Universally launched last month after a gradual rollout which started in April 2017, the Tax Free Childcare scheme is now available to all families with children who are 12 years old or younger. The provision of child care is a complex area and, in this article, we explain the various and different overlapping schemes. In […]
Managing your profit and loss account can be a complicated job. Many SMEs sometimes miss the importance of reviewing their profit and loss accounts regularly. Looking in detail at your costs annually can certainly help you see the bigger picture. We would advise that you focus on reviewing profit and loss monthly, or at least, […]
Vehicle expenses VAT is an area we’re asked a lot of questions about. It’s been no secret that, for the last decade or more, the government have been discouraging the use of company cars through increasingly punitive taxation. Coming in April, there are significant rises coming for users of employer-provider cars and a large rise […]
One of Weybridge’s leading accountancy firms, TWP, is reminding businesses that their contributions to their staff’s workplace pension schemes will rise in April this year. All companies will now have reached their staging date for enrolling staff into a workplace pension as the final deadline for existing businesses passed on 1 February 2018. This means […]
Following concerns raised regarding high-cost credit across the UK, the financial watchdog may propose new rules to protect consumers, calling the current market situation an “emerging picture of the case for intervention.” In addition, they may look into solutions involving high-cost credit alternatives, in an effort to curb extortionate lenders without cutting off access to […]
By 1 February 2018, all employers must have a workplace pension plan in place under the Government’s automatic enrolment scheme. Launched back in October 2012, auto-enrolment has seen millions of workers across the UK enrolled into workplace pension schemes. The final deadline this month applies to all new employers who have PAYE first payable between […]
With high levels of uncertainty as a result of Brexit and fluctuating markets, many will have started 2018 wondering where is the best place to put their money to make the greatest return. In 2017, we saw the first base rate rise in more than a decade, rising from the historically low rate of 0.25 […]
A new study has found that retirement income levels in the UK have hit their highest peak since the financial crisis. A new study by insurance and pension provider, Prudential, has found that those planning to retire in 2018 are predicted to live on an average annual income of £19,900, compared to an income of […]
On 5 April 2018, each individual’s annual allowance for ISA and pension savings runs out, so it is important that they plan ahead and make the most of the opportunities on offer to them. In most cases, people will have an annual pension allowance of £40,000 a year, over which they will start paying tax […]
Derek Mackay, Scottish Finance Secretary, has made a change to the proposed Scottish income tax bands for 2018/19 which he announced in December 2017 in the Scottish Draft Budget. The change is being made to ‘remove an anomaly that meant some higher rate taxpayers saw their bills fall while others on slightly lower incomes saw […]
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