Blog

Understanding the Construction Industry Scheme (CIS)

The Construction Industry Scheme has a very simple goal – to prevent self-employed subcontractors from avoiding tax. The so-called ‘Self-Employment Switch’ has helped construction firms take on full-time employees as self-employed subcontractors. The contractor avoids paying the tax and employee benefits and the subcontractor who likewise doesn’t need to tell the exchequer about their earnings. The CIS scheme was designed to thwart this behaviour within […]

06/03/2018 News

The Tax Implications of Cryptocurrency Investment: Explained

New and Updated Information can be found here: A Complete Guide to Tax on Crypto There is a lot of hype surrounding cryptocurrencies – like Bitcoin, Ethereum and Ripple. However, these decentralised virtual currencies, based on blockchain technologies, are completely unregulated. This means the tax implications of cryptocurrency investment is a rather important area and requires further analysis. What is all this fuss about? More […]

19/02/2018 News

HMRC & Companies House Penalties – What you need to know?

If you’re an entrepreneur or contractor, running a limited company or register as a sole trader, based in the UK, you need to know about the penalties imposed by Companies House and HMRC and how they could impact your business. By understanding these deadlines, you can plan ahead allowing you to focus on your business. Whether you are a freelancer, subcontractor or micro business owner, […]

13/02/2018 HMRC

Autumn Budget 2017 – VAT Overview

This is the first Autumn Budget which has taken over from the now defunct Autumn Statement. The Chancellor, Philip Hammond MP, froze the threshold for VAT, introduced reverse charging for construction industry VAT reporting and also introducing new online VAT fraud processes to clamp down on illicit online trading. VAT had made the headlines even before Philip Hammond stood up to present his Budget to […]

06/02/2018 HMRC, News

Autumn Budget 2017 Overview – Key Issues, Policies and Topics covered by the Chancellor

The Chancellor of the Exchequer, Rt Hon. Philip Hammond M.P., has delivered his first Autumn Budget. This article will outline the key details along with supplementary information relating to impact and issues relating to self-employment, tax and other key priorities. The end of the Autumn Statement was always going to make this more of a curiosity than anything else. The media lead-up revolved around […]

23/01/2018 News

Auto Enrolment Pension

What is the Auto Enrolment Pension? In 2012, the last Coalition Government introduced a new form of pension regulation. The new legislation forced every workplace to offer a pension scheme and, crucially, to create a pathway for automatic enrolment for all eligible workers within that organisation. The scheme was launched with large employers in mind back in 2012. However, a change to the legislation has […]

05/12/2017 Pension Scheme

What you need to know about the Automatic Enrolment Pension Scheme

A little bit of background on the Pension Scheme… In 2012, the UK Government introduced a new law which made it mandatory for all employers to provide a workplace pension scheme and furthermore to automatically enrol employees who are eligible into the scheme. The scheme was rolled out in 2012/13 with blue chip corporations in mind. However, by 2018, the scheme will be mandatory for […]

26/10/2017 Pension Scheme

New Payroll Services for Clubs & Bars

A little background Are you a bar manager or owner? Do you find the task of undertaking weekly payroll incredibly difficult and time consuming? Have you considered outsourcing your payroll to a professional accountancy service with bespoke in-house payroll support? Prestige Business Management can help process and manage the payroll and help free up more of your time to focus on running your nightclub, bar […]

22/08/2017 News

Seven Ways of Boosting Your Small Business Sales – On a micro budget!

Regardless of your size or market penetration, you will always be looking to increase your sales and grow your company even more. That being the case, the most delicate characteristic of this endeavour is the process of increasing your sales on a small or slender budget. Getting the right ‘bang for your buck’ is a challenge every company faces and increasing sales whilst getting value […]

04/08/2017 News

MTD is Delayed – But Your Company Shouldn’t Wait To Go Digital

Your digital tax journey shouldn’t necessarily be linked to the Government’s Making Tax Digital (MTD) initiative. You should embrace the digital future and use the disruptive power of digital to help make your digital journey more intuitive and less legislative. For those unaware, MTD was removed from the Finance Bill just before the last General Election and uncertainty due to the current minority Government means […]

25/07/2017 HMRC, Making Tax Digital