There are changes afoot to payroll reporting, as announced by HMRC these come into effect in April 2026 and could result in employers needing to change their current payroll and HR systems to comply with the new payroll regulation. The changes to payroll processing will allow HMRC to improve the data it can collect from its customers' payroll. These suggested changes to payroll systems are expected to ensure that employers record the hours employees worked and the payments made in their real-time information PAYE Returns.

Making Tax Digital (MTD), the initiative from HMRC that aims to digitise the tax system was set to be mandatory for Income Tax from April 2024, but recent announcements  show that it will be postponed until April 2026.

Making Tax Digital, the initiative from HMRC that aims to digitise the tax system was set to be mandatory for Income Tax from April 2024, but recent announcements mean that it will be postponed until April 2026.

The Employment Allowance has risen from £4,000 to £5,000. This means that businesses and charities whose NIC liabilities were under £100,000 will be able to claim up to £5,000 off their employer National Insurance Contributions (NICs) bill.

The Employment Allowance has risen from £4,000 to £5,000. This means that businesses and charities whose NIC liabilities were under £100,000 will be able to claim up to £5,000 off their employer National Insurance Contributions (NICs) bill.

Are you looking to outsource your payroll to our expert payroll accountants? Our Isle of Wight payroll service team can run your business' payroll for you. 

Are you looking to outsource your payroll to our expert payroll accountants? Our Isle of Wight payroll service team can run your business' payroll for you. 

What can businesses cheer about from the October 2021 budget? The Chancellor’s speech to parliament on 27 October was a very small yet mixed bag of announcements.

The temporary reduced rate of VAT (5%), introduced in July 2020 to assist qualifying hospitality trades disrupted by COVID lockdown measures, was increased to 12.5% on 1 October 2021. Based on present information, from 1 April 2022, this 12.5% rate will revert to the 20% standard rate.

HMRC is warning university students taking part-time jobs are at increased risk of falling victim to scams.

One (potentially large) benefit of Brexit is that from 1st January 2021 residents of England, Scotland and Wales shopping in the EU (or Northern Ireland) are eligible to shop tax-free on certain goods as a private consumer.

HMRC is encouraging married couples and people in civil partnerships to sign up for a tax break this year.

Those who have still not submitted all of their self-assessment filing information will need to complete their 2019-20 tax return as soon as possible as the 31 January 2021 moves closer.
 

With the nationwide lockdown coming to an end and tiers being re-introduced there are a lot of changes happening which may distract you from upcoming business support deadlines such as the CJRS Claims Deadline.

The Isle Of Wight team managed to raise a fantastic £500 during their Macmillan Virtual Coffee Morning Fundraiser. 

On Friday 9 October, the Chancellor, Rishi Sunak announced an extension to the Job Support Scheme (JSS). The expanded scheme will include additional support for employees of businesses that are forced to close because of local or national lockdown measures. 

If you need evidence of employment for a claim, the following notes published by HMRC may help. 

Applications for the RDPE growth programme are now open! The RDPE scheme helps fund projects, which create jobs and growth in the rural economy in England. 
 

The government has started a consultation to transform support for sick and disabled staff and remove barriers for employees.

In a bid to accommodate yet more electric vehicles on our roads, the government has launched a consultation aimed at increasing the number of homes with electric car charge-points.

HMRC have recently confirmed they are going ahead with higher VAT rates for installations of a number of renewable and sustainable energy sources, including biomass boilers and solar panels.

If you are an employer, you have a statutory duty to provide your employees with a copy of their P60 (pay and tax details for 2018-19) on or before the end of May 2019.

HMRC has confirmed a new policy that VAT will remain due on a deposit, even if the customer does not use the goods or services for which it was paid – this comes into effect from March 1 2019. This change will affect the hospitality industry significantly (but it will also apply to other businesses), which will soon be unable to recover VAT charged on cancelations or ‘no show’ charges.
 

HMRC has confirmed a new policy that VAT will remain due on a deposit, even if the customer does not use the goods or services for which it was paid – this comes into effect from March 1 2019. This change will affect the hospitality industry significantly (but it will also apply to other businesses), which will soon be unable to recover VAT charged on cancelations or ‘no show’ charges.
 

HMRC has confirmed a new policy that VAT will remain due on a deposit, even if the customer does not use the goods or services for which it was paid – this comes into effect from March 1 2019. This change will affect the hospitality industry significantly (but it will also apply to other businesses), which will soon be unable to recover VAT charged on cancelations or ‘no show’ charges.

From April 2019, minimum pay rates will increase as set out below.

From April 2019, minimum pay rates will increase as set out below.

In the UK, there are around 1.4 million businesses that employ staff to run payroll in house. 

In the UK, there are around 1.4 million businesses that employ staff to run payroll in house. 

In the UK, there are around 1.4 million businesses that employ staff to run payroll in house. 

From 2016/17 onwards farmers now have the option to smooth out their profits over two or five tax years as the result of a change in Finance Act 2016.

Farmers’ and market gardeners’ profits often fluctuate wildly from one year to the next and the tax rules for many years have allowed them to average their profits in order to smooth out those fluctuations. 

From 2016/17 onwards farmers now have the option to smooth out their profits over two or five tax years as the result of a change in Finance Act 2016.

Farmers’ and market gardeners’ profits often fluctuate wildly from one year to the next and the tax rules for many years have allowed them to average their profits in order to smooth out those fluctuations. 

A recent resurgence in firewood and timber prices combined with strong returns for investors is leading to heightened interest in UK woodland and forestry, leaving many investors wondering if money really does grow on trees....

A recent resurgence in firewood and timber prices combined with strong returns for investors is leading to heightened interest in UK woodland and forestry, leaving many investors wondering if money really does grow on trees....

The buy-to-let market has been dominated by investors seeking a property pension, according to new research.

The buy-to-let market has been dominated by investors seeking a property pension, according to new research.

Microsoft are currently being criticised due to the forcefulness in recommended users to upgrade to Windows 10.

Microsoft are currently being criticised due to the forcefulness in recommended users to upgrade to Windows 10.