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Posts archive for ‘Accounting’


16th May 2018

THL IRIS OpenSpace

Filed Under: Tax, Accounting, Business News, THL News


Due to the new General Data Protection Regulations (GDPR) which come into force on 25th May 2018, everyone responsible for collecting and processing personal information will have set guidelines they need to comply with.

In light of this, THL has decided to use IRIS OpenSpace to send and exchange personal data. IRIS OpenSpace acts as an online portal which requires a user specific login and password set by the individual. As well as complying with GDPR other benefits of the portal are:

  • It’s safe, simple and secure
  • 24/7 access to current and historic documents
  • Fast document exchange
  • Documents can be e-approved
  • No software is required to be installed
  • Accessible on mobile devices

When a document is uploaded, email notification will be sent by IRIS OpenSpace. The first notification will also require the registration process to be completed. A separate email will be sent by THL with a ‘guide’ on how to use the portal.

If you have any queries in the meantime, please do not hesitate to contact us.

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4th January 2018

Increase in minimum contributions for Automatic Enrolment Pensions

Filed Under: Tax, Accounting, Business News


Under the Pension Act 2008,  from 6 April 2018 the minimum contributions employers and employees must pay into their workplace pension scheme will increase to:

  • Employer minimum contribution – 2%
  • Employee minimum contribution – 3%
  • Total minimum contribution         – 5%

All employers must take action to make sure at least the minimum amounts are being paid into their Automatic Enrolment pension schemes.

For any queries, please contact our Payroll Manager on 01903 300230.

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22nd November 2017

Summary of the 2017 Autumn Budget

Filed Under: Tax, Accounting, Business News, VAT


Personal Tax

  • Personal Allowance to rise to £11,850 from 6 April 2018.
  • Higher rate tax threshold to increase to £46,350.

Business

  • VAT threshold for small business to remain at £85,000 for two years.
  • Rises in business rates to be pegged to CPI measure of inflation.
  • National Living Wage to rise in April 2018 to £7.83 (from £7.50).
  • The indexation allowances used to calculate the chargeable gain on disposals made incorporated business will be frozen.

Motoring and Travel

  • Fuel duty rise for petrol and diesel cars scheduled for April 2018 to be scrapped.
  • Vehicle excise duty for diesel cars (not vans) that do not meet latest standards to rise by one band in April.
  • Existing diesel supplement in company car tax to rise by 1%.
  • Young person’s railcard extended to 26-30 year olds.

Stamp Duty and Housing

  • From 22 November 2017 first time buyers paying £300,000 or less for a residential property will pay no Stamp Duty Land Tax (SDLT).
  • First time buyers paying between £300,000 and £500,000 will pay SDLT at 5% on the amount of the purchase price in excess of £300,000, a reduction of £5,000 compared to the amount of SDLT they would have previously paid.
  • 100% council tax premium to be levied on empty properties.

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