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Latest News

Increase in deductions for pensions means fall in take home pay for many

Millions of workers who are auto-enrolled into pensions will see deductions from wages triple when they receive their April wage slip, says Rebecca Goldring, a tax manager at leading accounting, tax and advisory practice Blick Rothenberg. “On April 6 a relatively modest 0.8% deduction from workers’ pay packets into their auto-enrolment pensions increased to 2.4%, with an additional rise to

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Changes to HMRC’s tax anti-abuse guidance

HMRC have published updated general anti-abuse rule (GAAR) guidance, effective from 28 March 2018. HMRC’s GAAR guidance is for use to assist in recognising abusive tax arrangements and the process for counteracting them. Part A sets out the purpose and status of the guidance; Part B provides a summary of what the GAAR is designed to achieve and how it

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Employers need to provide details for all Benefits in Kind

New rules for Optional Remuneration Arrangements came into effect on 6 April. Employers now need to report all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs), to HMRC on form P11D from 6 April 2018, unless they are registered to voluntarily payroll benefits. OpRAs are where an employee gives up the right to an amount of earnings

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Recruitment firm to face court for illegally opting staff out of pensions

The Pensions Regulator (TPR) is to prosecute a national recruitment firm, its directors and some of its senior staff on the suspicion that they illegally opted employees out of their pension scheme. Workchain Ltd (formerly known as Smart Recruitment UK Ltd) is accused of logging into its workplace pension scheme’s online system using employees’ personal details, to terminate their membership

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VAT ruling on Nesquik leaves sour taste for Nestlé

Confectionery giant Nestlé has lost its appeal to the Upper Tribunal over the VAT rating of its milkshake powders, which leaves it facing a £4m tax bill for the strawberry and banana flavours, which are standard rated, but not the chocolate version which is zero rated for VAT The Tribunal found in favour of HMRC on the grounds that the

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Adjustments to UK tax reliefs for Scottish tax regime

With just days to go until Scotland’s devolved tax rates come into effect, HMRC has published a notice of how five UK tax reliefs will continue to work as they were intended when Scottish rate of income tax (SRIT) and bands change in April 2018. This is required because of the new discrepancies between SRIT and the rest of the UK.

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Laws to protect company directors from identity fraud

The government is to introduce new laws to help protect company directors from identity fraud and personal harm by allowing them to remove their personal address from the company register at Companies House. This comes in response to reports that fraudsters are using this publicly available information to pose as company directors to buy products online. There are also concerns

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HMRC guidance: Genuine HMRC contact and recognising phishing emails

The new guidance explains how to recognise when a contact from HMRC is genuine and how to recognise phishing or bogus emails and text messages. It has been updated to add new sections at 1.1 Annual Tax Summary and 1.2 and 1.3 on National Minimum Wage. HMRC will be sending emails advising customers that their annual tax summary for 2016-17

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Two-thirds of UK firms lack post-Brexit VAT strategy

Businesses are failing to prepare for the impact exit from the EU will have on their tax affairs, according to research by BDO, which found that 65% of UK companies lack a formal VAT strategy, leaving many looking for professional help in determining the best approach going forward. The firm’s poll of some 900 businesses across nine countries also revealed

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