Anderson Anderson & Brown LLP (AAB) are proud to be sponsoring the Scottish Oil Club in London throughout 2019 with their series of presentations by leading industry figures and networking evenings at The Geological Society on Piccadilly.
We’ve all done it, sat in conferences, listening to inspiring keynotes, making notes about things you know will change how you work, how happy and motivated your workforce will be, how much money you’ll make etc etc. Back at the office you tackle the email backlog – and all those thoughts, ideas, inspirations get displaced by the day to day, the mundane. In the last two weeks I’ve attended an event dubbed ‘Coachella for accountants’, another one which most certainly wasn’t, and an engaging food and drink event where the memorable line ‘Nothing tastes like a Scottish tomato’ was delivered. Plenty to take away from those events! But actually despite the very obvious differences there were common themes.
In the vast majority of businesses, employees will incur business costs themselves that they go on to claim back from their employer via an expense claim process. Whether the reimbursement is liable for income tax and National Insurance (NIC) should be considered prior to paying the sum to the individual to ensure the correct treatment is applied and that the business does not suffer penalties or HMRC review as a result of the incorrect treatment being used.
The Gender Pay Gap was a topic we heard plenty about in 2018 when over 10,500 companies publicly reported their figures for the first time. Whilst there were many facts found in these reports, overall they showed that, on average, a woman in the UK today is most likely working at a company which pays men more than women.
AAB’s Training Team have developed a course providing an overview of the direct and indirect tax considerations when trading overseas. The course will highlight opportunities and value adding actions as well as identify any traps and pitfalls when operating overseas. The course will cover the undernoted matters:
Budget 2018 delivered by Chancellor Philip Hammond confirmed some significant changes to the taxation of property disposals by individuals. In essence, there will be additional reporting requirements out with the usual Self Assessment tax return and further restrictions are to be imposed on the availability of Capital Gains Tax (CGT) reliefs. A summary of the proposals are below.
Over the past few years, the shift towards practices now maintaining their financials on a cloud-based accounting platform has been evident, with many accountants demonstrating the significant benefits to be achieved by the efficiencies of practices automating their basic bookkeeping processes. The ability to produce regular detailed reports to deliver key financial indicators of the practice has meant principals have meaningful real-time financials that can help them assess and benchmark their practice’s performance. With technology in both the dental and cloud accounting sectors advancing at faster pace now than ever before, what further benefits can cloud accounting hold.
Where an employer reimburses employees set amounts of cash to pay for business expenses like travel and meals, these are known as scale rate payments. HMRC publish advisory benchmark scale rate payments that can be paid in relation to qualifying travel, tax and NI free, without the requirement to produce receipts. The employer can pay less than these rates if they wish if they pay more, without agreeing a higher bespoke rate with HMRC, the excess is subject to tax and NI.