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Salary Sacrifice and Optional Remuneration Arrangements: A Guide

In April 2017, limitations to salary sacrifice agreements and a new arrangement known as ‘optional remuneration’ were introduced. It is vital that employers are fully apprised of the various alterations and dates in play, as these may impact on internal processes and employee reward schemes. In this blog, we’ll discuss the introduction of optional remuneration…Read More

MTD: Pros and Cons

When reviewing recent updates connected to MTD, the proposition of the new system may seem like a problematic one. In July 2017, the government announced that it would need to delay implementation by a year. In addition, the initial rollout would be confined to VAT updates only – meaning that businesses would not be required…Read More

Making Tax Digital: An Introduction

MTD – or Making Tax Digital – is a government initiative to improve efficiency for businesses and increase transparency around accounting. As part of this plan, HMRC are moving away from the current process of filing accounts annually. From April 2019, businesses above the VAT threshold (i.e. with taxable turnover of £85,000+ per annum) will…Read More

Expat Tax: How to Claim Overseas Workday Relief

If you have arrived in the UK as a non-dom and are currently working for a UK employer but with duties overseas, you could save money by claiming Overseas Workday Relief. This relief treats a portion of the earnings from a UK employment (which has been partially or entirely conducted abroad) as if it were…Read More

Different Forms of Employment – and How They’re Taxed

February is here – which, for many, means breathing a big sigh of relief. The self-assessment tax return deadline of January 31st has now passed! However, some of us may be wondering if we’ve really been as efficient with our tax planning as we could have been – and whether next year’s return will be…Read More

Accountant vs. Tax Adviser: Which One Do I Need?

Both tax advisers and accountants have important roles to play in making sure that your finances are managed as efficiently – and effectively – as possible. However, there are important differences between the two specialisms, and it’s worth considering these carefully when deciding which professional would be best placed to help you with your business.…Read More

Bookkeeping and Accounting – What’s the Difference?

In the financial world, the terms ‘accountant’, ‘bookkeeper’, and ‘tax adviser’ are often used interchangeably. However, though these are all names for tax professionals, their roles and responsibilities are quite different. What Does a Bookkeeper Do? As suggested by the name, a bookkeeper is concerned with ‘keeping books’; as such, some of their duties can…Read More

What Is an SA302 – and Why Would I Need One?

An SA302 is a summary of the income that has been reported to HMRC. This is often necessary to verify self-employed income for a mortgage application, but can also be useful in other instances – if you’ve recently enlisted an accountant, for instance, they may need to see a calculation from previous periods. However, whilst…Read More

Filing a Return: Ten Tips (Part Two)

Contrary to popular opinion, it’s not only self-employed people who have to submit a tax return. If you were a company director in the relevant tax year, let out a property or received dividends, you will probably need to submit one, too. Whatever your reasons for filing a return, IBISS & Co are here to…Read More

Filing Your Tax Return: Ten Tips (Part One)

For many people, a new year entails making resolutions, starting new diets, and purchasing gym memberships. For others, however, it means only one thing: the 31st January deadline is looming, and soon they will have to file their online tax return. The good news is that tackling your return doesn’t need to be taxing. With…Read More

And breathe!

Every year we vow that the following January won’t be as bad. This year was not the worst, but the yearly rush of tax returns still hasn’t eased even after 20 years of self-assessment – and now they are about to bring in “Making Tax Digital” from April 2017 because submitting 5 tax returns a year is…Read More

Another allegation of Tax Evasion

Jose Mourinho is the latest celeb to stand accused of financial impropriety. Mourinho has been issued with a tax bill of close to £2 million for unpaid taxes on image rights. The allegations are part of Football Leaks, a whistle-blower website that has shared documents with media outlets across Europe. El Mundo – the Spanish…Read More

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