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Explore insightful articles, tips, and industry updates from RMT. Stay informed on the latest trends, innovations, and best practices in accounting and business services.

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HMRC set to modernise direct debit system for employer PAYE

HM Revenue & Customs (HMRC) has announced plans to offer a recurring direct debit to employers as part of their wider payment modernisation programme. At present, employers can only set up a direct debit to collect a single payment. The launch of this service, slated for mid-September this year, will see a change to the

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Back to Basics on Business Mileage

Ask anyone who either uses their vehicle for business reasons, or puts fuel in a company car, and you will soon realise business mileage can be a confusing topic. It’s important to know that if you fall into either of these two categories, you might be able to claim tax relief for business mileage. HM

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GETTING THE RIGHT REFINANCING RESULT

By Julie Cuthbertson, corporate finance manager at RMT Accountants & Business Advisors The old adage ‘cash is king’ remains as true in business today as it’s always been and it’s pretty much certain that, at some point in their lifespan, mature businesses are going to need to do something to review and realign their cashflow

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Britons lose millions in penalty charges as they cash in LISAs

Millions of Britons facing a cost-of-living crunch have been withdrawing funds from their Lifetime ISA (LISA) accounts and getting hit with significant penalty charges. According to HM Revenue & Customs (HMRC), a record 77,500 LISA savers were issued over £33 million worth of early withdrawal charges in 2021/22. Early withdrawal from LISAs attracts a 25

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Be prepared if you decide to adopt a working from home policy

There seems little doubt now that the working from home phenomenon has become established. With a laptop, a phone and an internet connection, many tasks can be performed as adequately at home or elsewhere, as in an office. While returning to the office is a must for many, the recent rail strikes and surge in

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The benefits of taking on an apprentice

With the current labour shortage affecting pretty much all areas of the economy, taking on an apprentice could reap rewards for many businesses. There are many reasons why hiring an apprentice can benefit your business, but for hard-pressed employers, with a limited budget, the financial incentives offered by the Government are a major reason to

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Survey shows taxpayers are still unprepared for Making Tax Digital switchover

A new survey on Making Tax Digital (MTD) shows taxpayers have an alarming lack of readiness and enthusiasm for the changeover and a lack of awareness that MTD for Income Tax begins in less than two years. HM Revenue & Customs (HMRC) commissioned pollsters Ipsos to undertake new research to explore the preparedness of Income

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Are you prepared for changes to the income tax basis?

Unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April each year from 2024/25. This is a significant change to taxation, which removes the basis period rules and prevents the creation of further overlap relief in a new system known as the

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USING EMPLOYEE SHARE SCHEMES TO AVOID IMPACTS OF ‘THE GREAT RESIGNATION’

By Rachel Warriner, head of corporate tax at RMT Accountants & Business Advisors Ltd A lot has been written over recent months about a post-pandemic workplace trend dubbed ‘The Great Resignation,’ which has seen a large proportion of the British workplace deciding that it’s time for a change. Industry research suggests that almost a third

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