With the 2017 general election looming, we’ve combed through the manifestos of the three major parties and summarised the positions and policies that could impact your business. Conservatives In their manifesto, the Conservatives say that they are “the party of...

As part of the 2015 Budget, George Osborne announced that the annual self-assessment tax return would be abolished and taxpayers would instead be expected to report their taxes digitally as part of the move to Making Tax Digital (MTD). Two years on from that...

APRIL/MAY 2017 Date What’s Due 01/04 Corporation tax for year to 30/06/2016 06/04 2017/18 tax year begins 19/04 Final RTI FPS due by this date. Indicate that this is Final Submission for the Tax Year 19/04 PAYE & NIC deductions, and CIS return and tax, for month...

TAX FREE DIVIDEND ALLOWANCE TO BE REDUCED TO £2,000 The Chancellor also announced measures to limit the rise in tax-driven incorporation. The £5,000 tax free dividend allowance introduced by George Osborne will be reduced to just £2,000 from 6 April 2018. Mr Hammond...

For the 2017/18 tax year the personal allowance is £11,500 which means your first £11,500 of income is tax free. If your only income was your company director salary then any additional salary above £11,500 would be taxed at 20%, and then once you hit the higher tax...

Last week HMRC confirmed the changes to the flat rate VAT scheme from 1 April 2017. The flat rate scheme was brought in as a simplified way of dealing with VAT.  However many businesses were able to make additional profit by being on the VAT flat rate scheme. Hence...

Reminder Buried in the Budget 2014 fine print is a landmark change to the capital gains tax rules that could cost homeowners thousands in extra tax. What’s the full story? Budget. In his Budget 2014 speech Mr Osborne made reference to proposed changes to the tax rules...

In April 2016 the rules on benefits in kind will change so that low value perks will be tax and NI exempt. How will this apply to perks in the form of personal use of equipment owned by your company? New exemption A new tax and NI exemption for so-called trivial...

Your company’s last financial year showed a number of small bad debts. The amounts involved don’t justify chasing the non-payers. Will HMRC allow a tax deduction for these or are further steps required? Company’s debtors Whatever accounting method you use, profits...

How it will work, which people will pay, and by how much more. Q/ How are self-employed taxed today? A/ People who work for themselves pay two types of National Insurance, a tax that funds benefits like the state pension and job seeker’s allowance. From April 6, the...

To help improve the company’s cash flow and for personal tax reasons you’ve delayed taking some of your salary. However, your payroll manager tells you that this doesn’t affect when the PAYE tax and NI is payable. Can that be right? Director’s pay and special rules...

IR35, introduced in 2000, was regarded in the temporary labour industry to be ineffective and rarely enforced.With new legislation due in April, HMRC seems to be taking a ‘double or quits’ approach and the potential impact within the public sector can hardly be...