We are all homeworking & providing all our usual services. Areas where we are seeing an increased need for help; 1. Preparation of forecasts & loan applications. These are needed to assist businesses with cash requirements over the next few months .They are required to support business interruption loan applications which we are assisting with… Continue reading Business as usual, we are here to help.
On 11 March 2020 the new Chancellor, Rishi Sunak, presented his first Budget, just a month into the job. It was always going to be a challenge for him to prepare for the budget in such a short space of time and this wasn’t made any easier for him with the rapidly changing situation with… Continue reading Budget 2020 – 5 Changes That May Affect Your Business
What is a dormant company? A company or association may be ‘dormant’ if it is not trading and doesn’t have any other income - for example from investments. A dormant company has different obligations for corporation tax, annual accounts and returns for Companies House in comparison to a trading company. Dormant companies and corporation tax… Continue reading Dormant companies – obligations
I am sometimes asked, “What date should my company accounts be made up to?”. It’s a very important question because there are deadlines connected to the filing of accounts with both Companies House and HM Revenue and Customs. Automatic penalties are issued to companies where their accounts have been filed late. Being aware of your… Continue reading A GUIDE TO ACCOUNTING REFERENCE DATES AND PERIODS
Important changes to HMRC payment methods: HMRC are making the following changes to the way you pay tax. Paying at the Post Office HMRC are withdrawing this service from 15 December 2017. Paying by Personal Credit Card HMRC will no longer accept payments of tax by personal credit card from 13 January 2018. Please note… Continue reading Important changes to HMRC payment methods.
Yesterday saw a budget that focused, as expected, on housing and a stormy economic forecast. Our full summary is available on our website, but the key tax developments are summarised below. Personal Tax Rates and Allowances The personal allowance is currently £11,500 and will increase to £11,850 in April 2018. The higher rate threshold similarly… Continue reading Autumn Budget 2017
This is a facility that the Inland Revenue introduced in 2016 which allows the voluntary disclosure of any UK tax liabilities that relate to offshore income or assets, which have not previously been disclosed to the UK tax authorities, to be declared. This includes: Income arising from a source outside the UK Assets situated or… Continue reading HMRC’s Worldwide Disclosure Facility (WDF)
The government have issued information on how Making Tax Digital for Business (MTDfB) is expected to work for VAT once the rules are introduced in April 2019. Under the proposed rules, which have been issued subject to consultation, VAT registered businesses with turnover over the VAT registration threshold will be required to submit their VAT… Continue reading Hot Topic Making Tax Digital for Business
The following Tax Events are due on 19th July 2017: Business Tax Events PAYE quarterly payments are due for small employers for the pay periods 6th April 2017 to 5th July 2017. This deadline is relevant to small employers and contractors only. As a small employer with income tax, national insurance and student loan deductions… Continue reading Tax Calendar
I am sure that you have seen the headlines in the papers this morning about the Budget and for a detailed analysis please see the report on our website: http://www.torrwaterfield.co.uk/news/budget-report. The items that have caught my attention and I think are relevant to most people are as follows: National Insurance for the self-employed At present,… Continue reading Spring Budget 2017
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