TG&Co

Chartered Accountants

Principals:
Patricia Grant Bcom CA
Stephen Grant BCom CA
Karen Szotek BSc ACCA

News

Employee Pensions

From 6 April 2019 the minimum level of contributions which must be paid into a qualifying pension scheme under auto-enrolment went up from 5% to 8%. Employers must make a minimum contribution of 3% with the balance being paid by employees. Many employer schemes established at the time of the now defunct stakeholder pensions provided for a 3% employer contribution which has remained unchanged throughout the introduction of the new system.

IR35

Changes to the rules on off-payroll working in the public sector took effect in April 2017. These changes appear to have been quite successful in generating increased PAYE receipts encouraging the government to look at a similar solution for the private sector. A period of consultation has taken place but it is expected that rules similar to those which apply to public sector bodies will come into effect from April 2020.

Making Tax Digital (MTD)

MTD has now come into effect for VAT registered businesses with turnover above the VAT threshold. Appropriate accounting software or bridging software must now be used to prepare and submit VAT returns through the new VAT portal. The record-keeping requirements are exactly as they have always been for VAT except that these records must now be in digital form from start to finish. We have introduced a range of different solutions for our clients depending on their needs.