Anti-money laundering supervision: guidance for high value dealers

Anti-money laundering supervision: guidance for high value dealers 1. Money Laundering and high value dealers 2. Responsibilities of senior managers 3. Risk assessment, policies, controls and procedures 4. Customer due diligence 5. Reporting suspicious activity 6. Record keeping 7. Staff awareness 8. High value dealer risk 9. High value dealers...

Ten things about offshore assets and income

1. What offshore income is Income is considered ‘offshore income’ if it comes from a territory outside the United Kingdom. It includes: interest from overseas bank or building society accounts dividends and interest from overseas companies rent from overseas properties wages, benefits or royalties earned outside the UK 2. It’s important for...

Don’t touch rent-a-room relief

Rent-a-room relief AAT today responded to the Government’s Call for Evidence on rent-a-room relief. Rent-a-room relief provides income tax relief for those letting out furnished accommodation to incentivise individuals to make spare capacity in their homes available for rent. It is currently set at £7,500 per annum. The Government announced during the 2017...

Majority of smaller businesses realise the value of apprenticeships

Monday 5 March 2018 Smaller businesses throughout England are embracing apprenticeships, with nine out of ten who have taken on apprentices saying they have boosted productivity, according to a new study by AAT. The study, commissioned to tie in with National Apprenticeship Week, shows that businesses appreciate the value apprenticeships can...

Budget summary: Spring edition 2016

Allowances and Tax Bands: In 2017/18 the personal allowance will be £11,500 and the basic rate limit will be increased to £33,500. As a result, the higher rate threshold will be £45,000. Changes to Dividend Taxation A new Dividend Allowance is to be introduced for 2016/17 onwards. The current system...

HMRC’s new powers to demand tax

New rules are being introduced to allow HMRC to issue enforceable tax assessments. The new rules say that HMRC can base the new type of assessment on information it receives from you or other sources, e.g. your company, bank etc. HMRC will use the new style assessments from July 2016....

What is the difference between a sole trader and limited company?

A What is the difference between a sole trader and limited company? Sole trader is an individual who carry on business with a view to making profit without incorporating a legal form. A limited company is a legal entity separate from a sole trader in its own right. Sole trader...

What is Real Time Information?

A What is Real Time Information? Real Time Information is a system set up by HMRC to collect weekly and monthly deductions made from employees’s earnings online. So it is employer’s responsibility to ensure that right tax and national insurance deductions have been made and submitted to HMRC on a...

How much tax and national insurance should I pay?

A How much tax and national insurance should I pay? If you are on weekly payroll then you pay tax on weekly earnings above £204.00 and national insurance earnings above £155.00. If you are on monthly payroll then you pay tax on monthly earnings above £884.00 and national insurance earnings...