HFM TAX BLOG

09.06.2018

Employees’ holiday entitlement

Employees’ holiday entitlement is a seasonal subject to consider and the following definitions should help to clarify employee and employer rights and responsibilities regarding entitlement to holiday pay. Almost all workers are legally entitled to 5.6 weeks’ paid holiday per year (known as statutory leave entitlement or annual leave). An employer can include bank holidays as part of statutory[…..]

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02.06.2018

Undeclared Overseas Income and The Requirement to Correct

Undeclared overseas income is a guilty secret for some taxpayers. We have had over ten years of offshore disclosure facilities from HMRC which have forced a significant number to declare at least some of their overseas earnings. But now everything is about to change. The message for those with unreported offshore income and gains is[…..]

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19.05.2018

Starting a Successful Business

Starting a successful business isn’t easy or everyone would be doing it. And as the majority of new businesses fail in the first five years, that clearly isn’t the case! You need a product or skill to offer and you need to be able to sell what you have. Some people have the skill but[…..]

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28.04.2018

30th September 2018 deadline to correct UK tax return errors

The effect of recent legislation is that what might appear to be a minor blemish in reporting to HMRC could lead to very significant penalties. Ad, when an overseas asset is involved, the penalties will include a charge equal to 10% of the asset’s value. This is certainly to be avoided at all costs and[…..]

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21.04.2018

How long should you keep your records?

If you are self-employed, and obliged to submit a self-assessment tax return, you must keep your tax records for at least five years after the 31 January submission deadline of the relevant tax year. For example, if you send your 2017-18 tax return online by 31 January 2019, you must keep your records until at[…..]

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14.04.2018

GDPR Checklist

The GDPR takes force from 25 May 2018. You should start planning so that on that date you can demonstrate compliance with the GDPR. Businesses are expected to put into place comprehensive but proportionate governance measures. The following checklist will allow you to prepare for the GDPR by documenting existing procedures, looking for areas to[…..]

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