Strong Customer Authentication – what you need to know.

If you sell through the internet, your small business must introduce Strong Customer Authentication requirements by 14 March 2021. What is SCA and how will it affect your small business? Background to SCA and PSD2 The new EU Payments Services Directive (PSD2) came into effect in January 2018, bringing in new laws aimed at enhancing…

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How to choose the right accountant for your business

Introduction Accountants provide small businesses with a range of services, including book-keeping, preparing financial statements, calculating tax and advice on minimising tax and other costs. Your accountant is likely to be your most trusted business adviser, so it is worth taking the trouble to make the right decision when choosing which accountant or accountancy practice…

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IR35: how to prepare for April 2020

HMRC recently published guidance on the new IR35 rules from April 2020 but there was nothing practical in that guidance on how to deal, for payroll purposes, with payments to contractors where they are deemed employees. To prepare for the new regime its important that engagers that contract directly with contractors’ intermediary entities (eg personal…

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Why every business should consider a subscription model

With the right insight and metrics, subscriptions offer a great way to build a reliable business and a  predictable revenue stream. Subscription based models are something every business should consider as part of their business model. They are a great way to maximise the value you get from each hard earned customer – and the…

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Off-payroll working rules from April 2020

The off-payroll working reforms were brought in for the public sector from 6 April 2017 and will be extended to the private sector from 6 April 2020. However, the new rules as proposed in Finance Bill 2019/20 will apply to all engaging organisations in the public sector, but only to medium and large-sized engaging businesses…

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What is a P800 tax calculation?

A P800 tax calculation is issued if, according to HMRC’s information, the taxpayer has underpaid or overpaid tax. The first wave of these annual tax reconciliations for 2018/19 started to land on doormats on 17 June 2019. Who gets a P800? Following the end of the tax year, HMRC carries out a reconciliation for anyone…

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How Class 1 National Insurance is calculated for directors

Special rules apply for directors for class 1 national insurance contributions (NIC). All directors, regardless of their actual pay interval, have an annual earnings period. This means that the class 1 contributions for the year are calculated by reference to the annual NIC thresholds, rather than by reference to those for the pay interval. A…

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Changes to form P11D reporting

P11D dispensation agreements were abolished for the 2016/17 tax year onwards and replaced by a general expense exemption meaning reduced reporting requirements for those employers that previously did not hold a P11D dispensation. Understanding and abiding by the revised rules in these situations is important, to ensure ongoing compliance and avoid penalty. A dispensation previously removed the…

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