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All news by: Sue Lucas

WHAT IS IR35 AND WHAT DOES IT MEAN?

From 6 April 2021, important changes to the IR35 rules will begin to apply to medium and large private sector organisations. IR35 are the rules concerning “off-payroll workers” – i.e. individuals who work for a company via their own ‘personal service company’.

EXTENSION AND CHANGES TO THE CORONAVIRUS JOB RETENTION SCHEME (CJRS)

The Coronavirus Job Retention Scheme (CJRS) has now been extended until the end of September 2021.   From now until June 2021 the government continue to pay 80% of a furloughed employees wages for hours not worked up to a cap of £2,500.

DATA PRIVACY DAY - CCH ONECLICK, OUR SECURE WORKSPACE

Today, January 28th is known as Data Privacy Day. Many people are unaware and misinformed about how their personal information is being used, shared or collected, particularly online. Data Privacy Day helps to raise awareness about securing the most critical and sensitive data.

New national lockdown and changes to business support measures

New national lockdown and changes to business support measures

83% of Owner Managed Businesses think tax increases should be delayed until recovery well underway

•    Early tax rises would hit business and consumer sentiment •    Businesses also want assistance targeted at those that need it – more means checking and anti-fraud checks  

Furlough take up is higher in low income areas

Furlough has successfully targeted lower income areas of the UK according to analysis of take up of the Government's job retention scheme.

Furlough Scheme extended until October 2020

Yesterday, the Chancellor, Rishi Sunak announced significant changes to the Coronavirus Job Retention Scheme, now commonly referred to as the furlough scheme.

Furlough Scheme extended until October 2020

Yesterday, the Chancellor, Rishi Sunak announced significant changes to the Coronavirus Job Retention Scheme, now commonly referred to as the furlough scheme.

Applications open for Bounce Back Loan Scheme

From 9am this morning, small business owners can apply for the Bounce Back Loan Scheme, by filling out a simple online form, with only seven questions.

Applications open for Bounce Back Loan Scheme

From 9am this morning, small business owners can apply for the Bounce Back Loan Scheme, by filling out a simple online form, with only seven questions.

THE PORTAL FOR FURLOUGHING WORKERS OPENS ON 20TH April 2020

HMRC will launch their Coronavirus Job Retention Scheme (CJRS) portal on the week commencing 20th April. HMRC Chief Executive Jim Harra accompanied this announcement with the following details for tax agents: 

THE PORTAL FOR FURLOUGHING WORKERS OPENS ON 20TH April 2020

HMRC will launch their Coronavirus Job Retention Scheme (CJRS) portal on the week commencing 20th April. HMRC Chief Executive Jim Harra accompanied this announcement with the following details for tax agents: 

Protecting cash flow - tax payments

It is unlikely that our businesses will be unaffected by the inevitable slow-down in economic activity as the Coronavirus outbreak starts to bite.

Protecting cash flow - tax payments

It is unlikely that our businesses will be unaffected by the inevitable slow-down in economic activity as the Coronavirus outbreak starts to bite.

Coronavirus; an update from Moore South

In view of the daily changing world resulting from the Coronavirus (COVID-19) pandemic, we would like to wish you well and update you on how we are attempting to minimise disruption to the services we provide.

Coronavirus; an update from Moore South

In view of the daily changing world resulting from the Coronavirus (COVID-19) pandemic, we would like to wish you well and update you on how we are attempting to minimise disruption to the services we provide.

Loans to directors and staff

If a company makes loans to its employees (including directors) there may be tax consequences. The same may also apply to loans extended to their family members.

Invoice discounting with larger customers

Suppliers who sell goods and services to larger concerns often find that the terms of their supply, limits or bans the process of factoring the debts to release funds into cash flow.  

Invoice discounting with larger customers

Suppliers who sell goods and services to larger concerns often find that the terms of their supply, limits or bans the process of factoring the debts to release funds into cash flow.  

A real world cyber security attack and what your business can learn from it

Despite having secure alpha numeric passwords for their servers, hackers managed to gain access overnight to a clients servers. No data was stolen, instead the hackers installed ‘ransomwear’ onto the servers (this encrypts all the data contained on them).

A real world cyber security attack and what your business can learn from it

Despite having secure alpha numeric passwords for their servers, hackers managed to gain access overnight to a clients servers. No data was stolen, instead the hackers installed ‘ransomwear’ onto the servers (this encrypts all the data contained on them).

Self employed tax bills

Whether you pay income tax or National Insurance, the effect on your cash flow is the same.

Self employed tax bills

Whether you pay income tax or National Insurance, the effect on your cash flow is the same.

Employees' holiday entitlement

The following definitions should help to clarify employee and employer rights and responsibilities regarding entitlement to holiday pay.

Employees' holiday entitlement

The following definitions should help to clarify employee and employer rights and responsibilities regarding entitlement to holiday pay.

How long should you keep your records?

If you are self-employed, and obliged to submit a self-assessment tax return, you must keep your tax records for at least five years after the 31 January submission deadline of the relevant tax year.

How long should you keep your records?

If you are self-employed, and obliged to submit a self-assessment tax return, you must keep your tax records for at least five years after the 31 January submission deadline of the relevant tax year.

Moore economic update for OMB'S

Moore Chartered Accountants and Business Advisers would be delighted if you could accompany us at an evening event, in collaboration with Barclays at the Harbour Hotel in Southampton on Wednesday 25th April, 4pm - 7pm.   

Moore economic update for OMB'S

Moore Chartered Accountants and Business Advisers would be delighted if you could accompany us at an evening event, in collaboration with Barclays at the Harbour Hotel in Southampton on Wednesday 25th April, 4pm - 7pm.   

Tax Diary April

1 April 2018 - Due date for corporation tax due for the year ended 30 June 2017.

Tax Diary April

1 April 2018 - Due date for corporation tax due for the year ended 30 June 2017.

94% of OMBs say Government is ignoring them on Brexit

94% of OMBs say that the Government is ignoring their concerns on Brexit, shows new research from our 5th annual Owner Managed Business report, entitled "Powered by people and technology in 2018: the owner managed business view". Of the 653 owner managed businesses surveyed, only 41 say that they think the Government is listening to their views on Brexit.

94% of OMBs say Government is ignoring them on Brexit

94% of OMBs say that the Government is ignoring their concerns on Brexit, shows new research from our 5th annual Owner Managed Business report, entitled "Powered by people and technology in 2018: the owner managed business view". Of the 653 owner managed businesses surveyed, only 41 say that they think the Government is listening to their views on Brexit.

Tax Diary March

1 March 2018 - Due date for corporation tax due for the year ended 31 May 2017.  

Tax Diary March

1 March 2018 - Due date for corporation tax due for the year ended 31 May 2017.  

What is the Criminal Finances Act 2017?

In the past, the directors of larger organisations have been able to avoid personal responsibility for the tax evasion acts of their employees and other associates if they can plead ignorance of the act.

What is the Criminal Finances Act 2017?

In the past, the directors of larger organisations have been able to avoid personal responsibility for the tax evasion acts of their employees and other associates if they can plead ignorance of the act.

Tax Diary December 2017

December is a very busy time in the tax calendar, with critical filing dates. Please check below for dates that may be relevant to your business throughout the year.  

Tax Diary December 2017

December is a very busy time in the tax calendar, with critical filing dates. Please check below for dates that may be relevant to your business throughout the year.  

The budget crystal ball

There is continuing speculation in the financial press about the likely changes that Philip Hammond will introduce in his budget announcements on 22nd November 2017.

The budget crystal ball

There is continuing speculation in the financial press about the likely changes that Philip Hammond will introduce in his budget announcements on 22nd November 2017.

Interest rate rise set to cost households £1.8bn in first year alone

Last weeks' Bank of England’s interest rate rise will cost households an extra £1.8bn* in interest payments in the first year alone.

Interest rate rise set to cost households £1.8bn in first year alone

Last weeks' Bank of England’s interest rate rise will cost households an extra £1.8bn* in interest payments in the first year alone.

Pay your VAT monthly

If you find it difficult to manage quarterly payments to HMRC to settle your VAT, why not consider the VAT Annual Accounting Scheme (AAS).

Pay your VAT monthly

If you find it difficult to manage quarterly payments to HMRC to settle your VAT, why not consider the VAT Annual Accounting Scheme (AAS).

Are owner managed businesses missing out on public sector contracts?

The UK public sector spends around £200bn per year, on the procurement of both goods and services from third parties, but it is believed that not enough of this is with the owner managed businesses (OMB's).

Are owner managed businesses missing out on public sector contracts?

The UK public sector spends around £200bn per year, on the procurement of both goods and services from third parties, but it is believed that not enough of this is with the owner managed businesses (OMB's).

Are you up to date with GDPR?

Personal data is defined as ‘any information relating to a person who can be identified directly or indirectly ‘.  Personal data has been a topic of discussion over the last few years and no matter what industry you work in; you will almost certainly have come across how data is fiercely changing the face of the world, at a rapid rate!  

Are you up to date with GDPR?

Personal data is defined as ‘any information relating to a person who can be identified directly or indirectly ‘.  Personal data has been a topic of discussion over the last few years and no matter what industry you work in; you will almost certainly have come across how data is fiercely changing the face of the world, at a rapid rate!  

Public Speaking: A strategy for a great presentation

Public speaking isn’t easy but is a necessary skill for many in the business world. Whether it is a boardroom presentation or an update to shareholders/staff members, most managers will be required to present at some point. Here is a presentation strategy to help you to up your game. 

Public Speaking: A strategy for a great presentation

Public speaking isn’t easy but is a necessary skill for many in the business world. Whether it is a boardroom presentation or an update to shareholders/staff members, most managers will be required to present at some point. Here is a presentation strategy to help you to up your game. 

What happens if I can't pay my tax on time?

Following on from the previous article, we thought readers might be interested in the consequences if they fail to pay their Self Assessment tax on time.  

What happens if I can't pay my tax on time?

Following on from the previous article, we thought readers might be interested in the consequences if they fail to pay their Self Assessment tax on time.  

Tax diary June

June is a very busy times in the tax calendar, with critical filing dates.  

Tax diary June

June is a very busy times in the tax calendar, with critical filing dates.  

VAT Flat Rate Scheme Changes

April 2017 sees changes to the VAT flat rate scheme, which may have a detrimental impact on certain small businesses.

VAT Flat Rate Scheme Changes

April 2017 sees changes to the VAT flat rate scheme, which may have a detrimental impact on certain small businesses.

Tax diary May

May is a very busy time in the tax calendar, with critical filing dates.

Tax diary May

May is a very busy time in the tax calendar, with critical filing dates.

Corporate tax rates & VAT limits

The new corporate tax rates are now upon us and the Government is committed to continue to have the lowest corporate tax rate of the G20 major trading nations. As already announced the corporation tax rate reduces to 19% from1 April 2017 and then to 17% from 1 April 2020.

Corporate tax rates & VAT limits

The new corporate tax rates are now upon us and the Government is committed to continue to have the lowest corporate tax rate of the G20 major trading nations. As already announced the corporation tax rate reduces to 19% from1 April 2017 and then to 17% from 1 April 2020.

Will Britain be the best place to start and grow a business?

Making Tax Digital (MTD) for business? Q. Who will benefit from the deferral on MTD?A. If you are under the current VAT threshold of £83,000 the deferral until April 2019 will give sole traders, small unincoroprated businesses and landlords, a further year to prepare.

Will Britain be the best place to start and grow a business?

Making Tax Digital (MTD) for business? Q. Who will benefit from the deferral on MTD?A. If you are under the current VAT threshold of £83,000 the deferral until April 2019 will give sole traders, small unincoroprated businesses and landlords, a further year to prepare.

Remember to make pension payments before 6th April 2017

The current annual pension limit remains at £40,000. In addition, unused relief from the previous three tax years may be utilised once the current £40,000 limit has been used. However, the relief from 2013/14 will lapse on 6 April 2017.

Remember to make pension payments before 6th April 2017

The current annual pension limit remains at £40,000. In addition, unused relief from the previous three tax years may be utilised once the current £40,000 limit has been used. However, the relief from 2013/14 will lapse on 6 April 2017.

Do You Have Enough Shares to Qualify for CGT Entrepreneurs' Relief?

Entrepreneurs' Relief reduces the rate of CGT to 10% on the first £10 million of gains on the disposal of qualifying business assets.

Do You Have Enough Shares to Qualify for CGT Entrepreneurs' Relief?

Entrepreneurs' Relief reduces the rate of CGT to 10% on the first £10 million of gains on the disposal of qualifying business assets.

Capital Gains Tax (CGT) planning 2016-17

​This is also an appropriate time of the year to consider your CGT position if you have already disposed of (or are considering a disposal) of an asset subject to CGT during 2016-17. 

Capital Gains Tax (CGT) planning 2016-17

​This is also an appropriate time of the year to consider your CGT position if you have already disposed of (or are considering a disposal) of an asset subject to CGT during 2016-17. 

“2017 Will Be The Year I Get on Top of MY Finances....”

The start of a new year is a fresh thought. It is exciting to think of the new possibilities you may come across, the new faces that you meet at networking events, may eventually become close business connections and the idea of it being a completely new year sparks the opportunity to set new goals. Most of us have one resolution that we put together on 31st December and it is usually centred on something that we have been putting off for a long period of time: “This year will be the year that I finally get around to....”

“2017 Will Be The Year I Get on Top of MY Finances....”

The start of a new year is a fresh thought. It is exciting to think of the new possibilities you may come across, the new faces that you meet at networking events, may eventually become close business connections and the idea of it being a completely new year sparks the opportunity to set new goals. Most of us have one resolution that we put together on 31st December and it is usually centred on something that we have been putting off for a long period of time: “This year will be the year that I finally get around to....”

Salary sacrifice under the microscope

Salary sacrifice is a term applied to benefits taken in place of salary. In many respects these benefits provide employees with higher “take home” value than if the benefits were treated the same as cash income. Mr Hammond is mindful to curb this practice as it is intended that the change will add £1bn a year to tax revenues by 2020.

Salary sacrifice under the microscope

Salary sacrifice is a term applied to benefits taken in place of salary. In many respects these benefits provide employees with higher “take home” value than if the benefits were treated the same as cash income. Mr Hammond is mindful to curb this practice as it is intended that the change will add £1bn a year to tax revenues by 2020.

Tax Diary December 2016

​December is a very busy time in the tax calendar, with critical filing dates.

Tax Diary December 2016

​December is a very busy time in the tax calendar, with critical filing dates.

How long do you need to keep tax records?

The length of time you need to keep tax records depends on the types of income you earn and the types of tax you are paying. A list of time limits is set out below:

How long do you need to keep tax records?

The length of time you need to keep tax records depends on the types of income you earn and the types of tax you are paying. A list of time limits is set out below:

Deferring taxable gains until future sales

It may be possible to delay paying Capital Gains Tax (CGT) if you sell a business asset that is subject to a charge to CGT, but you use all or part of the proceeds to buy new business assets. The relief you can claim is called Rollover Relief.

Deferring taxable gains until future sales

It may be possible to delay paying Capital Gains Tax (CGT) if you sell a business asset that is subject to a charge to CGT, but you use all or part of the proceeds to buy new business assets. The relief you can claim is called Rollover Relief.

Isle of Wight Celebrates Exam Success

FIVE members of the Isle of Wight Moore office are celebrating recent exam success, as they get even closer to achieving their AAT and ACA qualifications.

Isle of Wight Celebrates Exam Success

FIVE members of the Isle of Wight Moore office are celebrating recent exam success, as they get even closer to achieving their AAT and ACA qualifications.

Moore (South) LLP staff slip on their running shoes, for the Ellen MacArthur Trust

On the 23rd October, 7 members of the Moore (South) LLP team, slipped on their running shoes to take part in the gruelling Great South Run, a 10 mile road race that welcomes beginner runners, to famous athletes.  

Moore (South) LLP staff slip on their running shoes, for the Ellen MacArthur Trust

On the 23rd October, 7 members of the Moore (South) LLP team, slipped on their running shoes to take part in the gruelling Great South Run, a 10 mile road race that welcomes beginner runners, to famous athletes.  

Claiming back pre-trading costs

Generally speaking, any business expenditure that you make up to seven years before you actually start trading, is treated for tax purposes as if it was incurred on the first day of trading.

Claiming back pre-trading costs

Generally speaking, any business expenditure that you make up to seven years before you actually start trading, is treated for tax purposes as if it was incurred on the first day of trading.

London will offer low emission discounts for ships

The Port of London Authority (PLA) operates across 95 miles of the River Thames, and works to keep commercial and leisure users safe and protects and enhances the surrounding environment. The PLA also works to promote the use of the river, for trade and travel.

London will offer low emission discounts for ships

The Port of London Authority (PLA) operates across 95 miles of the River Thames, and works to keep commercial and leisure users safe and protects and enhances the surrounding environment. The PLA also works to promote the use of the river, for trade and travel.

100 days until Christmas: optimising your supply chain

It may only be mid-September, but for some, Christmas is already looming on the horizon. Brands will be gearing up for their big seasonal marketing push. Parents will become increasingly reminded of the things their children absolutely ‘need’ this year.

Brexit - what are the tax implications?

One of the main reasons that individuals voted "leave" was to restore fiscal sovereignty to the UK so that we are able to set our own laws, in particular tax law, without interference from Brussels.

NIC Employment Allowance (EA)

For 2016-17, the EA is set at £3,000. This means that if you are eligible, you will not have to pay employers’ Class 1 contributions up to this amount. The following set out some of the less well known facts about this allowance:

NIC Employment Allowance (EA)

For 2016-17, the EA is set at £3,000. This means that if you are eligible, you will not have to pay employers’ Class 1 contributions up to this amount. The following set out some of the less well known facts about this allowance:

Should I use the VAT flat rate scheme for my small business?

The VAT Flat Rate Scheme is intended to simplify VAT accounting and reporting for small businesses, and some may even find that they pay less VAT than using normal VAT accounting.

Should I use the VAT flat rate scheme for my small business?

The VAT Flat Rate Scheme is intended to simplify VAT accounting and reporting for small businesses, and some may even find that they pay less VAT than using normal VAT accounting.

Bogus emails and now, bogus phone calls

The “phishing” emails sent by nefarious individuals, purporting to be from HMRC, have now been joined by bogus phone calls.  

Bogus emails and now, bogus phone calls

The “phishing” emails sent by nefarious individuals, purporting to be from HMRC, have now been joined by bogus phone calls.  

Should I file my tax return early?

Is it better to file your Self Assessment tax return as soon as possible after the end of the tax year? You are not obliged to file your tax return for 2015-16, online, before the 31 January 2017. However, if you leave the process of completing your return until close to this date, it will not give you much time to calculate and fund the amount of tax you may owe on the same date, 31 January 2017.

Should I file my tax return early?

Is it better to file your Self Assessment tax return as soon as possible after the end of the tax year? You are not obliged to file your tax return for 2015-16, online, before the 31 January 2017. However, if you leave the process of completing your return until close to this date, it will not give you much time to calculate and fund the amount of tax you may owe on the same date, 31 January 2017.

More on the taxation of dividends?

In the context of this article tax credit does not refer to the child or working tax credits – these are part of the benefits system. Tax credits in this article refer to a deduction made from your overall tax liabilities, usually at a fixed percentage rate of the relevant income.  

More on the taxation of dividends?

In the context of this article tax credit does not refer to the child or working tax credits – these are part of the benefits system. Tax credits in this article refer to a deduction made from your overall tax liabilities, usually at a fixed percentage rate of the relevant income.  

Tax diary May/June 2016

19 May 2016 - PAYE and NIC deductions due for month ended 5 May 2016. (If you pay your tax electronically the due date is 22 May 2016)

Tax diary May/June 2016

19 May 2016 - PAYE and NIC deductions due for month ended 5 May 2016. (If you pay your tax electronically the due date is 22 May 2016)

Tax planning using the new Lifetime ISA

Budget 2016 announced a new 'Lifetime ISA' that will be available to those aged between 18 and 40 from 6 April 2017.

Tax planning using the new Lifetime ISA

Budget 2016 announced a new 'Lifetime ISA' that will be available to those aged between 18 and 40 from 6 April 2017.

Annual Tax on Enveloped Dwellings (ATED)

ATED is an annual tax charge, mainly by companies, that own UK residential property valued at £500,000 or above.

Annual Tax on Enveloped Dwellings (ATED)

ATED is an annual tax charge, mainly by companies, that own UK residential property valued at £500,000 or above.