Author: mspsecretaries

BOARD EVALUATIONS FOR AIM COMPANIES

As part of our providing advisory support to assist AIM Company compliance with QCA Corporate Governance Code we are providing support in the facilitation of internal Board Evaluations. The QCA Code on Board Evaluations The QCA Code explains the rationale of an effective Board and the benefits of a Board evaluation process as follows: MAINTAIN […]

Making Tax Digital – The journey so far

Making Tax Digital (MTD) has been active since the 1st April 2019, however it is still on many people’s minds. On the 3rd April, two days after the Making Tax Digital deadline, only 4% of the country’s businesses mandated to join had signed up. In addition to this, just 2% of accounting firms had registered […]

AGM NOTICE PERIODS – HOW LONG IS 21 DAYS?

AGM season is on us and, yet again, the notice period is the subject of many debates. The issue is that the ambiguous language of the Companies Act 2006 makes computing notice periods for annual general meetings problematic. The objective here is to clarify and provide a standard for the date of the notice. The […]

EMPLOYMENT ALLOWANCE CHANGES FROM 2020

From April 2020 the Employment Allowance is changing, restricting it to smaller companies who have a National Insurance contribution (NIC) bill of below £100,000 in the previous tax year. What is the Employment Allowance? The Employment Allowance is an annual amount that is currently available to all businesses and charities (with some exclusions) to offset […]

RISING PENSION CONTRIBUTIONS: OUR ADVICE TO EMPLOYERS

What are the most recent changes to the minimum pension contributions? As of 6th April 2019 the minimum contribution to an employee’s pension scheme has risen from 5%, with at least 2% from the employer, to 8%, with at least 3% from the employer. This is a substantial increase and hence will have a notable […]

PAYSLIP PROGRESS

When are the changes to payslips being enforced? From the start of the new tax year (6th April 2019), new legislation comes into force requiring employers to provide payslips for all their employees. The other significant change is that employers must show hours on payslips where the pay changes according to the amount of time […]

RISING EMPLOYEE AUTO ENROLMENT PENSION CONTRIBUTIONS

What dates are important regarding the minimum pension contribution? Since April 2018 the minimum pension contribution has been rising in three stages known as phasing. Between 6th April 2018 and 5th April 2019, the minimum contribution for a Defined Contribution scheme is 5% with at least 2% from the employer and from 6th April 2019 […]

MAKING TAX DIGITAL

Are you aware of the introduction of Making Tax Digital (MTD) by the UK Government? In a bid to make HM Revenue and Customs (HMRC) into a world leading, digital tax authority the UK Government are pushing to make tax digital. In theory, this transition should make it easier for businesses and individuals to get their […]

NEW UK CORPORATE GOVERNANCE CODE

On 16th July 2018 the FRC published a new version of the UK Corporate Governance Code. The main changes include: Methods by which companies and their boards should engage with their workforce. The requirement for boards to create a culture that aligns company values with strategy. The greater promotion of diversity on boards with an […]

AIM Companies – Corporate Governance

AIM companies to be required to apply a recognised corporate governance code The London Stock Exchange has announced that all AIM companies will be required to apply a recognised corporate governance code from 28th September 2018. Until now, AIM companies have had the choice of stating which corporate governance code they followed, or stating they […]