Turkey dinner and tax returns

January 3rd, 2019

Completing your tax return may not have been top of your priorities on Christmas Day, but that didn’t stop 2,616 taxpayers from filing their Self-Assessment returns on 25 December 2018. For some taxpayers completing their return on Christmas Day is as traditional as spending time with family and friends or waiting for the Boxing Day […]

Proposals for consumer protections when companies collapse

January 2nd, 2019

The government is to consider new laws to protect consumers who have prepaid for products when a business becomes insolvent. • Government to consider new laws to protect consumers who have prepaid for products when a business becomes insolvent • proposed measures will include guaranteeing consumer schemes like Christmas savings clubs can safeguard customers’ money […]

Time for a tax-free seasonal bash?

December 20th, 2018

Time to let your hair down? Enjoy a festive moment or two with your business colleagues and staff? If you are careful with your budgeting, you can enjoy the event without increasing your tax or National Insurance payments. Here’s what you need to consider: What's exempt? You might not have to report anything to HMRC […]

Merry Christmas

December 18th, 2018

From a business perspective there is not much to be merry about this year especially if you need some clarity regarding our impending exit from the EU. Never-the-less, business owners would be wise to consider the tax-free gifts that can be made to ease the financial needs for extra funds over the festive season. In […]

Brexit may be in limbo, but Making Tax Digital is not

December 17th, 2018

As we have highlighted in many posts to this blog, from 1 April 2019, ALL VAT registered businesses with turnover above the £85,000 VAT registration threshold will have to submit their VAT returns from within software that can link with HMRC’s networks. In techno- speak, your data will need to be transferred using a designated […]

A possible, unwelcome increase in service charges

December 11th, 2018

From 1 November 2018, owners of properties on estates or sites that are obliged to pay service charges to a management company – for example, for the maintenance of common areas, gardens, or the employment of a site warden or caretaker – may be in for an unwelcome surprise. It would seem that HMRC have […]

What is an OpRA?

December 6th, 2018

OpRA is the acronym for an optional remuneration arrangement. Before April 2018, these were termed “salary sacrifice” arrangements. Essentially, both are benefits in kind (BiK) offered to employees in place of salary increases. Recent changes ensure that that where such benefits are offered recipients many are taxed as if the cash value of the benefits […]

Would you set off for uncharted territory without a plan?

December 4th, 2018

Truthfully, no one knows what trading conditions will be like once we exit the EU. Will supply chains seize up or will it be business as usual? If there is a possibility, however remote, that the commercial landscape will change, doesn’t it make sense to undertake an assessment of any downside risks and plan accordingly? […]

Tax Diary December 2018/January 2019

December 3rd, 2018

1 December 2018 – Due date for Corporation Tax due for the year ended 29 February 2018. 19 December 2018 – PAYE and NIC deductions due for month ended 5 December 2018. (If you pay your tax electronically the due date is 22 December 2018) 19 December 2018 – Filing deadline for the CIS300 monthly […]

Are you eligible to claim the Marriage Allowance?

December 3rd, 2018

Marriage Allowance lets you transfer £1,190 of your Personal Allowance to your husband, wife or civil partner – if they earn more than you. This reduces their tax by up to £238 in the tax year. To benefit from this arrangement, you (as the lower earner) must have an income below your Personal Allowance – […]