Using a mobile phone will be the main payment method for people and small businesses! By the start of next year, every bank customer in the country may have the ability to transfer cash between bank accounts, using an app on their mobile phone.
HMRC undertook a strategic review of the project in consultation with the professional and representative bodies. The purpose of the review was to consider the overall aims of BRCs, examine whether the current approach is the best way of achieving the policy objectives and identify what changes are needed to ensure that the objectives are achieved.
Most business owners and managers are generally too concerned with how things are going today, to worry about how the business would function in the event of disaster tomorrow.
Although the day-to-day operation of the firm is undoubtedly important, businesses must also focus their attention on how to manage their operations in the event of an unforeseen event.
To minimise the need to keep detailed records, this tax-free payment can be paid without the employee having to provide supporting evidence of the actual costs incurred. Larger payments than £4 per week can be made tax-free if supporting evidence is provided by the employer that the payment is wholly in respect of the additional household expenses incurred by the employee in carrying out his duties at home.
