Bits For The Anoraks – New Accounting Standards

BITS FOR THE ANORAKS            – New Accounting Standards   Small and micro entity reporting The Financial Reporting Council (FRC) has issued amendments to UK accounting standards, ushering in a new financial reporting framework for small and micro entities. The changes will come into effect for accounting periods beginning on or after 1 January 2016.…

Holiday Pay

Holiday Entitlement for Employees It has become increasingly noticeable that we are getting more and more questions about holiday pay. Some people have got employment contracts which quite clearly state what the  entitlement is.  Others have what is known as the statutory entitlement laid down in law. Some people have fixed hours, some have flexible…

Auto Enrolment

Every employer is going to be affected by Auto Enrolment in some way. Be it the person who employs a personal carer at home to Companies who employ hundreds of people. Larger Companies will already be operating their auto enrolment pension schemes for their employees. Smaller employers are now starting to be affected. Each employer…

New Dividend Tax

Does this affect you? In the budget it was confirmed that tax on dividend income is changing. You may now be required to submit a Self-Assessment Tax Return even if you have not been required to do so in the past. Starting from 6th April 2016, only the first £5,000 of dividend income in each…

National Living Wage

From 1st April 2016 the new National Living Wage will come into force. All employees aged 25 or over (and not in the first year of an apprenticeship) will be legally entitled to at least £7.20 per hour. That’s a 50p increase from the National Minimum Wage. If you’re an employer, you’ll need to make…

P11D Penalty Letters

We have been made aware that HMRC have been sending out P11Db Interim Penalty Letters. We believe these have been sent out on mass. If you receive, or have received, a letter you will see that it does say that if the P11Ds were filed on time then you can ignore the letter. We would…

Job Vacancy – July 2015- Ended

JOB VACANCY – ACCOUNTANT   We are currently recruiting candidates to take on the role of Accountant. The main duties of the job will be: The preparation of accounts for sole traders, partnerships and limited companies. Assisting with the audits of various companies. Corporation Tax Returns Assisting with management accounts. VAT Returns   Ideally, due…

Benefits In Kind – P11D’s

Have you employed people during the 2014-2015 tax year? If you have and you provided any benefits whatsoever to any employee (whether they are a company director or not) then a Form P11D (or P9 if they earn less then £8,500) must be completed for every such person. This HMRC document contains examples of the…