News

It’s important to be up-to-date, HMRC is constantly evolving.

We continuously research and update our knowledge. As part of that, we share our insights and findings. Read our news articles; we hope you will find useful information.

If you have any questions or enquires, please don’t hesitate to get in touch.

Latest News

Gross Misconduct

Gross Misconduct

Gross misconduct in the workplace is categorised as behaviour which breaks the rules laid down in the employment contract, entitling you to dismiss employees without notice or pay in lieu of notice. However, when an incident of gross misconduct is suspected, you must...

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Paying HMRC

Paying HMRC

With many individuals having tax payments to make at the end of this month it is important to be aware that HMRC have announced that they will no longer accept payments made at the Post Office or by credit card. HMRC have announced that with effect from 15 December...

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Employee Gifts – Tax Free?

Employee Gifts – Tax Free?

At this time of year some employers may wish to make small gifts to their employees. A tax exemption is available which should give employers certainty that the benefits provided are exempt and do not result in a reportable employee benefit in kind. In order for the...

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Tax Free Christmas Party

Tax Free Christmas Party

Whether you are a one-person limited company or employ hundreds of staff, you are entitled to provide an annual event for yourself and any staff you employ, and reclaim the costs against the company, saving corporation tax. Your company may also be able to claim the...

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Business Start Up & Accounting

Business Start Up & Accounting

Starting your own business is not easy and the line between success and failure can be fine. The vast majority of successful businesses were at one time a startup. One of the most important aspects of starting a successful business is Accounting. It is so easy to get...

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Xitax Accounting Solutions

Preparation of sole traders, limited companies, partnership accounts, personal tax, corporation tax, management accounts and VAT returns.
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Xitax Accounting Solutions7 days ago
General Data Protection Regulation (GDPR) - deadline May 2018

The government is to introduce new data protection rules under the General Data Protection Regulation (GDPR) which takes effect from 25 May 2018.

Under the GDPR businesses will have increased obligations to safeguard the personal information of individuals which is stored by the business. These rules apply to the information of customers, suppliers or employees. Generally for those who are currently caught by the Data Protection Act, it is likely that you will have to comply with the GDPR.

GDPR will apply to data ‘controllers’ and ‘processors.’ Processing is about the more technical end of operations, like storing, retrieving and erasing data, whilst controlling data involves its manipulation in terms of interpretation, or decision making based on the data. The data processor processes personal data on behalf of a data controller. Obligations for processors are a new requirement under the GDPR.

The GDPR applies to personal data which is wider than under the Data Protection Act (DPA).

One key change to the current DPA rules is that those affected will have to show how they have complied with the rules. Proof of staff training and reviewing HR policies are examples of compliance.

Under GDPR, higher standards are set for consent. Consent means offering people genuine choice and control over how their data is used.

Overall, the aims of GDPR are to create a minimal data security risk environment, and to protect personal data to rigorous standards. For most organisations, this will entail time and energy getting up to speed with compliance procedures. Reviewing consent mechanisms already in place is likely to be a key priority. In practice, this means things like ensuring active opt-in, rather than offering pre-ticked opt-in boxes, which become invalid under the new rules.

Organisations will also have to think about existing DPA consents. The ICO’s advice is that:

‘You should review how you seek, record and manage consent and whether you need to make any changes. Refresh existing consents now if they don’t meet the GDPR standard.’

Where the current consents do not meet the new GDPR then action will be needed.

The fines for non compliance are severe at up to 20 million euros or 4% of total worldwide annual turnover (if higher).

The Information Commissioner’s Office (ICO) has published some very useful information and a 12 step planning guide to help organisations get ready ahead of the May 2018 deadline.
Xitax Accounting Solutions
Xitax Accounting Solutions1 week ago
Automatic Enrolment - from 6 April 2018 the minimum contribution will increase from the current total minimum contribution of 2% to 5%.
Xitax Accounting Solutions
Xitax Accounting Solutions2 weeks ago
E News -
Xitax Accounting Solutions
Xitax Accounting Solutions2 weeks ago
HMRCs vision is to transform into one of the most digitally advanced tax administrations in the world by 2020 under ‘Making Tax Digital’ (MTD).

From 1 April 2019, businesses with a turnover above the VAT threshold, currently £85,000, will have to keep digital records.

Under Making Tax Digital, businesses will be required to:
• maintain their records digitally, through software or apps
• report summary information to HMRC quarterly through their ‘digital tax accounts’ (DTAs)
• submit an ‘End of Year’ statement through their DTAs.

That is why we at Xitax place extra emphasis on making sure you experience hassle free cloud accounting and are ready to meet this requirement.

Why not appoint us as your accountant now so that we can start putting a plan together to ensure you are ready in April 2019.
Xitax Accounting Solutions
Xitax Accounting Solutions2 weeks ago
The Scottish government has the power to set the rates and bands of income tax (other than those for savings and dividend income) which apply to Scottish resident taxpayers.

Since 6 April 2016 the rates and bands of Scottish income tax have been frozen at 20% and the Scottish higher and Scottish additional rates at 40% and 45% respectively. For 2017/18 the higher rate threshold in Scotland is £43,000 whilst the threshold in the rest of the UK is £45,000. This means that a Scottish higher rate taxpayer will pay £400 more tax in 2017/18 than a UK higher rate taxpayer, being £2,000 at the marginal rate of 20%.

XiTAX Accounting Solutions LimitedFeel free to get in touch

Email: info@xitax.co.uk
Phone: +44 (0)75 2583 1590

Address: Xitax Accounting Solutions, Pera Business Park, Nottingham Road, Melton Mowbray, Leicestershire LE13 0PB

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