Scott & Wilkinson Blog | Archive 2015

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.

Christmas comes second to work for SME owners

Date: 16/12/15

According to Zurich's latest SME Risk Index, 49 per cent of the UK's small business owners worked on Christmas Day last year.  The research indicated the challenges of achieving a work-life balance, with a further nine per cent having admitted to... Read More

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Don't forget your self assessment tax return deadline

Date: 11/12/15

At this time of year most people's focus will be on buying presents, putting up decorations and preparing the Christmas dinner, but people need to remember the self-assessment tax return deadline. Taxpayers who are required to complete... Read More

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A welcome boost for SME funding

Date: 01/12/15

The government's move to introduce flexibility for replacement capital within Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) schemes, as revealed in the recent Autumn Statement, has been welcomed as it is a boost for small... Read More

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SME's will benefit from Autumn Statement

Date: 25/11/15

Measures announced in the Autumn Statement are set to benefit Small and Medium sized Enterprises (SMEs) and ensure their success however there are fears for individuals buying a second home.  Recognising the financial burdens faced by SMEs,... Read More

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HMRC has set its sights on the affluent

Date: 24/11/15

Those with high incomes are warned to get their tax affairs in order as HM Revenue and Customs bolsters its Affluent Unit. HM Revenue and Customs (HMRC) has announced this week that it has doubled the number of inspectors trawling through the tax... Read More

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HMRC failings won't go unanswered

Date: 18/11/15

People are reminded that HM Revenue and Customs (HMRC) could be forced to waive or reduce penalties for taxpayers who filed returns late or incorrectly because the tax authority did not answer their telephone calls. Ministers have condemned HMRC for... Read More

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Business and home owners are encouraged to consider CGT when selling

Date: 10/11/15

Business and home owners are encouraged to give greater consideration to capital gains tax (CGT) when selling.  The message comes after new figures show that the amount of CGT being collected by the government is growing at a rate of 43 per cent... Read More

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Are your legacy affairs in order?

Date: 30/10/15

Individuals are warned that they could face higher inheritance tax (IHT) bills than they expected, after new research shows a significant increase in payments to the Treasury. Recent analysis of HM Revenue and Customs' (HMRC's) tax figures for... Read More

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Don't be scared, you still have time to submit your paper tax return

Date: 14/10/15

As Halloween quickly approaches, most people may be worried about ghosts and ghouls, but individuals are warned to be more concerned about their paper self-assessment tax return.  The deadline for submission of this year's annual paper tax return... Read More

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Accelerated payment notices

Date: 02/10/15

Businesses and individuals are warned not to be complacent if they receive accelerated payment notices (APNs), after new figures reveal that the government has collected more than £1 billion through their use. HM Revenue and Customs (HMRC) recently... Read More

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Nigel retires after 30 years service

Date: 01/10/15

After 30 years loyal service to Scott and Wilkinson, Nigel Martin retired from the partnership on 30 September 2015. Nigel arrived at Scott and Wilkinson in 1985 as a manager and became a partner in 1986.   He looked after a large range of clients... Read More

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UK's smallest employers need to embrace auto enrolment

Date: 25/09/15

A Chartered Institute of Payroll Professional survey states that more than a third of workers reaching the end of their working lives are not planning financially for their retirement.  At a time when auto-enrolment is very much at the forefront of... Read More

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New EU court ruling could have significant impact on businesses

Date: 17/09/15

Businesses are warned to be aware of a new European court ruling which has clarified that travelling time to and from work could itself be classed as work. In a landmark ruling, the European Court of Justice has said that time spent to and from... Read More

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Invoice financing for SME's

Date: 28/08/15

There has been a lot of publicity recently on the availability of finance for small to medium sized enterprises (SMEs), particularly focusing on traditional bank loans or equity investments.  However, there are other forms of business funding which... Read More

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Businesses need to prepare for changes to Company Law

Date: 21/08/15

Business owners are encouraged to prepare for a change to company legislation that will require them to register individuals with 'significant control' over the company. Under proposals, laid down in the Small Business, Enterprise and Employment Act... Read More

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More SMEs to be affected by auto enrolment

Date: 12/08/15

Small and Medium sized Enterprises (SMEs) are warned they are likely to struggle to budget for auto-enrolment.  Recent data from The Pensions Regulator has revealed that approximately half a million more businesses will have to enrol than... Read More

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Owners of personal service companies could face stricter tax rules

Date: 06/08/15

Individuals who run a personal service company (PSC) are warned that they could face higher tax bills in the future as HM Revenues and Customs (HMRC) looks to re-evaluate its tax rules. HMRC have put forward a proposal to amend Intermediaries... Read More

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Businesses need to act now before the Annual Investment Allowance drops

Date: 13/07/15

Businesses are encouraged to take full advantage of the half a million pound Annual Investment Allowance (AIA) available to them now before the rate drops at the start of next year. This warning comes following the Chancellor's Summer Budget... Read More

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Budget 2015 - SMEs could see smaller profits after summer budget

Date: 09/07/15

Measures introduced in the Chancellor's Summer Budget may affect the profit margins of SMEs.  George Osborne's seventh Budget the first of this Conservative Government heralded a decrease in Corporation Tax but saw a rise in dividend taxes. SMEs... Read More

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Auto enrolment - are you ready?

Date: 02/07/15

Auto enrolment is the statutory requirement on an employer to:When these requirements will need to be satisfied, and when the new laws come into effect, will be determined by reference to an employer's 'staging date'. Prior to an employers staging... Read More

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More UK start-ups survive first year of business than European counterparts

Date: 15/06/15

A recent study shows more of Britain' start-ups are surviving their first year of business than their European peers.  The research conducted by Rosseau Associates highlights that of the 234, 000 UK businesses launched in 2011, 93 per cent of... Read More

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People are reminded to renew their tax credits on time

Date: 08/06/15

Hundreds of people could miss out on tax credits if they fail to renew their claim by the deadline next month. The deadline for renewing tax credits is 31 July 2015 and claimants are advised to get their information in before this date to avoid... Read More

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What does the Queen's speech mean for SME's?

Date: 05/06/15

Speaking at The State opening of Parliament on 27 May, the Queen announced a number of initiatives to stabilise the UK economy, including lower regulations for SMEs alongside a freeze on tax rises for the next five years. She said: Legislation will... Read More

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Businesses reminded to hand out P60 forms before the end of the month

Date: 20/05/15

Business owners are reminded to provide all of their employees with a P60 form before the deadline at the end of May. All employers must provide any employee, who was in their employment on the last day of the tax year (5 April), with a P60... Read More

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Businesses need to be aware of escalating auto-enrolment fines

Date: 12/05/15

A number of businesses who have failed to sign staff up to a workplace pension scheme have been hit with escalating fines by The Pensions Regulator. Under current workplace pension rules, all employers with at least one member of staff have to... Read More

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Are you ready for FRS102?

Date: 07/05/15

Small and medium-sized enterprises (SMEs) are reminded that a new accounting standard could affect their financial affairs.  The proposed changes of the new UK GAAP [Generally Accepted Accounting Principles], known as FRS102, will align the... Read More

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Is your self-assessment tax return still outstanding?

Date: 20/04/15

People are reminded that if they still haven't submitted their self-assessment tax returns, additional fines will soon be charged. From 1 May, people that have yet to send HM Revenue and Customs (HMRC) their returns will incur a five per cent or... Read More

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How will the pension reforms affect you?

Date: 06/04/15

New pension freedoms for over 55s that were introduced at the start of the month represent the biggest shake-up to pensions in a generation.  Although the reforms will change the way we save and spend before and during retirement, people are warned... Read More

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People need to be aware of changes to tax efficient schemes

Date: 01/04/15

Individuals are reminded that a number of tax-efficient investment schemes will be changing soon. The reminder comes after the Chancellor, George Osborne, announced a number of changes to venture capital trusts (VCT) and enterprise investment... Read More

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Budget 2015 - SME's recognised as backbone of Britain

Date: 19/03/15

Recognising the contributions made by micro-businesses in terms of UK wealth and reducing the number of unemployed, this final Budget of the current Parliament, delivered 50 days before the next General Election, offered some key benefits. SMEs make... Read More

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Be prepared for changes to prompt payment discounts

Date: 17/03/15

Business owners are reminded that HM Revenue and Customs (HMRC) has announced the rules surrounding VAT declaration on prompt payment discounts (PPDs) are changing from 1 April 2015.  PPDs offer a reduction to the price of goods and services... Read More

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Employers to reveal gender pay gap

Date: 10/03/15

Companies that employ more than 250 people are reminded that they will soon have to reveal differences between average pay for male and female workers under a change to a law passing through Parliament. Large firms that do not comply with the new... Read More

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TTIP of the Iceberg

Date: 09/03/15

The future of the UK's SMEs could be threatened if the Transatlantic Trade and Investment Partnership (TTIP) is introduced. TTIP would bring benefits to big business, but SMEs seem set to lose out.  A huge majority of UK firms are SMEs and they... Read More

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Employers reminded about the change in rules regarding PAYE

Date: 05/03/15

Businesses are reminded that they will no longer be automatically penalised for failing to file PAYE information under new changes to the legislation. Under the new rules HM Revenue and Customs (HMRC) has said that they will not impose PAYE filing... Read More

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Did you forget to file your tax return on time?

Date: 10/02/15

People who filed their tax returns late are warned to be prepared for fines and to deal with them quickly before they become a bigger issue. The latest figures from HM Revenue and Customs (HMRC) showed that more than 890, 000 failed to return their... Read More

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Check your tax code for HMRC errors

Date: 05/02/15

Up to three million people who have more than one source of income could potentially face backdated tax bills of £2, 000 per year because of errors made by HM Revenue and Customs (HMRC). Among those most likely to be affected are veterans who draw... Read More

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Look out for unofficial HMRC emails

Date: 27/01/15

People are warned to be aware of fraudulent emails and imitation HM Revenue and Customs (HMRC) websites as the 31 January deadline for self-assessment tax returns looms.  The number of so-called 'phishing' emails correspondence designed to acquire... Read More

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Self assessment 'worst offenders' reminded to get their returns in on time

Date: 22/01/15

With only a week left until the deadline for self-assessment tax returns, people are reminded to get their documents filed on time. It comes after new data released by HM Revenue and Customs (HMRC) revealed that young men aged between 18 and 20 were... Read More

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HMRC clamps down on horsebox owners

Date: 20/01/15

Horsebox owners are warned that they are set to be the subject of an HM Revenue and Customs (HMRC) investigation, as it continues its clampdown on tax evasion. HMRC apparently suspects that some farmers and rural business owners are buying... Read More

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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. 

Any use of the term "partner", if used, indicates a member of Scott & Wilkinson LLP or an employee of Scott & Wilkinson LLP with equivalent standing and does not indicate that a partnership exists for the purposes of the Partnership Act 1980.