The VAT Flat Rate Scheme is intended to simplify VAT accounting and reporting for small businesses, and some may even find that they pay less VAT than using normal VAT accounting. To join the scheme your VAT turnover must be £150,000 or less (excluding VAT), and you must apply to HMRC to use the scheme. […]
Category Archives: Business Taxes
22
Jun
Jun
You can apply to HMRC for a VAT refund on building materials and services if you are building a new home, or converting a property into a home. In order to qualify the home must be separate and self-contained, be for you or your family to live or holiday in, and not be for business […]
15
Jun
Jun
Following the abolition of monthly paper CIS returns from 6 April 2016 HMRC have indicated that some leniency will be allowed for late returns for the first three months of the new tax year. Contractors and other businesses required to operate CIS now have to submit their returns online. It is proposed that from April […]
08
Jun
Jun
The Chancellor announced in his Budget Speech that the Government is considering further major changes to small company taxation following a review by the Office of Tax Simplification (OTS). As in many small companies the directors are also shareholders the OTS believe that it would simplify matters if the shareholders of such companies were to […]
02
Jun
Jun
Scottish Taxes In these newsletters we tend to focus on tax matters that apply generally throughout the UK. However, under powers devolved to the Scottish Government there is now a different system of tax for the transfer of property in Scotland instead of SDLT. Please contact us if you are considering buying a property in […]
Business Taxes, PAYE
Changes next year for public sector workers “Off Payroll” & Tax Relief for Travel Expenses for IR35 Workers
01
Jun
Jun
Changes next year for public sector workers “Off Payroll” It was announced in the March Budget that Finance Bill 2017 will include measures to change the rules for those workers supplying their services to public sector bodies via their own company. The current rules require the intermediary to consider whether or not the IR35 rules […]
28
May
May
Auto Enrolment is a duty and cannot be ignored. One way or another it will affect your business. The Pension Regulator has issued a £23,000 fine to Swindon Town Football Club and more £400 fines against employers who haven’t dealt with it properly than ever before. Employers are leaving it too late to comply with these […]
25
Apr
Apr
In April 2016 HMRC introduced significant changes to the Construction Industry Scheme (CIS). What do your clients need to know? Reason for change – In 2014 HMRC announced changes to the CIS with the aim of making its processes simpler. In particular, it’s hoped that the new legislation will enable more businesses to achieve gross payment […]
28
Mar
Mar
Inheritance Tax Planning before 6th April 2016 Have you made use of your annual Inheritance Tax (IHT) exemptions? The annual exemption is £3,000 per donor (plus last year’s £3,000 exemption if you did not use it). Also consider making regular gifts out of your income to minimise the growth of your estate that will be […]