Tax Free Allowances – Are you making the most of them?

With the self-assessment tax return deadline now well passed, we can start to look forward to 2017-18’s income and consider whether you are fully utilising your tax free allowances. Using the following to their full potential can often be the most tax efficient way of accessing the income in your company or savings. Personal Allowance… Continue reading Tax Free Allowances – Are you making the most of them?

Dormant companies – obligations

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

A GUIDE TO ACCOUNTING REFERENCE DATES AND PERIODS

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

National Minimum Wage – where are we now?

Falling foul of the National Minimum Wage rules can be expensive – as well as having serious implications for employer reputation. Many firms have been named and shamed for getting it wrong - are you compliant? Employer errors The National Minimum Wage (NMW) keeps appearing in the headlines. Recently the Department for Business, Energy and… Continue reading National Minimum Wage – where are we now?

14 Days left to submit your 2016/17 self assessment return

The following Tax Events are due on 31st January 2018: Personal Tax Events Deadline for submitting your 2016/17 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2016/17 liability together with the first payment on account for 2017/18 are also due. This deadline is relevant to individuals who… Continue reading 14 Days left to submit your 2016/17 self assessment return

When is a van not a van?

It's not important whether the vehicle is a van. What's important is that it's not a car. For VAT purposes it will be a car if: It is of a kind normally used on public roads, has three or more wheels and either: is constructed or adapted for carrying passengers; or has roofed and windowed… Continue reading When is a van not a van?

Why do I need to keep my bookkeeping up to date?

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

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

Autumn Budget 2017

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

HMRC’s Worldwide Disclosure Facility (WDF)

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)