The automatic enrolment scheme, devised to ensure people have a better chance at a comfortable retirement by saving into a workplace pension has seen great success, as the Pensions Regulator announce over two million people have opted in to automatic enrolment.
According to research carried out by the ACCA (Association of Chartered Certified Accountants), the majority of start-up SMEs (small to medium-sized enterprises) do not seek professional financial advice in favour of cutting costs and doing it themselves. However, in the midst of a turbulent economy, accountants can be the nurturers start-ups need to grow.
Self-Assessment (SA) is set to be transferred completely online in a bid to make the process easier for the individual, HM Revenue & Customs (HMRC) has announced. The paper to screen transformation will see online filers receive all official communications electronically, and as HMRC received 7.6 million digital SA submissions in 2011/12, which equates to … Continue reading
A friendly online reminder designed to help employers keep up to date with their Pay-As-You-Earn (PAYE) has been introduced by HM Revenue & Customs (HMRC). The electronic message informs the employer that they have not sent one or more of the Full Payment Submissions (FPS) that were expected for the last month. Acting as a … Continue reading
A third of a list of ‘sensitive’ start-up business names that otherwise would have been subject to approval before official registration has been cut by the Department for Business, Innovation and Skills (BIS). Businesses that want to use words such as ‘Authority’, ‘Board’, ‘European’, ‘Group’, ‘International’ and ‘National’ and their Welsh equivalents have now been … Continue reading
Effective immediately, HM Revenue & Customs (HMRC) have introduced a new rule in regards to directors’ loan accounts. Directors’ loan accounts allow a company director to withdraw money from their company in surplus of a salary or a dividend. The amount can be over any money the director has put in, however tax is accrued … Continue reading
Small and medium-sized enterprises (SMEs) featured heavily in Chancellor George Osborne’s Autumn Statement on December 5, namely the much welcomed announcement of a business rates cap and tailored tax reliefs to small firms. Subsequent to the statement, the £1 billion government funded Start-Up Loans scheme has received a further £250 million in funding in a … Continue reading