Author Archives: myersclark

The accounting industry is reinventing itself. Once considered a staid profession, it is now an industry embracing efficiency, technology and automation.

Standard, well known taxes transfer money to the government in a straightforward way. However, absurd taxes make way for the occurrence of absurd behaviour.

Technology is driving change with businesses introducing new software, processes and roles to keep pace with the competition.

The Revenue have become aware of an increase in scam telephone calls regarding outstanding tax from people claiming to be from HMRC.

First budgets of a new parliament are traditionally the dramatic ones in which the Chancellor dispenses the unpalatable medicine of tax increases.

If the chancellor was asked to produce a Budget that would not rock the political boat, then it looks as if that is what he has delivered.

In July 2017, HMRC utilised their new dynamic coding system, with an aim to retrieve underpaid tax quicker and to change the ways in which employers deduct tax from employee pay, all as part of its Making Tax Digital (MTD) project. It allows the Revenue to make in-year adjustments (IYAs) to an individual’s tax code.

HMRC are making some changes to the ways customers can make payments.

The second Finance Act of 2017 introduced some significant changes to the way company losses arising after 1 April 2017 can be used. Whilst the Act has introduced a 50% loss restriction for larger companies, the new regime is much more flexible for smaller companies and groups, as most losses carried forward to be off set against future profits will now be available to either off set against total profits or to be group relieved.

Under the Pensions Act 2008, every UK employer has a statutory duty to put forth certain members of staff into a pension scheme and contribute towards it.