Happy New Year! This is the 1st post of the year & hopefully it will help you to start thinking about how to organise your business over the next 12 months. As we are all aware, Making Tax Digital is fast approaching meaning you need to have bookkeeping software in place for your business that… Continue reading Why do I need to keep my bookkeeping up to date?
VAT: Overseas sales Below are some very basic rules of how to deal with VAT on overseas sales. If you ever come across these, please contact us as there are a lot more details which should be reviewed before anything is submitted to HMRC. The following are basic questions that need to be answered before… Continue reading VAT: Overseas sales
As of 25 May 2018 the General Data Protection Regulation (GDPR) will be enforced on organisations that process personal data of EU residents. Although very similar to the current Data Protection Act, the GDPR will strengthen the current data protection requirements by introducing a number of key changes for organisations. Some of these changes include:… Continue reading Are you ready for GDPR? 25 May 2018
Since 2 January 2013 new charities have been able to register as a Charitable Incorporated Organisation (CIO). Prior to that date the only way to be an incorporated charity was to form a limited company, registered at Companies House, and then apply for charity registration with the Charity Commission. This approach meaning that there were… Continue reading Charity law changes
The Apprenticeship Levy is charged on employers’ “paybills” at a rate of 0.5%. The levy is payable through Pay as You Earn (PAYE) and is payable alongside income tax and National Insurance. To keep the process as simple as possible “paybill” will be based on total employee earnings subject to Class 1 secondary NICs. Each… Continue reading The Apprenticeship Levy
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)
Inheritance Tax For most people, Inheritance Tax is a tax they only encounter when dealing with the estate of someone who has passed away. There’s normally no Inheritance Tax to pay if either: The value of your estate is below the £325,000 threshold You leave everything to your spouse or civil partner, a charity or a… Continue reading Inheritance Tax
You can become a landlord for many different reasons; you might not even think of yourself as one. This could be because you’ve: inherited a property rented out a flat to cover your mortgage payments moved in with someone and need to rent out your house. If you follow this link http://bit.ly/2w4rf17 it takes to… Continue reading Have you become a landlord?
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