Tax and the gig economy

Technological advancements have meant we have more options when it comes to where and when we work and our attitudes towards our working lives has contributed to a growth in the  ‘gig economy’. Gone are the days of a ‘job for life’ and the expectation that we will retire in the same job or even industry that we started in. Those … Read More

New Partnership Tax Rules

From 6 April 2014, the rules governing the taxation of partnerships will change significantly and could affect a large number of people working under such arrangements. The two main areas of focus are: Limited Liability Partnerships From 6 April 2014, the automatic presumption of self-employment will be removed for partners of LLPs. The salaried member legislation is being amended so … Read More

Statutory Residence Tests – the new rules

Statutory Residence Tests – the new rules From 6 April 2013 the rules determining if someone is resident in the UK for tax purposes have been put on a statutory basis known as the Statutory Residence Test (SRT). The SRT is used to determine an individual’s status for income tax, capital gains tax and inheritance tax but not national insurance. … Read More

How to avoid a fake accountant

Accountants are all the same, right? Wrong. Just about anyone who deals with numbers could call themselves an accountant. They don’t have to be trained or qualified in anything or be subject to monitoring from any recognised professional body. Being ‘chartered’ means someone is professionally qualified and includes not only accountants but also surveyors and engineers. Chartered professionals have had … Read More

HMRC crackdowns hit SMEs the hardest

Compliance investigations undertaken by HMRC into the SME sector netted £565m in penalties and fines for the 2012/13 tax year. This haul represents an increase of 13% on the prevous year as HMRC continues its onslaught on the corporate sector, desperate to hit government-imposed tax recovery targets. The SME sector is being seen as ‘easy pickings’ in respect of tax investigations … Read More

Salary sacrifice – are you missing out on tax breaks?

Recent findings suggest that millions of taxpayers are missing out on tax savings as they’re unaware of their entitlement to ‘salary sacrifice schemes’. What is it? Salary sacrifice happens when an employee gives up the right to part of their salary or bonus due under their employment contract. A non-cash equivalent is taken instead and the act of doing so … Read More

Curo Chartered Accountants grows by five new recruits

Worcestershire-based Curo Chartered Accountants continues to grow at a rapid pace and has recently added five new recruits to its award-winning practice. The team is now strengthened by further experienced technical staff for both the audit and taxation offerings. Says Partner Anna Madden “We’ve been fortunate to recruit some excellent regional talent, including another ex ‘Big 4’ auditor and a … Read More

NIC ‘Holiday Scheme’ comes to an end

Back in the summer of 2010, the government launched the ‘National Insurance Holiday Scheme’, providing relief for employers from NI on earnings paid on or after 6 September 2010 and on or before 5 September 2013. Employers could claim exemption from up to £5,000 of Class 1 employer’s NIC  for each of the first 10 employees hired in the first year … Read More

Act to retain your child benefit and child tax credits

For those still in receipt of child benefit and/or child tax credits, you may be at risk of losing these amounts unless you correctly notify HMRC of your child’s circumstances. Child benefit stops on the 31st August following a child’s 16th birthday unless they remain in education or training. The same applies to the child tax credit. However, the payments can only continue provided … Read More

Receive Child Benefit and earn more than £50k?

If your net adjusted income is more than £50,000 and you or your partner are in receipt of Child Benefit, you’ll need to register for Self Assessment before 5 October. The changes were introduced on Jan 7 2013 and from this date effectively remove Child Benefit completely from those with income in excess of £60,000 pa. Those with income between … Read More