Personal finance experts estimate that almost nine out of ten savers may be missing out when a spouse or civil partner dies because they are not aware of the rules for ISAs and the Marriage Allowance.
Archives for 2018
New tax rates and bands
An increase in the personal allowance, set out in the UK Budget, came into effect on 6 April 2018. Changes to the basic rate threshold mean taxpayers in England can also earn more before the higher rate of tax kicks in. The story is slightly different for Scotland and Wales. Here we give you the headline figures.
Social care sector wakes up to news on NMW for sleep-in shifts
Employers in the social care sector have had mixed messages from HMRC as to whether National Minimum Wage (NMW) should be paid to workers carrying out sleep-in shifts. It has now been made clear that NMW does apply in such cases.
Tax rules for Community Amateur Sports Clubs
Never mind the offside rule, a leading tax body has urged amateur sports clubs to be mindful of the tax rules if they want to keep HMRC on side. Here we explain certain rules and reliefs that may be of benefit to your club.
Plans to abolish Class 2 National Insurance delayed
The government’s plans to abolish Class 2 National Insurance Contributions (NIC) have been put on hold for another 12 months.
Got plans to grow your business? A Business Growth grant could make it happen.
RfM’s Business Growth consultants like to keep up to date with news from the various grant-awarding bodies across the region. Word has it that a number of Development Funds in Lancashire have money available to give to projects that will create jobs and grow the local economy. We can help businesses to secure grants from these funds and make their plans a reality.
Finance team player – RfM provides financial management support
When a highly qualified member of staff decides to leave, timing their exit to correspond with the arrival of their replacement isn’t always possible. If you have a gap in cover for a financial management role, an experienced RfM accountant can step in to ensure that the finance side of running the company isn’t disrupted.
Everything you need to know about tax returns (+ more)
You can file your Self Assessment tax return as soon as the tax year ends on 5 April and at any point up to the 31 January deadline. But many taxpayers still leave it until the last minute and January is a very busy time for accountants. Whether you are super-organised or panicking about getting your figures together in time, here’s all you need to know about tax returns.
HMRC IT issues add up to incorrect tax returns
There have been so many changes to the personal tax rules that HMRC software has struggled to cope. As a result, HMRC have had major issues processing some 2016/17 self assessment tax returns correctly.
Making Tax Digital brings digital VAT returns
In early 2017, the government announced that the first businesses to enter the new Making Tax Digital (MTD) regime would be those operating above the VAT-registration threshold. We now have more details about what those businesses will have to do, and when.
Property problems: Should you be classed as a landlord?
You may not think of yourself as a landlord but HMRC may have other ideas…
Employee rights – Parent Bereavement Bill
When an employee experiences a bereavement there will often be knock-on consequences in the workplace. They may need to take time off with no notice or be less able to perform their work effectively. The laws relating to employees and the death of a dependant are changing. Here’s what you need to know.
National Minimum Wage – are you compliant?
Breaking the rules for the National Minimum Wage can be costly. Potential large fines and negative publicity could damage your reputation as an employer. Now is a good time to check if your business is compliant.
Bank Referral Scheme gets off to a promising start
When it comes to raising finance from traditional lenders on the high street, many small businesses can hit a dead end. A new government initiative designed to address this problem – the Bank Referral Scheme – has made a promising start.
Changes to pensions auto enrolment duties
The Pension Regulator (TPR) reports that 136,000 small employers began complying with their pensions auto enrolment duties in the first part of 2017 alone. So many more workers are now saving for their retirement with help from their employers. But it doesn’t stop there; more changes to workplace pensions are coming in 2018.