Changes were announced to capital allowances in the Autumn Budget. These include an increase in the Annual Investment Allowance (AIA) available. Make sure your business does not fall foul of the transitional rules which apply. Increased AIA from 1 January 2019 You will no doubt be aware that the maximum AIA has been set at… Continue reading Hot Topic! Maximise your capital allowances
Having quality management accounts can be beneficial to your business as they can help you to grow by making it more efficient and hopefully more profitable. Management accounts are a set of detailed accounts prepared to illustrate the company’s performance. The goals of the accounts are to provide key financial information which will help with… Continue reading Would your business benefit from monthly or quarterly management accounts?
HMRC has issued a warning to taxpayers regarding the latest tax refund scams. These scams are targeting individuals via email and SMS messages. HMRC is currently processing genuine tax refunds for the 2017/18 tax year and the fraudsters are sending scam messages which claim that taxpayers are entitled to a rebate. These messages go on… Continue reading Tax refund scams warning from HMRC
The following Tax Events are due on 19th April 2018: Business Tax Events PAYE quarterly payments are due for small employers for the pay periods 6th January 2018 to 5th April 2018. 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 The following Tax Events are due on 19th April 2018.
With effect from 6 April 2018, all PILONs will be chargeable to Income Tax and Class 1 National Insurance Contributions (NICs), whether or not they are contractual payments. Payments or benefits paid in connection with the termination of a person’s employment will be split into two elements. The first element, post-employment notice pay (PENP) received… Continue reading With effect from 6 April 2018, all PILONs will be chargeable to Income Tax and Class 1 National Insurance Contributions (NICs)
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