News & Information


New UK GAAP – Dramatic Changes Ahead

The form and content of company accounts are changing for accounting periods beginning on or after 1st January 2015. In most instances companies will show a different bottom-line profit or loss and a different total for net assets on the balance sheet total. Very often these changes will also lead to a higher or lower tax bill.

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1. National Minimum Wage (NMW) increase

Please note that as from 1 October 2014 the NMW increases to :

Over 21 - £6.50
18 - 20 - £5.13
16 - 17 - £3.79
Apprentice - £2.73

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Budget/Finance Bill 2014

As I am sure you are aware, George Osborne’s fifth Budget speech took place on 19 March 2014. As with all Budgets in recent times there has already been much media coverage of the speech and various announcements made. In addition, much of the Finance Bill content was released for consultation in December 2013 and some of the Budget content has been “leaked” over recent weeks, although this year there were certainly some surprises.

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Newsletter 3: March 2014

This newsletter covers the following subjects :

  • Employment issues
  • Pensions
  • Self employment issues
  • Taxation of Partnerships
  • Changes to VAT
  • Other points

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Business Record Checks and other topics...

This newsletter covers the following subjects:

  • Business record checks
  • Child benefit changes
  • Self employed subsistence
  • Self employed travel

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In order to implement the new Universal Credit (which is due to replace the numerous state benefits in October 2013) HMRC need to collect more information, more regularly, regarding people's income. They are going to do this via the new RTI system which comes into effect from 6 April 2013.

RTI is a new system for reporting pay, tax, national insurance and other details to HMRC. Rather than collect these details at the end of the tax year HMRC will collect this information each time a payment is made to an employee. P11D's and P60's are still required.

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