Scott & Wilkinson Blog | Archive 2014

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.


SME's need to be prepared for 2015

Date: 23/12/14

Small and Medium-sized Enterprises (SMEs) are advised to to keep an eye out for sudden changes to the economic climate next year that could potentially damage their trading figures. The Office of National Statistics (ONS) has released new figures... Read More

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Four members of staff appointed as Associates

Date: 22/12/14

We are pleased to announce that four members of staff have recently been appointed as Associates. Gareth Westworth joined Scott and Wilkinson after leaving school in 1990, having attended Skerton High School before joining the sixth form at... Read More

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Solicitors to be targeted by HMRC

Date: 16/12/14

Solicitors are warned that they have become the latest group of professionals to be targeted by HM Revenue and Customs (HMRC). As the tax authority seeks to crack down on non-payment, it is increasingly looking at more professions.  Those wishing... Read More

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Make the world better with a sweater

Date: 15/12/14

It's that time of year when a variety of versions of Dickens' Christmas Carol are being watched, depicting the accountant miser Ebenezer Scrooge of Scrooge and Marley finding the Christmas Spirt. Well here at Scott and Wilkinson we have... Read More

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Autumn Statement 2014

Date: 04/12/14

Recognising that Small and medium-sized entities (SMEs) make the biggest contribution to the creation of jobs and wealth in the UK, this final Autumn Statement of the current Parliament (ahead of the election in May 2015) includes a number of... Read More

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Warning to keep HMRC guidance copy as evidence

Date: 02/12/14

Anyone relying on HM Revenue and Customs (HMRC) guidance published online are warned to keep printouts or screengrabs to protect them in case they are subject to an investigation. The warning has been issued following complaints that information... Read More

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Small employers warned on RTI penalties

Date: 26/11/14

Small employers are warned they could face penalties if they fail to submit payroll details under the new Real Time Information (RTI) system. Under RTI, employers must report the amount of money paid to staff either on weekly or monthly basis.  It... Read More

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HMRC fake tax refund warning

Date: 03/11/14

Individuals are warned to be on the lookout for fake tax refund emails, after a reported 70% increase in the past six months. HM Revenue and Customs (HMRC) says it has received reports of almost 75, 000 fraudulent phishing emails between April and... Read More

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Shared parental leave to come into force

Date: 21/10/14

Employees are reminded that from 5 April 2015, additional paternity leave and pay will be abolished to be replaced by shared parental leave (SPL). Employees who are parents will be entitled to SPL in the year following their child's birth or in the... Read More

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Taxpayers warned over email scam

Date: 03/10/14

Taxpayers are warned to be vigilant about another HMRC email scam suggesting that they have been removed from self-assessment. This email purports to come from HM Revenue and Customs and includes the tax authority's green logo.  The email tells the... Read More

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Sage 50 Accounts 2015 - What's New?

Date: 22/09/14

Sage 50 Accounts 2015 What's New? Sage have recently launched their latest upgrade to the Sage 50 range - Sage 50 Accounts 2015.   What are the new features and is it worth upgrading? Following on from last years Read More

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HMRC postpones RTI late filing penalties for small firms

Date: 16/09/14

Businesses are advised that HM Revenue and Customs (HMRC) has announced that firms with 49 or fewer staff will be exempt from RTI late filing penalties until March 2015. HMRC's Real Time Information (RTI) initiative originally required all employers... Read More

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Online traders warned after eBay seller jailed for tax fraud

Date: 09/09/14

Online traders are warned that they must disclose their earnings to HMRC, following a recent prosecution of an eBay trader. John Woolfenden from Manchester has been jailed for two years for evading £300, 000 in tax following an HMRC investigation.... Read More

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Pensions - Auto Enrolment

Date: 09/09/14

In the coming months many businesses will start to receive a letter from The Pensions Regulator reminding them of the start of Auto Enrolment for their business. Whether a business has one employee or 1, 000 employees, Auto Enrolment places... Read More

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Self assessment guidance on the move

Date: 27/08/14

Self-employed individuals are reminded that HMRC is moving self-assessment guidance to the GOV. UK website. The transition of the guidance started on 21 August, meaning that anyone trying to access self-assessment guidance on the HMRC website will... Read More

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HMRC to act as 'judge, jury and executioner'

Date: 15/08/14

There are very difficult times ahead for tax planners.  On top of recent changes such as the General Anti-Abuse Rule (GAAR), the Finance Bill 2014 provides HM Revenues and Customs (HMRC) with tools to combat the promotion of aggressive tax schemes... Read More

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State pension deferral rate to drop

Date: 29/07/14

Pensioners should be aware that the government has set out plans to reduce the annual state pension deferral rate from 10. 4% to 5. 8%. Pensioners can choose to defer claiming their state pension when they reach state pension age, and when they do... Read More

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HMRC property raids increase

Date: 21/07/14

Individuals are warned that HM Revenue and Customs (HMRC) is increasing its raids on properties to catch tax evaders. According to recent research HMRC has increased its number of unannounced searches by 12% for the year up to March 2014. Data... Read More

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HMRC to allow telephone VAT filing

Date: 10/07/14

Businesses should note that HM Revenue and Customs (HMRC) will now allow VAT returns to be filed over the telephone in exceptional circumstances. Following a technical consultation this spring, businesses will be able to file over the phone when... Read More

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HMRC close last remaining enquiry centres

Date: 01/07/14

Individuals and businesses should note that HM Revenue and Customs (HMRC) is closing its last enquiry centres this week, meaning taxpayers can no longer drop in for advice. The closure of the centres mean that taxpayers with queries will have to... Read More

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Tax credit scam emails on the rise

Date: 23/06/14

Tax credit claimants are warned about scam or phishing emails promising money back that are being sent out by fraudsters ahead of the 31 July renewal deadline. According to HMRC, May 2014 has already seen a 131% increase in phishing emails, compared... Read More

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Employers warned over holiday pay

Date: 15/06/14

Employers are warned to ensure they are calculating holiday pay correctly after a number of recent legal challenges. According to the Working Time Regulations (1998) (WTR 1998), all workers are entitled to 5. 6 weeks' statutory annual leave. Workers... Read More

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High earners warned of HMRC self assessment checks

Date: 10/06/14

High earning individuals are warned that HM Revenue and Customs is sending out letters asking taxpayers to double-check whether they have put down the correct information on their self-assessment return. HMRC has recently begun a process of sending... Read More

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New flexible working scheme to come into force

Date: 05/06/14

Employers are reminded that from 30 June all employees will have the right to request flexible working. Currently, flexible working is only available for employees with caring responsibility for children 16 or under or adults which are relatives or... Read More

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Potential changes to elections for PPR Relief

Date: 01/06/14

Owners of second homes are warned about potential changes to elections in regard to Principal Private Residence Relief (PPRR). PPRR is a special Capital Gains Tax (CGT) relief that is available on the sale of a person's home. PPRR is particularly... Read More

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Don't be exposed to P11D problems

Date: 30/05/14

Employers are warned about potential problems they may face filling in P11D forms. Employers are required to submit P11D forms for each employee they have provided benefits or expense during the tax year. Forms must be filed by July 6, setting out... Read More

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HMRC to access thousands of bank accounts for unpaid tax

Date: 13/05/14

Anyone with tax debts is advised to take steps to get their affairs in order or face having their bank account raided by HM Revenue and Customs (HMRC) to recover the amount owed. Chancellor George Osborne first announced the new powers for HMRC in... Read More

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SSP no longer reclaimable from Government

Date: 23/04/14

Businesses are reminded that the ability to reclaim Statutory Sick Pay (SSP) in certain circumstances under the Percentage Threshold Scheme (PTS) has been abolished. The Government withdrew the scheme from 6th April in order to establish a new... Read More

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UK Inheritance rates among highest in the world

Date: 11/04/14

Families are reminded of the importance of inheritance tax planning after new research revealed that the UK has one of the highest rates in the world. The threshold at which inheritance tax (IHT) becomes payable in the UK is currently £325, 000,... Read More

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Self employed taxpayers warned on NIC Debts

Date: 02/04/14

People with unpaid national insurance contributions (NICs) are warned that private debt collectors could be used to recover the money they owe to HM Revenue and Customs (HMRC). People paying tax through Pay As You Earn (PAYE) as an employee, or who... Read More

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Annual Investment Allowance doubled to £500,000

Date: 01/04/14

Businesses looking to invest in new plant or machinery need to consider bringing forward their capital expenditure in order to take advantage of a generous doubling of tax relief available on their purchases. In his Budget speech, Chancellor George... Read More

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Employment Allowance

Date: 21/03/14

From 6 April 2014 employers can claim the Employment Allowance and reduce their employer Class 1 National Insurance contributions (NICs). You can claim the Employment Allowance if you are a business or a charity (including Community Amateur Sports... Read More

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Why does the tax year finish on the 5 April?

Date: 20/03/14

The reason for the tax year running from 6 April to 5 April is primarily historical and has its origin in the switch from the Julian to the Gregorian calendar in 1752. It had been calculated in the 16th Century that the Julian calendar had lost 9... Read More

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Budget 2014

Date: 20/03/14

Many businesses could benefit from some of the measures introduced in the Budget. George Osborne's Budget for a Resilient UK outlined a number of new measures, while also welcoming significantly improved growth forecasts, with the UK economy... Read More

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RTI penalties to be phased in

Date: 12/03/14

Employers are advised that the introduction of penalties for late filing and late payment in relation to Real Time Information (RTI) will be staggered, rather than coming into force in April as originally planned. Automatic in-year Pay As You Earn... Read More

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Act now to avoid high income child benefit charge

Date: 25/02/14

Parents affected by the high income child benefit charge are advised that time is running out to take steps to avoid it or reduce its impact in the next tax year. Under the new rules, which came into effect on 7 January 2013, families where at least... Read More

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Call for employers to incentivise staff

Date: 25/02/14

Business owners are advised to look at ways of incentivising key employees following the publication of new figures suggesting that employers could face a high staff turnover in 2014. According to research from the Institute of Leadership and... Read More

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Changes to capital allowances imminent

Date: 25/02/14

Business owners are advised of changes to capital allowances which come into force in April. The changes mainly affect purchasers of second hand commercial buildings and their entitlement to claim tax relief in the form of capital allowances on... Read More

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HMRC to send out PAYE coding notices

Date: 25/02/14

Individuals who receive a new PAYE tax code are advised to ensure that it is correct. Over the next three months, HM Revenue and Customs (HMRC) is sending out new tax codes for the 2014/15 tax year, which will come into effect from 6 April.  Some... Read More

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RTI - Making your final submission for the 2013-2014 tax year

Date: 07/02/14

Now that you are reporting PAYE information in real time, you don't need to send forms P35 and P14 at the end of this tax year.  Instead, just send your real-time PAYE submission as normal and answer a few extra questions. It is very easy to do.... Read More

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PAYE warning to employers

Date: 13/01/14

Employers could face in-year penalties next year if they fail to submit their Pay As You Earn (PAYE) returns on time. The warning comes as HM Revenue and Customs (HMRC) is starting to send out electronic notifications to employers who appear to be... Read More

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Time running out to take advantage of higher pension allowance

Date: 13/01/14

Individuals are advised to ensure they don't miss an opportunity to take advantage of the current pension allowance limits before changes take effect in April. The annual pension allowance will be reduced from £50, 000 to £40, 000 from April,... Read More

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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.