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What would it mean for the accounting industry if the UK votes to Brexit

The Brexit debate is one dominating the country at the moment, but what are the main implications of this vote when it comes to accounting?

One of the predominant arguments surrounding the vote for finance professionals is tax, and how it would change should the UK decide to leave the EU. There is also some speculation surrounding tax stability should the UK vote to remain.

Read more: What would it mean for the accounting industry if the UK votes to Brexit

Auto enrolment in Aberdeen City and Aberdeenshire – the stats

A new government law means that every workplace with at least one employee must enrol its members of staff into a workplace pension scheme and begin making contributions towards it.

With the process having kicked off in October 2012, it is not a new topic, however it is still an issue that is being ignored by many businesses throughout the city. Ignorance is futile however, since failure to meet your organisation’s staging date does inevitably result in a penalty from The Pensions Regulator.

Read more: Auto enrolment in Aberdeen City and Aberdeenshire – the stats

Warning: Don’t believe the dangerous dividend advice

It has come to our attention that following the changes to taxation of dividends on 6th April, there has been some worrying information circling on social media that has been incorrectly advising about the backdating of dividends.

It stated that, if a dividend is paid within 9 months from April 5th 2016, it could be treated as a dividend for 2015/16.

Read more: Warning: Don’t believe the dangerous dividend advice

Important changes to Construction Industry Scheme legislation

Important changes are now in place if you are a subcontractor within the construction industry. As of Tuesday 19th April 2016, significant changes to the Construction Industry Scheme (CIS) legislation were implemented by HMRC, which will impact the things you need to do in order to remain compliant. 

The CIS is a method of deducting tax from payments made to subcontractors or freelancers in the construction market within the UK in order to reduce tax avoidance, and the aim of this new legislation being introduced is to enable more companies to achieve gross payment status. 

Read more: Important changes to Construction Industry Scheme legislation