Scott & Wilkinson Blog | Archive 2013

Please select a news items listed below which maybe of interest to you. Alternatively, please review our archives down the right-hand side, searching either by category or by date. If any of them are of interest and you require more information, please do not hesitate to contact the office.


Don't miss out on temporary AIA increase

Date: 10/12/13

Businesses have just over a year left to take advantage of a temporary ten-fold increase in the annual investment allowance (AIA) for plant and machinery. The AIA, which enables business owners to write off a certain amount of their qualifying... Read More

(0) Comments



New rules permit recovery of unpaid Class 2 National Insurance via PAYE Coding Notice

Date: 09/12/13

Employees should be aware of new rules that enable HM Revenue and Customs (HMRC) to collect unpaid Class 2 National Insurance Contributions (NICs) through an individual's PAYE tax code as of April 2014. Payment requests for unpaid Class 2 NICs have... Read More

(0) Comments



Tax avoiders to be targeted by new HMRC taskforces

Date: 09/12/13

HM Revenue and Customs (HMRC) has launched a number of new taskforces targeted at potential tax avoiders. Three taskforces have been launched focusing on individuals in the South and South East with offshore accounts, the road transport industry in... Read More

(0) Comments



Autumn Statement 2013 - Business rates freeze among key measures in mini-budget

Date: 06/12/13

A number of measures were introduced by George Osborne in order to help small and medium-sized business and encourage exports, as he set out a platform to secure the economy for the long term. A highlight announcement was an extension of the small... Read More

(0) Comments



Children In Need 2013

Date: 26/11/13

We are pleased to announce that following another week of baking and tombola activities, we have managed to raise an amazing £400 towards Children In Need. Once again thank you to everyone who not only baked and brought in tombola prizes but also... Read More

(0) Comments



Countdown begins to national insurance cut

Date: 14/11/13

Employers should be aware that planned changes to national insurance contributions (NICs) that will cut the costs of every business and charity employer by hundreds of pounds have moved a step closer. The National Insurance Contributions Bill was... Read More

(0) Comments



HMRC success highlights the need to keep tax affairs in order

Date: 14/11/13

Individuals who come under the self-assessment system are urged to ensure that their tax affairs are in order after new figures showed that HM Revenue and Customs (HMRC) clawed back an extra £609 million in 2012/13 as a result of investigations... Read More

(0) Comments



House prices push up inheritance tax bills

Date: 21/10/13

The importance of inheritance tax (IHT) planning is all the more relevant following new figures showing that rising house prices contributed to families paying £3. 1 billion in IHT over the last 12 months. IHT is currently payable on estates worth... Read More

(0) Comments



Auto enrolment more popular than first thought

Date: 17/10/13

Employers who have not yet started auto-enrolment must ensure they are fully prepared ahead of their start date after new figures showed that the scheme is already proving more popular with employees than expected. According to a survey by the... Read More

(0) Comments



Landlords offered chance to tidy up tax affairs

Date: 17/10/13

HM Revenue and Customs (HMRC) are giving landlords, who let residential property, the opportunity to put their tax affairs in order. HMRC and the Treasury believe that up to 1. 5 million landlords may have underpaid or failed to pay tax owed, and... Read More

(0) Comments



Warning to employers over missed RTI deadlines

Date: 17/10/13

Employers who have missed one or more deadlines for reporting their payroll information using the Real Time Information (RTI) system are now being targeted by HM Revenue and Customs (HMRC). Under RTI, employers are required to submit details of... Read More

(0) Comments



Employee benefits being reviewed

Date: 23/09/13

Businesses should be aware of a review into employee benefits currently being carried out by the Office of Tax Simplification (OTS). The OTS, which provides independent advice to the Government on ways to simplify the UK's tax regime, is looking... Read More

(0) Comments



Changes to TUPE regulations delayed

Date: 20/09/13

Businesses should be aware that changes to regulations protecting employees if their employer changes hands have been delayed until early next year. The Transfer of Undertakings (Protection of Employment) Regulations, known as TUPE, exist to... Read More

(0) Comments



High earning parents get tax reminder

Date: 19/09/13

Higher earning parents who have been claiming child benefit since January this year have until 5 October to register for tax self-assessment (if they aren't already) to avoid any High Income Child Benefit Charge penalties. HM Revenue and Customs... Read More

(0) Comments



HMRC to roll out Single Compliance Process for SME's

Date: 19/09/13

HM Revenue and Customs (HMRC) is to adopt a new approach for streamlining tax enquires for small and medium-sized businesses (SMEs). Known as the Single Compliance Process (SCP), the process is a framework within which the majority of future SME... Read More

(0) Comments



Hornby & District Sheepdog & Sheep Show 2013

Date: 10/09/13

On Tuesday 20 August 2013 we were delighted to sponsor the annual Hornby and District Sheepdog and Sheepshow which was held at Raw Ridding Farm Wray. The day was a great success and so far £2, 500 has been raised towards The Neuro Drop In Centre,... Read More

(0) Comments



The importance of maintaining proper business records

Date: 28/08/13

The need to maintain accurate and reliable records is an essential part of running any business.  Good records allow businesses and individuals to complete their tax returns correctly and to pay the right amount of tax at the right time. Accurate... Read More

(0) Comments



Campaign offers chance to settle tax bills

Date: 20/08/13

HM Revenue and Customs (HMRC) has launched a new initiative to encourage more people to put their tax affairs in order. HMRC has announced that anyone who has failed to submit a tax return for any year up to 2011/12 now has until 15 October 2013 to... Read More

(0) Comments



Workplace rehabilitation tax breaks planned

Date: 16/08/13

Employers should be aware of Government proposals to introduce tax breaks for businesses which invest in measures to help employees return to work after suffering an injury or serious illness. The workplace rehabilitation tax exemption was first... Read More

(0) Comments



RTI annual scheme given go ahead

Date: 15/08/13

Changes have been made to the Real-Time Information (RTI) scheme to ease the administrative burden for smaller businesses and freelance contractors.  HM Revenue and Customs (HMRC) is now accepting requests from employers to switch to annual PAYE... Read More

(0) Comments



Expenses set to get simpler

Date: 15/08/13

Sole traders and business partnerships are advised that changes to the way expenses may be claimed against taxable income have now taken effect Read More

(0) Comments



Sage 50 Accounts 2014 - 'The VAT Edition'

Date: 08/08/13

Sage have recently launched their latest version - 'Sage 50 Accounts 2014 - The VAT Edition'. Following on from our news articles last year, we consider what's new in the latest version and whether it is worth upgrading. Read More

(0) Comments



Inheritance Tax - Are you liable?

Date: 05/08/13

Individuals are becoming increasingly liable to Inheritance Tax (IHT) when they die.  The threshold at which an individual begins to pay IHT has been frozen at £325, 000 since 2009 and the Government has confirmed that this is set to remain... Read More

(0) Comments



Make the most of tax free benefits

Date: 01/08/13

There are few areas in tax where the taxman actually allows you a tax free benefit.  There are a number of specific exemptions where, if your employer pays for something on your behalf, it can be provided free of tax and National Insurance.... Read More

(0) Comments



New financial penalty regime at employment tribunals

Date: 03/07/13

Businesses are reminded that increased financial penalties on employers who lose at employment tribunals is due to come into effect. From October 2013, where an employer loses a claim (i. e. it is found to have breached any worker's rights) and the... Read More

(0) Comments



HMRC crackdown on minimum wage breaches

Date: 03/07/13

Businesses are warned that HMRC is clamping down on breaches of the minimum wage. The warning comes after it was revealed from investigations by the tax authority that 26, 000 workers were paid less than the minimum wage.  HMRC said 708 employers... Read More

(0) Comments



Self assessment tax deadline reminder

Date: 02/07/13

Individuals are reminded that they have until 31 July to pay the second Self Assessment payment on account for the tax year ending 5 April 2013.  Interest will be charged on all late payments. Individuals who miss self assessment deadlines should... Read More

(0) Comments



HMRC extends RTI deadline for smaller firms

Date: 01/07/13

HM Revenue and Customs (HMRC) has further extended the deadline for smaller businesses to start reporting payroll data using the new Real Time Information (RTI) system. Under RTI, which was introduced in April, employers must submit PAYE information... Read More

(0) Comments



HMRC sets its sights on offshore trusts

Date: 07/06/13

HM Revenue and Customs (HMRC) is now focusing its attention on offshore trusts being used by wealthy individuals to hide income and assets overseas. The campaign, launched in May, is the latest development in an ongoing crackdown by HMRC on tax... Read More

(0) Comments



'Name and shame' warning for tax defaulters

Date: 06/06/13

It is important that business owners ensure their tax affairs are in order after HM Revenue and Customs (HMRC) published a second list 'naming and shaming' tax defaulters. The list, comprising businesses and individuals who have deliberately... Read More

(0) Comments



Partnerships targeted by HM Revenue and Customs

Date: 06/06/13

HM Revenue and Customs (HMRC) has recently published a consultation which is proposing to change how mixed partnerships are taxed.  New rules are intended to counteract certain tax avoidance schemes but genuine mixed partnerships may also be... Read More

(0) Comments



Changes to childcare voucher scheme

Date: 05/06/13

The existing tax-free employer childcare voucher scheme is to be scrapped, with a more generous system set to take its place. The new tax-free childcare scheme (TFC) will be introduced in autumn 2015 and will be available to households where both... Read More

(0) Comments



New advice on national insurance numbers

Date: 04/06/13

New guidance has been issued to employers operating PAYE after HM Revenue and Customs (HMRC) issued a number of national insurance numbers that were missing a final letter, meaning they are incorrect. Following the introduction of PAYE Real Time... Read More

(0) Comments



Gift Aid Small Donations Scheme (GASDS)

Date: 29/05/13

GASDS allows eligible charities and Community Amateur Sports Clubs (CASC's) to claim Gift Aid style 'top-up' payments on small cash donations without requiring the donor to provide a Gift Aid declaration. The Gift Aid Small Donations Scheme came... Read More

(0) Comments



HMRC to target property sales

Date: 07/05/13

From September 2013, HM Revenue and Customs (HMRC) will begin a tax review into residential property sales. The new Property Sales Campaign (PRC) will see HMRC reviewing the tax records of those who have sold residential properties but not reported... Read More

(0) Comments



Tax benefits of investing in agricultural land

Date: 06/05/13

Investors can protect their wealth from Inheritance Tax, which is chargeable at up to 40%, by investing in agricultural land.  Typically where an investor purchases agricultural land at least seven years prior to death and in this time it has... Read More

(0) Comments



Students warned over PAYE shake-up

Date: 03/05/13

Students are warned to check their tax following the introduction of Real Time Information (RTI). Due to the erratic nature of their work during vacations and/or term time, the frequency of their jobs, number of jobs, or agency work, the tax regime... Read More

(0) Comments



Preparing your accounts for income tax purposes the cash basis

Date: 01/05/13

You may have heard that the Government has been considering whether to allow some small businesses to compute taxable profits for the purposes of income tax on a cash basis rather than the usual accruals basis.  The Government has recently issued... Read More

(0) Comments



Tax relief set to help employers manage sickness absence

Date: 16/04/13

Business owners are advised that they will be able to benefit from tax relief when they pay to help their employees return to work after sickness. Employers will receive tax relief on expenditure of up to £500 on support such as health treatment... Read More

(0) Comments



National insurance cut boost for small businesses

Date: 12/04/13

Small business owners should seek advice to see if they will be exempt from paying employers' National Insurance Contributions (NIC) when new measures come into force. From April 2014, all businesses in the UK will have their NIC reduced by up to... Read More

(0) Comments



Tax holiday extended to encourage business investment

Date: 10/04/13

Through a Government incentive, for a further two years, individuals who invest in new companies operating qualifying small businesses, may be able to benefit from capital gains tax (CGT) relief. The Seed Enterprise Investment Scheme (SEIS) was... Read More

(0) Comments



St John's Hospice - Volunteering Day

Date: 26/03/13

On Monday 25 March 2013, despite the wintery conditions, ten of our staff spent the day working at St John's Hospice  and were able to assist the ground staff in power washing, clearing le Read More

(0) Comments



Relaxation of Real Time (RTI) reporting arrangements

Date: 21/03/13

HM Revenue and Customs recognise that some small employers who pay employees weekly, or more frequently, but only process their payroll monthly may need longer to adapt to reporting PAYE information in real time.   HM Revenue and Customs have... Read More

(0) Comments



Budget 2013

Date: 21/03/13

The headline announcement in this years Budget was that 450, 000 SMEs will no longer be required to pay employer National Insurance Contributions (NICs), with the first £2, 000 being taken off employers' NI bills from April 2014. In what was... Read More

(0) Comments



Comic Relief 2013

Date: 17/03/13

Following on from our successful Children In Need fund raising in November, we again set about raising some money by baking and managed to raise over £250 towards Comic Relief. Once again, thank you to ev Read More

(0) Comments



Inheritance tax freeze

Date: 07/03/13

Individuals are advised to seek advice sooner rather than later to ensure their loved ones are not caught out by Inheritance Tax (IHT) at a later date. Despite pledges in 2007 by the Conservative Party that the IHT threshold would be increased to... Read More

(0) Comments



New corporation tax relief for businesses

Date: 04/03/13

The new Patent Box tax relief takes effect from 1 April 2013. Patent Box will allow eligible companies which make profits from exploiting patented inventions whether through royalties or as part of the sale price of products - to benefit from a 10%... Read More

(0) Comments



Payroll changes fast approaching

Date: 01/03/13

Those employers who have not yet prepared for Real Time Information (RTI) should note that they need to do so before the changes take effect on 6 April. Under RTI, all employers will be required to submit details of salary payments and deductions as... Read More

(0) Comments



Hartley & Co Accountants and Tax Consultants Merger

Date: 27/02/13

We are pleased to announce that we have recently expanded following our decision to join forces with Hartley and Co Accountants and Tax Consultants. Graham Hartley, former proprietor of Hartley and Co, said that the coming together of the two firms... Read More

(0) Comments



HMRC successfully challenge IHT relief on Furnished Holiday Let

Date: 26/02/13

In a recent tax case last month, HM Revenue and Customs (HMRC) successfully challenged the decision of a previous tax tribunal which had ruled that a Furnished Holiday Let (FHL) should qualify for relief from Inheritance Tax. The case concerned a... Read More

(0) Comments



Payroll giving reforms unveiled

Date: 13/02/13

The Government are proposing changes to payroll giving designed to increase the number of employees donating. Payroll giving allows UK taxpayers to make regular tax-free donations to good causes on a tax free basis through deductions from their... Read More

(0) Comments



HMRC draws up timetable to identify tax evaders

Date: 11/02/13

HM Revenue and Customs (HMRC) has drawn up a timetable of investigations it plans to launch over the next six months as part of an ongoing crackdown on tax evasion by wealthy individuals. The document, entitled 'Closing in on Tax Evasion', sets out... Read More

(0) Comments



HMRC target businesses with outstanding VAT

Date: 09/02/13

HM Revenue and Customs (HMRC) are currently targeting businesses with outstanding VAT returns. The number of businesses currently required to file monthly VAT returns stands at more than 600, 000.   However, HMRC believes that around 50, 000... Read More

(0) Comments



300,000 late filers could have their goods seized

Date: 17/01/13

Hundreds of thousands of people who failed to submit self-assessment tax returns could end up having their goods seized by bailiffs as HM Revenue and Customs (HMRC) continues to toughen up its stance against those who fail to meet their tax... Read More

(0) Comments



Changes to EMI rules announced

Date: 14/01/13

Small businesses need to be aware of changes to employee share scheme rules which may help them retain key staff. The changes to the Enterprise Management Incentive (EMI) share option scheme are outlined in the newly published draft Finance Bill.  ... Read More

(0) Comments



Businesses urged to take advantage of Annual Investment Allowance (AIA) increase

Date: 07/01/13

Businesses urged to make use of a temporary ten-fold increase in the annual investment allowance (AIA) for plant and machinery, which came into force on 1 January. This means that businesses will benefit from 100 per cent tax relief on £250, 000 of... Read More

(0) Comments



More Homeowners to Face Scrutiny from Elite Tax Unit

Date: 02/01/13

An elite tax unit focusing on the 'super-wealthy' is to lower its threshold to target homeowners with property worth more than £1 million. HM Revenue and Customs' (HMRC) 'affluence unit', consisting of 200 tax investigators and technical... Read More

(0) Comments




Memberships & Accreditations

When appointing a firm of accountants it is important to check that they are appropriately registered and regulated.

Our clients can be assured that Scott & Wilkinson are registered with the Institute of Chartered Accountants in England and Wales to carry out audit work in the United Kingdom and regulated for a range of investment business activities.

We are also registered with the Chartered Institute of Taxation as a firm of Chartered Tax advisors.