Blog

Tax due next month


June 2nd, 2017

Are you self-employed? If you are, you may need to make your second payment on account for 2016-17, due date for payment is 31 July 2017. This second payment on account will have been based on 50% of your combined Self Assessment tax and Class 4 NIC liability for 2015-16. Which raises an interesting question. […]


Are you missing out on a �662 tax rebate


June 1st, 2017

Apparently, over 4 million tax payers are eligible to claim the new marriage allowance, but only 2 million have done so. If our math is correct, this add up to £1.3bn in unclaimed tax refunds. The allowance has been available since 6 April 2015 and is worth £212 for 2015-16, £220 for 2016-17 and £230 […]


Possible bonus when you register for VAT


May 31st, 2017

Businesses are required to register for VAT purposes when their annual taxable turnover exceeds £85,000 (this limit applies from 1 April 2017). You will not have to account for VAT on your taxable sales up to the date you are required to register, but interestingly, you may be able to claim back VAT you have […]


Do you use your car for business purposes


May 25th, 2017

Many employees use their own cars to undertake journeys for their employers. In most cases, employers will pay for this. Generally, they will pay a rate per mile. HMRC consider this type of mileage payment as tax exempt as long as the rate per mile paid does not exceed a certain amount. Currently, the tax-free […]


Changes to taxable benefits from April 2017


May 23rd, 2017

The good news, the way in which benefits in kind are taxed – company cars, mobile phones, etc. – is unchanged for the tax year just ended, to 5 April 2017. Consequently, you can expect your tax position regarding any benefits you enjoy to be unchanged for 2016-17; as long as the benefits themselves have […]


Damage limitation


May 17th, 2017

The phrase “in-limbo” comes to mind when describing the present outlook for businesses in the UK. What will be the outcome of the June election? What will be the outcome of the withdrawal from the EU? We will all likely be affected. If not directly involved in trade with Europe, we are possibly part of […]


What is the current tax position when dividends are taken


May 15th, 2017

One of the most useful ways for owner directors of small companies to reduce their overall tax and NIC costs is to pay themselves a reduced salary – just enough to maintain their State benefits entitlements – and take any balance of remuneration in the form of tax efficient benefits and dividends. Government has changed […]


The new Criminal Finances Bill


May 11th, 2017

New legislation to increase the powers of law enforcement received Royal Assent 27 April 2017. The Criminal Finances Act 2017 will give law enforcement agencies and partners, further capabilities and powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and combat the financing of terrorism. The act: creates unexplained wealth […]


Change in accounts filing for small companies


May 10th, 2017

Small companies are required to file a copy of their end of year accounts with Companies House. In the past, it has been possible to file abbreviated accounts – basically, a few notes and a Balance Sheet with very little data regarding profitability – for smaller companies this has restricted the amount of financial information […]


Under 4 year olds now eligible for tax-free childcare


May 5th, 2017

The government have issued the following press release regarding the roll-out of the new tax-free childcare scheme: From 21 April 2017, working parents can start applying for two new government childcare schemes launching this year – Tax-Free Childcare which begins immediately and 30 hours free childcare which starts in September. This means that working parents […]


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