If you are thinking of making a gift to charity, this factsheet summarises how to make tax-effective gifts. You can get tax relief on gifts to UK charities if you give: under Gift Aid, through a Payroll Giving scheme, run by your employer, or by making a gift of certain shares or land.
Continue readingMany companies are now completely reliant on the data stored on their network servers, PCs, laptops, mobile devices or in the cloud. Some of this data is likely to contain either personal information and/or confidential company information. Here we look at some of the issues to consider when reviewing the security of your computer systems, and how to minimise the risks of data loss.
Continue readingInheritance tax (IHT) is levied on a person’s estate when they die, and certain gifts made during an individual’s lifetime. Gifts between UK-domiciled spouses during their lifetime or on death are exempt from IHT. In this factsheet spouse includes married couples and registered civil partners. Most gifts made more than seven years before death will escape tax.
Continue readingThe National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with the NMW and NLW rules. HMRC is the agency that ensures enforcement of the NMW and NLW.
Continue readingIn order to avoid the danger of discriminating in some way, particularly unconsciously, employers must take care to develop and use recruitment procedures which will avoid the risk. Using sensible procedures will also inevitably improve recruitment decisions and the quality of the people taken on. Professional advice should be sought before any action is taken.
Continue readingTravelling and subsistence expenditure incurred by or on behalf of employees gives rise to many problems. We highlight below the main areas to consider in deciding whether tax relief is available on travel and subsistence.
Continue readingThe ‘IR35’ rules are designed to prevent the avoidance of tax and national insurance contributions (NICs) through the use of personal service companies and partnerships. The rules do not stop individuals selling their services through either their own personal companies or a partnership. However, they do seek to remove any possible tax advantages from doing so.
Continue readingHMRC have introduced a number of VAT schemes over the years designed to reduce the administrative burden on small businesses. One such scheme is the annual accounting scheme. The annual accounting scheme helps small businesses by allowing them to submit only one VAT return annually rather than the normal four. During the year they pay instalments based on an estimated liability for the year with a balancing payment due with the return. The scheme is intended to help with budgeting and cash flow and reduce paperwork.
Continue readingIt is often considered an honour to act as a trustee for a charity and an opportunity to give something back to the community. However, becoming a trustee involves a certain commitment and level of responsibility which should not be underestimated. Whether you are already a trustee for a charity, be it a local project or a household name, or are thinking of becoming involved, there are a number of responsibilities that being a trustee places upon you.
Continue readingThe General Data Protection Regulation (GDPR) replaced the Data Protection Act and applies from 25 May 2018. Whilst there are similarities between the Data Protection Act and the GDPR, there are some new elements and significant enhancements. The GDPR requires all organisations that deal with individuals living in an EU member state to protect the personal information belonging to those individuals and to have verified proof of such protection. Failure to comply with the regulation will result in significant fines.
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