Pennington Williams

New reporting requirements for online platforms 👇 New changes come into effect from January 2025 where online platforms, such as eBay and Airbnb, will start sharing some user sales and personal data with HM Revenue and Customs (HMRC). Although these reporting requirements have caused concern, HMRC have confirmed that there are no changes to the tax rules for someone selling unwanted possessions online. Angie MacDonald, who is HMRC’s Second Permanent Secretary and Deputy Chief Executive Officer, said: “We cannot be clearer – if you are not trading and just occasionally sell unwanted items online – there is no tax due.” HMRC have advised that anyone who sold at least 30 items or earned roughly £1,700, or provided a paid-for service, on a website or app in 2024 will be contacted by the digital platform in January to say their sales data and some personal information will be sent to HMRC due to new legal obligations. This does not mean that an individual automatically needs to complete a tax return. However, if the following applies then you would likely need to register for self assessment (if you are not already registered) and pay tax. • Buying goods for resale or making goods with the intention of selling them at a profit; or • Offering a service through a digital platform – such as delivery driving or letting out a holiday home; and • You generate a total income before deducting expenses of more than £1,000. If you are concerned about whether you are likely to need to register for self assessment or pay tax, give us a call and we will be happy to help you. See:

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Construction Firm Director Disqualified for 8 Years 🚨 Samantha Fairweather, director of Essex-based Fairweather Construction Ltd, has been disqualified from serving as a company director for eight years after taking over £300,000 in deposits for home improvement projects that were never delivered. The investigation revealed: 🔴 Unfinished Projects: Customers paid deposits for work that was never completed. 🔴 Financial Mismanagement: The company owed creditors over £700,000, including £100,000 in unpaid taxes to HMRC. 🔴 Bounce Back Loan Misuse: £11,000 of a £50,000 loan was misused to repay a director's loan, breaching loan guidelines. Fairweather’s disqualification highlights the importance of: ✔️ Directors maintaining financial responsibility ✔️ Thoroughly vetting suppliers before paying deposits ✔️ Seeking professional advice early if financial difficulties arise If you’re concerned about the financial health of your business or need support managing your accounts, we’re here to help. Don’t wait until it’s too late—get in touch today. #BusinessFinance #DirectorDisqualification #Insolvency #FinancialResponsibility #ConstructionIndustry #businesssupport

Employment Rights Bill Update – What You Need to Know 🚨 The Employment Rights Bill is making progress, receiving a majority vote at its second reading in the House of Commons and moving to the committee stage for detailed examination. According to its Impact Assessment, the Bill is set to have a positive impact on economic growth. 📢 The government has now launched consultations on key areas of the proposed legislation, including: 1️⃣ Strengthening Statutory Sick Pay (SSP) – Removing the waiting period and Lower Earnings Limit, making SSP accessible from day one for all employees. 2️⃣ Zero Hours Contracts for Agency Workers – Exploring how new measures can apply without unintended consequences. 3️⃣ Modernising Industrial Relations – Updating the legislative framework for trade unions. 4️⃣ Collective Redundancy & Fire and Rehire – Strengthening employee protections in these areas. 🗓️ Consultation Deadlines: Most consultations close on 2 December 2024, with the SSP consultation closing on 4 December 2024. 💡 Have your say! These changes could significantly impact businesses and employees. For more information and to view the consultations, visit: 👉 link in the comments #EmploymentRightsBill #EmployeeProtection #SSP #IndustrialRelations #UKBusiness #HRUpdates

Exciting News: We’re Now Offering a Virtual Finance Director Service! 🌟 Imagine having access to a highly experienced Finance Director—without the full-time cost! Our Virtual Finance Director (FD) service is here to provide your business with: ✅ Strategic Financial Leadership tailored to your goals ✅ Cost-Effective Expertise at a fraction of the price of a full-time hire ✅ Flexible Support when and where you need it From budgeting and forecasting to risk management and compliance, our Virtual FD service ensures your finances are in top shape, allowing you to focus on growing your business. 💡 Why Choose a Virtual FD? ✅ Save time and resources with streamlined financial processes ✅ Gain valuable insights to make smarter financial decisions ✅Scale support to meet your business’s unique needs Ready to take your financial strategy to the next level?  Contact us today at 0151 334 2444 to learn more about how we can support your business growth. https://lnkd.in/egh6p_PE #NewService #VirtualFinanceDirector #BusinessGrowth #StrategicFinance #CostEffectiveSolutions

🚨 HMRC Reform: Digital Transformation & Closing the Tax Gap 🚨 In addition to the recent e-invoicing initiative, the Chancellor has outlined broader reforms to modernise HMRC with a Digital Transformation Roadmap, set to launch in Spring 2025. This roadmap will move towards a “digital-first” tax system, while ensuring support for those unable to fully embrace digital. Key changes include: ▪️Appointment of James Murray, Exchequer Secretary to the Treasury, as Chair of the HMRC Board, to oversee efforts in closing the tax gap. ▪️A target to recruit 5,000 additional compliance staff to ensure the government collects all due taxes. 💼 How This Could Impact Your Business: With HMRC focusing on tax compliance, now is the time to review your processes to ensure everything is up to date and penalty-free. For those still using paper-based or outdated systems, consider upgrading to digital solutions as HMRC moves towards a digital-first future. If you need advice on tax compliance or transitioning to digital systems, we're here to support you through the changes and help position your business for success. #DigitalTransformation #TaxCompliance #HMRCReform #BusinessGrowth #UKTax #ClosingTheTaxGap #ChancellorUpdate #DigitalFirst For more details, see: Chancellor’s Government Reforms

New Apprenticeship Reforms – What They Mean for Your Business 🚨 The government has introduced some exciting reforms to the apprenticeship system in England, aimed at giving businesses more flexibility and helping young people access valuable training opportunities. Here’s how the new growth and skills levy could benefit your business: 💡 Key Changes: ▪️Growth and Skills Levy: Replaces the apprenticeship levy, offering more flexibility for shorter apprenticeships tailored to your business needs. ▪️Foundation Apprenticeships: New opportunities for young people to earn while learning in critical sectors, helping you tap into eager, motivated talent. ▪️Shift in Funding: Businesses will need to fund more high-level (level 7) apprenticeships outside of the levy. Now’s the time to plan ahead and adjust your budget. 📊 Why This Matters: A recent Skills England report highlights massive skills gaps across industries, with employer investment in training down 19% since 2011. By investing in apprenticeships now, your business could secure a competitive edge in filling these critical roles. 🌟 Takeaways for Your Business: ▪️More flexible, shorter apprenticeships to suit your needs. ▪️Access to a pipeline of young talent through foundation apprenticeships. ▪️Plan for increased funding responsibility for high-level apprenticeships. ▪️Act now to fill skills gaps and secure long-term growth. For more details, keep an eye on announcements from the Department for Education. If you’re ready to explore apprenticeship options, now’s the perfect time! #Apprenticeships #BusinessGrowth #SkillsGap #TrainingInvestment #UKBusiness #WorkforceDevelopment #ApprenticeshipReforms For more info, see: Prime Minister Overhauls Apprenticeships.

🛑 Facing job loss due to your employer's insolvency? The Redundancy Payments Service (RPS) is here to help. In 2023-2024 alone, the RPS processed over 85,000 claims, disbursing £494 million to individuals in need. Claims are typically processed within just 10 days, providing quick financial relief. You may be eligible for redundancy pay, unpaid wages, holiday pay, and more. Don't let financial stress add to your worries—check your rights and apply online today. Learn more and apply here https://lnkd.in/gKqtq4kQ #RedundancySupport #JobLossHelp #InsolvencyService #FinancialRelief

Former Employee Fined for Data Breach: Lessons for Your Business 🚨 A recent case involving a £10,000 fine for a former employee of Enterprise Rent-A-Car highlights the need for strong data protection. Key takeaways: 🔒 Strengthen access controls 📜 Implement robust security policies 👁️ Monitor and audit access regularly 🚪 Ensure effective offboarding ⚡ Report breaches promptly Protect your business and client trust by securing your data! 📊🔐 Learn more here: Link in comments #DataBreach #CyberSecurity #BusinessSafety #DataProtection #ukbusiness

Had a fantastic time presenting my 10-minute session at Little Sutton this week for the networx4business meeting! 🎤 It was a great opportunity to share, connect, and learn about so many inspiring businesses. The Networx Big Meet at The Little Yeoman was also a highlight—brilliant company, amazing food, and plenty of networking! 🌟 Looking forward to the next one at Christmas time. Have a great weekend, everyone! #networking #businessconnections