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Termination payments: further change from April 2020

25 October 2019

When considering the tax treatment of a payment in relation to the termination of employment, for many the tax exempt figure of £30,000 immediately comes to mind. However, it is not that simple, as it cannot be assumed that it automatically applies. Furthermore, the NIC rules affecting termination payments are changing from 6 April 2020, which could result in additional complexities and costs for employers.

Forever 21's UK stores to launch major £30m stock clearance sale
Damian Webb

24 October 2019

Administrators from RSM have confirmed that Forever 21's three UK stores will immediately commence a major £30m stock clearance sale.

What makes a good CVA and why it works
Damian Webb

22 October 2019

In the current uncertain economic and political climate trading has become increasingly challenging. Many retailers and restaurant operators have implemented CVAs as a means of addressing their long-term structural issues, notably over-rented extensive property portfolios. RSM’s Retail Restructuring team share their thoughts on successful CVAs.

RSM advises on Thai Leisure Group's successful CVA
Damian Webb

04 October 2019

Thai Leisure Group has had its proposed Company Voluntary Arrangement (“CVA”) approved by its creditors at a meeting today.

Unreported car fuel benefits – are you exposed?

27 September 2019

Many employers provide employees with fuel for their company cars but apply special employment tax rules which reduce any car fuel benefit arising to nil. This is an area where problems can arise, usually because of misunderstandings about the definition of business travel or because of an absence of records. Do you understand the rules?

RSM advises on Abokado's successful CVA
Damian Webb

26 September 2019

Restructuring experts from RSM have advised healthy eating chain Abokado on a Company Voluntary Arrangement (CVA) which has been voted through by 99 per cent of its creditors.

Travel and subsistence: do you understand the rules?

30 August 2019

Tax relief and subsistence is an area where there are frequent tax compliance problems. Especially in organisations that have highly mobile workforces. Could this be a problem for your organisation?

Off-payroll working – what is the impact of the small companies accounting regime?

30 July 2019

The legislative changes for off-payroll workers in the private sector will not apply to client end users who are small companies. For those, the current legalisation in Chapter 8 of ITEPA 2003 remains applicable. The size of the company (and in the case of a parent company, the size of the group headed by it) in terms of its turnover, balance sheet total and average number of employees determines whether it is classed as small.

IR35 - The impact to the public sector
Susan Ball

The Government has published revised rules reforming the current off-payroll rules. These already apply in the public sector but are being amended and extended from April 2020.

IR35 - The impact on the private sector
David Williams-Richardson

From 6 April 2021, off-payroll working rules (commonly known as IR35) will be reformed. This change impacts around 60,000 engager organisations, predominantly medium and large-sized businesses, outside the public sector that engage with individuals through personal service companies (PSCs).

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