Back in the 2016 Budget, the Government announced that it was again considering making changes to the tax treatment of salary sacrifice for benefits in kind. The Government’s policy paper was published in December 2016.
On Tuesday 10th January the news broke that Snap, the company behind Snapchat, is setting up an international office in Soho, London. This involves expanding the existing office and UK workforce and handling all sales from countries outside of the US (as well as recognising the accompanying revenue).
The Commons Treasury Select Committee has recently published its report into the HMRC Making Tax Digital project. The Committee recognised the benefits that could arise from electronic tax reporting, but made strong recommendations to HMRC regarding the income level at which taxpayers would come within the scheme and the timetable for the introduction of the scheme.
Since December 1st, the employees of Ecovis Wingrave Yeats have been running a reverse advent calendar initiative.
“Small businesses who use an accountant grow their net profit 23% faster than those who do not, found our Xero Signals research.” - Doug LaBahn, Global VP Product and Partner marketing.
Things seem to be changing in the worlds of the Commercial Producers. As of a few years ago the commercials guys did their thing and the TV world quietly got on with theirs. If you read the latest edition of Televisual (which happens to be the top 30 commercial producer edition), amongst the usual stats there was an interesting question posed. What else are you doing outside TV & Cinema ads?
In September, Peter Owen, Ecovis’ Head of Tax, laid out the basics of the Governments plans to introduce a new digital tax system. In this article, several concerns are highlighted, including the potential administrative and financial burden that could be imposed on SME’s as a result of the proposed changes. Since then the government has consulted with a wide range of businesses and industries who are concerned about the potential for increased compliance burden and more red-tape.
Ecovis Wingrave Yeats Senior Partner, Robert McCann, has been featured in the December 2016 issue of EP's Magasine, Perspective. In the article he explores the world of Big Data. "Once the preserve of conglomerates, data rich businesses such as financial institutions and airlines have been at the leading edge for years. They have made use of complex algorithms to learn from customer data sets and make predictions."
Following the EU referendum in June 2016, which yielded an unexpected Leave result, London Mayor Sadiq Khan launched the #LondonIsOpen campaign to show that London is united and open for business. So undoubtedly, the Mayor will be as delighted as we are to hear that the UK has jumped 5 places to 10th position in the World Bank league table of business-friendly tax regimes.
We are set for an intriguing Autumn Statement from the new Chancellor. Even if George Osborne had kept his job, the Autumn Statement would have had to deal with the economic fallout from Brexit. Philip Hammond will of course make important announcements on this and has hinted at the potential need to ‘reset’ fiscal policy. That has been interpreted by some commentators as a hint that the government would tone down its commitment to spending cuts.
The world of cloud based accounting is moving fast and the ability to store and access your data from anywhere has been grasped by all the big players in the accounting software world with no expense spared in creating new and ‘exciting’ products for us all to use. We are encouraged to Jettison our old desktop shackled program, and embrace the brave new world of “the cloud”.
London has a world-renowned reputation as an economic and cultural powerhouse, catering to both the lone hot-desking entrepreneur to some of the largest companies in the world. So you’ve decided to set up business in London but are wondering what exactly makes London the number one choice for foreign investment?
The use of cash is in decline the world over, whilst digital payment systems, such as electronic cash (where the transaction is paid for directly from the buyer’s account via his or her debit card at the POS terminal in combination with a PIN), credit cards and electronic fund transfers are steadily gaining favour with the consumer.
HMRC are pushing ahead with the Government’s plans for a fully digital tax system by 2020. A digital tax system will operate much more closely to ‘real time,’ with information being sent more regularly to HMRC than it is currently. Declaring information on an annual tax return, which is filed up to 10 months after the tax year ends, will become a thing of the past.