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Author: Alix Passey Brown
Date: 23rd December 2015
Tags: Pensions

People’s Pension providers are now charging: Why you should act quickly

Author: Alix Passey Brown
Date: 23rd December 2015
Tags: Pensions

On 18th November, I received an email from B&CE, the people behind the People’s Pension. It launched a new service, and stated that unless you completed the sign up of a new scheme by 5pm on Friday 20th November, you would be charged £500 as an employer for so doing. Luckily, I’d found out before and ended up setting up no less than 19 schemes in less than a week!

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Author: Mark Thomas
Date: 23rd December 2015
Tags: TaxCompany Car Tax

Good news for VW drivers: No backdated tax bills due to erroneous data

Author: Mark Thomas
Date: 23rd December 2015
Tags: TaxCompany Car Tax

You will remember that VW revealed that it had fitted around 11 million cars worldwide with a so-called defeat device, which tells the car’s computer how the engine is running and adjusts its performance to reduce emissions during official testing.

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Author: Mark Witt
Date: 23rd December 2015
Tags: CashTaxInterest Rates

Cash reserves, interest rates and taxation: Hold enough for business purposes but not too much

Author: Mark Witt
Date: 23rd December 2015
Tags: CashTaxInterest Rates

Whilst many business owners will recognise the importance of holding adequate cash reserves in a business, especially following difficult economic conditions such as those after the 2008 Financial Crisis, it is vital that they also recognise the potential issues with holding too much cash within a company.

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Author: Mark Thomas
Date: 23rd December 2015
Tags: TaxCapital Gains Tax

The latest on Private Residence Relief: Recent judgment yields tips for qualifying

Author: Mark Thomas
Date: 23rd December 2015
Tags: TaxCapital Gains Tax

Richard Dutton-Forshaw v HMRC TC4644 (RDF v HMRC) involved a dispute over whether or not a property qualified for private residence relief (PRR) on capital gains tax (CGT).

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Author: Mark Thomas
Date: 6th October 2015
Tags: Employers

Employing illegal workers

Author: Mark Thomas
Date: 6th October 2015
Tags: Employers

You can be fined up to £20,000 per person for employing illegal workers. Illegal workers include students with expired visas, or students working more hours than they’re allowed to, or people who work on a visitor’s visa.

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Author: Mark Thomas
Date: 6th October 2015
Tags: HMRC

When does your hobby become a business?

Author: Mark Thomas
Date: 6th October 2015
Tags: HMRC

Whatever the activity, if it makes you a financial profit, HMRC will be interested, says Mark Thomas. HMRC are using new powers to force online marketplaces such as eBay, Etsy, Amazon and Gumtree to hand over customer account details, including their sales activity. This information gathering has enabled the taxman to target at least 14,000 individuals it suspects of failing to declare profits on their self-assessment tax returns.

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Author: Mark Thomas
Date: 6th October 2015
Tags: VAT

The Flat Rate Scheme

Author: Mark Thomas
Date: 6th October 2015
Tags: VAT

It may not be simple, but it could save you VAT, says Mark Thomas. HMRC advertises its VAT flat rate scheme (FRS) as a means by which you can make your record keeping more straightforward (as well as simplifying its own administration). What it does not tell you is that there are quite a few complex rules to contend with. Is it worth signing up to or not?

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Author: Alix Passey Brown
Date: 5th October 2015
Tags: Employers

The Cost of Employee Relations

Author: Alix Passey Brown
Date: 5th October 2015
Tags: Employers

Whether it’s equality cases or employment tribunals, we can help, says Alix Passey Brown of Twyford HR Ltd. Since the Equality Act 2010 took effect, the issues around gender, sexism and gender reassignment haven’t been nearly as much trouble as the ‘religion or belief’ issue, but where do you draw the line between having a bit of a laugh in the office or workshop and causing someone serious offence?

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Author: Mark Thomas
Date: 22nd September 2014
Tags: Client Area

Instant, free of charge & totally secure

Author: Mark Thomas
Date: 22nd September 2014
Tags: Client Area

The relationship between a business and its accountant involves a lot of sharing of confidential documents. There is no getting round this – it is a legal requirement – but it can become a headache.

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Author: Mark Thomas
Date: 3rd August 2014
Tags: No tags

Tax Credits renewal 2014

Author: Mark Thomas
Date: 3rd August 2014
Tags: No tags

If you haven't yet submitted your annual Tax Credits renewal then HMRC have offered a short extension to the submission deadline for some applicants but you need to act now.

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Author: Mark Thomas
Date: 14th April 2014
Tags: Employers

Employers PAYE due for M/E 05/04/14

Author: Mark Thomas
Date: 14th April 2014
Tags: Employers

Employers - due to the Easter bank holiday weekend, the payment date for the HMRC remittance due for the month ended 05/04/14 is earlier than usual.

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Author: Mark Thomas
Date: 2nd April 2014
Tags: NewsletterRTITax

Newsletter Spring 2014

Author: Mark Thomas
Date: 2nd April 2014
Tags: NewsletterRTITax

Please have a look at our latest newsletter which covers issues such as the new employment allowance, high income child benefit charge, RTI, P11d's, HR and workplace pensions

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Author: Mark Thomas
Date: 1st April 2014
Tags: No tags

Employers and Auto Enrolment

Author: Mark Thomas
Date: 1st April 2014
Tags: No tags

If you are an employer then you need to be aware of auto enrolment and what it means to you.There has been a strong media campaign to try to educate everyone about this subject. With the catch line "We're all in", it is quite possible that you have heard about it but you are not entirely sure what it means. Hopefully this article with help you begin to understand.

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Author: Mark Thomas
Date: 1st April 2014
Tags: RTI

Real Time Information (RTI) penalty update

Author: Mark Thomas
Date: 1st April 2014
Tags: RTI

With RTI now approaching the end of the first full year in operation, HMRC have acknowledged again that it has not gone as smoothly as hoped for some employers and re-reviewed the penalty position.

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Author: Mark Witt
Date: 12th March 2014
Tags: Equine

Equine, but not equitable

Author: Mark Witt
Date: 12th March 2014
Tags: Equine

Miscellaneous income: HMRC now targeting directors’ personal liability. In cases where sponsorship payments have been made by companies to events or teams connected with or run by the directors, it’s becoming increasingly common for HMRC to abandon its enquiries into the company accounts and try an alternative method of recovering its estimated loss of tax.

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Author: Mark Thomas
Date: 7th March 2014
Tags: Tax

Directors Pre Tax Year End Review

Author: Mark Thomas
Date: 7th March 2014
Tags: Tax

As the end of the Tax year approaches, it is worth all Directors reviewing their Tax position before 5th April 2014 to ensure that they have maximised their allowances.

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Author: Mark Thomas
Date: 7th March 2014
Tags: RTI

Employers end of Tax year issues

Author: Mark Thomas
Date: 7th March 2014
Tags: RTI

With RTI now in operation, an employers end of year Return form P35 is no longer needed. However, the final RTI submission due to HMRC by 19th April 2014 will include additional information normally reported upon the form P35.

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Author: Mark Thomas
Date: 6th March 2014
Tags: No tags

£2000 NIC Employment Allowance

Author: Mark Thomas
Date: 6th March 2014
Tags: No tags

Further to our earlier article, HMRC have now confirmed the availability of this employment allowance.

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Author: Mark Thomas
Date: 29th December 2013
Tags: No tags

IR35 and the false self-employment test

Author: Mark Thomas
Date: 29th December 2013
Tags: No tags

Any contractors working via their own Limited Companies will be familiar with IR35. However, proposed legislation has the potential to change the situation quite dramatically.

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Author: Mark Thomas
Date: 29th December 2013
Tags: No tags

HMRC email scam

Author: Mark Thomas
Date: 29th December 2013
Tags: No tags

HMRC have recently issued a warning about the latest email scam in circulation.

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Author: Mark Thomas
Date: 18th October 2013
Tags: No tags

PAYE: £2000 NIC Employment Allowance

Author: Mark Thomas
Date: 18th October 2013
Tags: No tags

The employers NIC allowance has now moved a step closer to becoming law but what does this mean to employers?

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Author: Mark Thomas
Date: 23rd July 2013
Tags: No tags

HMRC: Fraudulent emails

Author: Mark Thomas
Date: 23rd July 2013
Tags: No tags

It has come to our attention that fraudulent emails are in circulation relating to the online submission of VAT Returns but even if you are not VAT registered this could still affect you. Please see more below.

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Author: Mark Thomas
Date: 15th July 2013
Tags: No tags

Outstanding Tax Returns?  There is a new HMRC settlement deal available.

Author: Mark Thomas
Date: 15th July 2013
Tags: No tags

Have HMRC issued with a new Tax Return which is still outstanding? Well, HMRC have recently announced a new deal to encourage anyone to come forward to get their affairs in order.

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Author: Mark Thomas
Date: 1st July 2013
Tags: No tags

PAYE: P11d

Author: Mark Thomas
Date: 1st July 2013
Tags: No tags

Are you an employer that provides benefits to any of its employers? If you are then you need to make sure that forms P11d are submitted to HMRC by 6th July 2013. Read more ....

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Author: Mark Thomas
Date: 12th June 2013
Tags: RTI

PAYE: RTI latest

Author: Mark Thomas
Date: 12th June 2013
Tags: RTI

HMRCs light touch approach has been extended

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Author: Mark Thomas
Date: 3rd June 2013
Tags: No tags

Director Loan Accounts

Author: Mark Thomas
Date: 3rd June 2013
Tags: No tags

HMRC are clamping down on overdrawn Director loan account balances.

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Author: Mark Thomas
Date: 24th May 2013
Tags: No tags

PAYE: RTI update

Author: Mark Thomas
Date: 24th May 2013
Tags: No tags

PAYE Real Time Information (RTI) is now with us but, if you are still a little unclear about it, here's a reminder.

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Author: Mark Thomas
Date: 5th November 2012
Tags: No tags

2012 Self Assessment Deadline

Author: Mark Thomas
Date: 5th November 2012
Tags: No tags

Now is the time to prepare your 2012 Tax Return. Failure to submit the form by 31st January 2013 will result in a financial penalty. Don’t risk a penalty; get your Return prepared now.

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Author: Mark Thomas
Date: 1st November 2012
Tags: RTI

PAYE: Real Time Information (RTI)

Author: Mark Thomas
Date: 1st November 2012
Tags: RTI

If you are an employer, you may have already received correspondence from HMRC regarding the changes to the way that PAYE is to be reported to them from April next year. Therefore you will need to look at the options in the very near future to make sure that you are ready to operate RTI by next April.

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