Construction Industry Scheme – subcontractor verifications

What is changing?In February 2016, HMRC told us about some improvements they were going to make to the construction Industry Scheme (CIS) online verification service. During their technical consultation exercise in December 2015, they also told us that their proposal was for verifications to become mandatory, and that from April 2017, contractors must use an Read more about Construction Industry Scheme – subcontractor verifications[…]

National Minimum Wage and Live In Wage rates from 1 April 2017

The National Live in wage is set to rise in April 2017 and will replace some of The National Minimum Wage rates per hour depending on your age and whether you’re an apprentice – you must be at least school leaving age to get it.New rates, which come into effect from 1 April 2017. Previous Read more about National Minimum Wage and Live In Wage rates from 1 April 2017[…]

Personal Liable for Data Protection?

The Information Commissioner wants all directors to be made personally liable for any breaches of data protection laws committed by their companies.All companies, regardless of their size, are legally required to comply with the Data Protection Act 1998. As the law currently stands, where a company breaches the Act the directors cannot generally be held Read more about Personal Liable for Data Protection?[…]

Do I Need An Audit?

Some UK companies are required to have their annual financial statement audited, and others are exempt from the statutory requirement due to their size or (in a few cases) their nature.Organisations which fall below certain thresholds are usually exempt from audit, unless they are members of a group.The thresholds determining company size for accounting purpose Read more about Do I Need An Audit?[…]

As a director, what should I pay myself in 2017/18?

Such a simply question, you would think, however it produces a complicated answer. For this calculation, we have assumed the following:The director wants to preserves their entitlement to state benefits, andThe director wants a salary which saves the most tax and national insurance.First of all let us look at preserving your entitlement to state benefits. Read more about As a director, what should I pay myself in 2017/18?[…]

Internal Fraud Hits 20% of Small Businesses

Internal Fraud Hits 20% of Small Businesses According to ActionFraud nearly one in five small businesses have been defrauded by an employee at some point during their trading history, causing significant loss and in some cases have destroyed a business.What is internal fraud?Internal or employee fraud is fraud which is committed against a company or organisation Read more about Internal Fraud Hits 20% of Small Businesses[…]