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).
Widely dubbed as the “biggest shake up of data protection laws for 20 years”, the General Data Protection Regulation (GDPR) will apply from 25 May 2018 for any organisation that holds or processes any EU personal data – charities included!
September is a very busy time in the tax calendar, with critical filing dates. Please check out the link below for dates that may be relevant to your business throughout the year.
It has been announced that the second Finance Bill will legislate for all policies that were included in the pre-election Finance Bill but had to be dropped in order to rush through the Finance Act 2017 before the snap general election in June.
A scheme using Employee Benefit Trusts (EBTs) as a means of remunerating directors and staff has been defeated by HMRC in a recent Supreme Court case.
Working parents can start applying for two new Government childcare schemes launching this year – Tax-Free Childcare which begins immediately and 30 hours free childcare which starts in September.
There is a government department, the Office for Tax Simplification (OTS), that has been charged with investigating ways that the UK’s tax rules can be changed to make them easier to understand and easier to use.
Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce NIC, and, in some cases, Income Tax.
If you are feeling charitable, remember that a donation to charity under the Gift Aid scheme benefits from tax relief.
It is now nine months to go until GDPR legislation comes into place. After a long four years of debating, during April 2016 the General Data Protection Regulation (GDPR) was ratified by the European Union and comes into place on the 25th May 2018.