In July 2017, PAYE tax codes became more refined. Under the new system, known as dynamic coding, HMRC issues an updated tax code once they become aware of a change that will affect the tax an employee pays, such as a new benefit in kind.
For any business importing or exporting, dealing in foreign currencies is an unavoidable prerequisite. Despite this, we are continuing to hear of companies blaming unforeseen movements in the currency markets as a key driver for poor performance.
You must submit to HMRC the details of staff pay and deductions on or before the day the payment is made to the employee. This is done by submitting a FPS.
Most employers have now reached their staging date for auto-enrolment and should be complying with their workplace pension duties.
The patent box regime in affect applies a reduced rate of corporation tax to profits attributable to qualifying patents and similar intellectual property (IP). Unincorporated businesses can’t qualify for the patent box.
Every year, thousands of hard working individuals finally take the plunge and purchase their dream holiday property. The end goal is to be sitting with a cold drink in the sunshine around the pool, but the process leading up to that point is far from plain sailing.