Directors could face jail term for pension mis-management

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The government is to introduce a new criminal offence of ‘wilful or reckless behaviour’ in relation to pensions which would see directors facing up to seven years in jail. In its response to a consultation on protecting defined benefit contribution pension schemes, which ran from June to August last year, the government said it will […]

Minimum pension contribution rates to increase in April

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Minimum contribution rates under automatic enrolment are due to rise from 3% to 5% for employees and 2% to 3% for employers from 6 April 2019. The Department for Work and Pensions (DWP) says its research suggests saving behaviour is sticking: the first increase in minimum contributions which took place last year has not prompted […]

“No Deal” Brexit Planning: Intellectual Property & Trademarks

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If the UK leaves the EU on 29 March 2019 without a deal this could have an impact on any EU Intellectual Property or Trademarks held by a business. At this point in time it is not clear if EU trademarks would be applicable in the UK post Brexit. If you own intellectual property rights […]

“No Deal” Brexit Planning: EU Employees working in the UK

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If the UK leaves the EU on 29 March 2019 without a deal the there may be considerations needed for your current and future workforce You may need to:. 1. Review all EU employees currently working in your business and ascertain whether they are applying for “Settled status” by 31 December 2020. See the Employer […]

“No Deal” Brexit Planning: VAT

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If the UK leaves the EU on 29 March 2019 without a deal, the government’s aim will be to keep VAT procedures as close as possible to what they are now, providing continuity and certainty for businesses. However, there will be some specific changes to the VAT rules and procedures that apply to transactions between […]

Iceland supermarket accused of breaching minimum wage rules

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A savings scheme to help lceland staff save for Christmas could end up costing the supermarket at least £21m, after it was accused of breaching minimum wage rules.The scheme allows low-paid staff to have a sum deducted from their weekly paypacket and placed into a separate account, to be returned on demand, usually at Christmas. HM Revenue […]

Skills to learn for the future of work according to the World Economic Forum

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Having a good memory or a strong command of maths may have once rated high on your list of professional skills. But now that devices handle those tasks, the World Economic Forum is urging workers to skill up for the future. Analytical thinking, initiative and ideation will overtake manual dexterity, time management and speaking abilities. Managers may […]

Renewable power generation in the UK reached a record high in 2018

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A third of all energy generated in the UK last year was from renewable sources, according to climate research and news site Carbon Brief. Drawn from UK government data, the analysis found electricity generated from fossil fuels fell to a record low. The UK has cut its carbon emissions by more than 43% since 1990, but is still not […]

6 things to do when employing staff

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HMRC lists 6 things you need to do when employing staff for the first time. Decide how much to pay someone – you must pay your employee at least the National Minimum Wage. Check if someone has the legal right to work in the UK. You may have to do other employment checks as well. Apply for a DBS […]

Is there such a thing as too much teamwork?

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Open plan offices and the use of messaging apps have encouraged always-on, constant collaboration at work. But research from Harvard’s Ethan Bernstein suggests that we develop more, and better, solutions to problems when we take occasional breaks from the group so we can ponder on our own. Such intermittent collaboration strikes an ideal balance between […]

Record keeping & tax: what, how and until when?

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Good record keeping is vital, not just to ensure timely and accurate filing of tax returns but also in the event of any challenge by HMRC. Penalties can also be levied if your records are incomplete or inaccurate. Generally, you need to keep sufficient records to support any income or expenses included in a tax […]

Charities’ annual return deadline 31 October 2018

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The cut-off date for submitting the 2017 annual return is 31 October 2018, if a charity has a 12-month accounting period (ends in December). While thousands of charities have already filed, the regulator cautions that those who have left it late risk trying to file nearer to the deadline, potentially without the correct information or […]

EU adopts proposal to cut VAT on e-books

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The Professional Publishers Association (PPA) has welcomed an EU decision to reduce VAT on online publications, including electronic books, newspapers and periodicals. At present, electronically supplied services such as digital publications are taxed at the standard VAT rate, which in the UK is 20%. This contrasts with traditional media, which is zero-rated. The directive, which […]

Small charities failing to provide accurate financial data

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According to a Charity Commission survey, not enough small charities are providing correct information in their annual returns because too many are relying on someone with insufficient knowledge of their organisation’s accounts, leading to errors. In a review of a sample of charities, 38% of charities with incomes below £25,000 per annum were found to […]

Childcare vouchers deadline 4 October 2018

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The Government will withdraw the tax and National Insurance relief associated with childcare vouchers for brand new applicants from 4 October 2018, with Tax-Free Childcare (TFC) providing help with childcare costs instead. For anyone who has not claimed childcare vouchers yet, it means they need to join in time for their employer to action their […]

Charities Commission shows its teeth

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The Charities Commission have publicised an inquiry they are holding into a charity that has repeatedly missed accounts filing deadlines.  The failure to file accounts on time is cited as evidence of mismanagement and misconduct; and reason to examine all financial and governance aspects of the charity.  Whether “naming and shaming” is really the most […]

Charities Against Fraud – new website and how to report an serious incident

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The Charity Commission and others have established the Charity Sector Counter Fraud Group (CSCFG) to help improve the charity sector’s resilience to fraud.  As part of this project they have set up a new website http://charitiesagainstfraud.org.uk/ Trustees should report any fraud in their charity to the police immediately, and also to the Charity Commission, under […]

Gift Aid Small Donations Scheme – HMRC Update

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Charities can use the Gift Aid Small Donations Scheme to claim back tax on donations up to £8,000 (was £5,000 up to 5 April 2016).  See HMRC updated spreadsheets used for making such claims.   As with all of our tax tips and web pages this information is necessarily summarised and of a general nature.  […]