VAT – how this can affect your cash-flow
Paying VAT should never reduce your business profits as you are acting as an unpaid tax collector for HMRC: the VAT added to your sales (less any VAT paid on…
Is your home a tax-free zone?
In most cases, if you have lived in your home during the entire period of your ownership of a property, then when you sell that property you should pay no…
VAT – leaving the Flat Rate Scheme
The VAT Flat Rate Scheme (FRS) does simplify the calculation of VAT returns, but there are certain circumstances when you may no longer use the FRS. You will need to…
Budget day 2020
The treasury has announced that the next budget will be presented by the Chancellor, Sajid Javid, on Wednesday 11th March 2020. In recent years, the Budget has been held in…
Tax Diary January/February 2020
1 January 2020 – Due date for Corporation Tax due for the year ended 31 March 2019. 19 January 2020 – PAYE and NIC deductions due for month ended 5…
Keeping business records if self-employed
Now that we are approaching the end of the 2019-20 tax year it’s worth noting that you are required to keep your self-employed business records – that underpin your self-assessment…
Spousal CGT tax advantages
It is fairly common knowledge that the UK tax system is biased in favour of married couples or those partners who have entered into a formal civil partnership. Note that…
In Business? Add these to your new year resolutions
The end of the calendar year is a popular accounting date for many businesses, but for those of us with a year-end accounting date of 31 March 2020, reviewing your…
Minimum wage rates increase from April 2020
Businesses that have a significant number of staff paid at Minimum Wage or National Living Wage rates should take note that from April 2020 the rates are increasing. In…
HMRC reflects on 2019 successes
Not all penalties levied by HMRC are civil, many cases are serious enough to warrant a criminal investigation. The first post in the “money” section of the gov.uk website in…
High Street funding announced
High Street rejuvenation funding announced The first 101 places to benefit from up to £25 million each from the Future High Streets Fund were announced over summer. In the latest…
Still time to file your tax returns
The deadline to file your 2018-19 tax returns is fast approaching, the 31 January 2020. Most of our clients will have the reassurance that we have filed their returns online,…
Too little, too late?
On 13th December, the Department for Business, Energy and Industrial Strategy in collaboration with Office for Product Safety and Standards, issued a cautionary warning to consumers buying toys this Christmas….
An end to uncertainty
Whatever your political motivation most of us will be relieved that last week’s election has created a government with a working majority. At last, there is a light at the…
Top-ten tax planning tips
Land Registry property alert service
Property owners are potentially more at risk from the activities of fraudsters. They have more to lose and there are very real risks that the Land Registry property alert service…
What constitutes profit for tax purposes?
There is no simple answer to this question. We have listed below some of the matters that need to be are considered. As self-employed business owners’ profits are subject to…
Tax Diary December 2019/January 2020
1 December 2019 – Due date for Corporation Tax payable for the year ended 28 February 2019. 19 December 2019 – PAYE and NIC deductions due for month ended 5…
Obtain proof of employment history
If you need evidence of employment for a claim, the following notes published by HMRC may help. You can ask HMRC for a record of your employment history, for example…
Christmas gifts
You don’t have to pay tax on a benefit (gift) to your employee if all of the following apply: it cost you £50 or less to provide it isn’t cash…