General Data Protection Regulations for Business

The General Data Protection Regulation (GDPR) is a regulation by which the European Parliament, the Council of the European Union and the European Commission intend to strengthen and unify data protection for all individuals within the European Union (EU) and will come into force in the UK in May 2018. The way you, as a business, collect, store and use … Read More

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Introduction of Making Tax Digital – MTD

Making Tax Digital is a key part of the government’s plan to make it easier for individualsand businesses to get their tax right and keep on top of their affairs which will mean the end of the annual tax return for millions. If you are a VAT registered business then you will need to move to digital record keeping from … Read More

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Changes to the VAT Flat Rate Scheme

The VAT Flat Rate Scheme (FRS) is a simplified accounting scheme for small businesses. Curently businesses determine which flat rate percentage to use by reference to their trade sector. From April 2017, FRS businesses must also determine whether they meet the definition of a limited cost trader, which will be included in new legislation. Businesses using the scheme, or thinking of joining … Read More

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Self Assessment Tax Returns

We have now passed 5th April 2018 tax year end and therefore can now start to file 2018 Self-Assessment Tax Returns with HMRC. You do not have to wait until the deadline for us to submit the return, so get organised and stay ahead of the game by letting us have all the relevant information to allow us to do this … Read More

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Dividends

From 1st April 2016 there will no longer be a 10% tax credit attached to dividends. The first £5,000 will be taxed at 0%, then anything above that up to the higher rate band will be at 7.5% and over £45,000 will be at 32.5% for 2017/18 and £46,350 for 2018/19. The 0% band will reduce to £2,000 from £5,000 as … Read More

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Class 2 NIC

What’s new with Class 2? No Class 2 payable. In mid-2015 HMRC stopped collecting/demanding payment of Class 2 (self-employed) NI contributions due to a change in the way Class 2 NI is to be collected. Self-Assessment. In April 2016 the rules changed to allow Class 2 NI to be added to your Self-Assessment tax bill for 2015/16 (and later years). … Read More

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100% Capital Allowances Extended for Green Cars

Capital Allowance & Car If your company buys cars which are used for work purposes, e.g. provided as a perk to an employee, it can claim a tax deduction for the cost in the form of capital allowances (CAs)(HMRC’s equivalent to depreciation). CAs are usually allowed at one of two rates: 8% or 18% of the cost of the car … Read More

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Help To Buy ISA

If you’re a first time buyer, save up £200 a month towards your first home with a Help to Buy ISA and the government will boost your savings by 25%. That’s a £50 bonus for every£200 you save. You can receive a bonus of up to £3,000. you can make an initial deposit of £1,000 when you open the account … Read More

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Individual Savings Account (ISA’s) – New Limits

In the 2017/18 and 2018/19 tax year, the maximum you can save in ISA’s is £20,000. You can put money into one cash ISA and one stocks and shares ISA each year up to the £20,000 limit (combined)

adminIndividual Savings Account (ISA’s) – New Limits

Employing Illegal Workers

One year’s employment allowance (worth up to £3,000 of NICs in 2018/19) will be removed from employers who are charged civil penalties by the Home Office foe employing illegal workers from April 2018.

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£3,000 NIC Employment Allowance 2018/19 – Are You Eligible?

From the 6th April, HMRC have again extended Employment Allowance which could cut your National Insurance bill by up to £3,000, which means some employers can reduce their monthly P32 payment against this allowance until the whole amount has been claimed. This will be dealt with by us if we process payroll on your behalf.

admin£3,000 NIC Employment Allowance 2018/19 – Are You Eligible?

Auto Enrolment

Employer Employee Contribution Contribution 2% 5% 8%

adminAuto Enrolment

Investing in New Equipment, Plant and Machinery – Annual Investment Allowance Changes

The maximum amount of AIA (annual investment allowance) that can be claimed for investing in new equipment, plant and machinery will remain at £200,000 for 2018/19. It will mean that you will receive tax relief, at the prevailing rate of tax, on the full amount of the cost of the expenditure.

adminInvesting in New Equipment, Plant and Machinery – Annual Investment Allowance Changes

Marriage Allowance

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 5th April 2019. To benefit as a couple, you (as the lower earner) must have an income of £11,850 or less. You can get Marriage Allowance … Read More

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Travel and Subsistence Legislation Changes

Major changes have come into force, with effect from 6th April 2016, which dramatically affects the ability of employed workers to claim travel and subsistence where there is the involvement of an employment intermediary. Typically the employment intermediary situation involves an umbrella employer and an agency who contracts with end clients. For many years the employment intermediary market has operated around … Read More

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VAT Registration and De-registration

The VAT registration threshold is £85,000 from 1st April 2017 and the de-registration threshold will rise from £81,000 to £83,000 from 1st April 2017.

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Corporation Tax

The corporation tax rate is currently 19% and will be reduced to 17% from 1st April 2020.

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Stamp Duty Land Tax

The extra 3% stamp duty land tax (SDLT) will apply to purchases of additional residential properties from 1st April 2016. Following consultation there will be no exemption from the higher rates for significant investors. Purchasers will have 36 months (rather than 18 months as originally proposed) to claim a refund of the higher rate if they buy a new main residence … Read More

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Pension Flexibility

There will be a number of changes to the pension flexibility rules. These include making lump sum payable on serious ill-health tax free before age 75 and taxable at the individual’smarginal rate when paid at age 75 or more. It will be possible to convert dependants flexi- access drawdown accounts to nominees accounts when dependants reach the age of 23, … Read More

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Restriction on Landlords Interest Relief

The phased restriction of tax relief on interest payments by residential property landlords will start in April 2017 as already legislated. Finance Bill 2016 will make some clarifications and amendments to ensure it operates as intended. So beneficiaries of deceased persons estate will be entitled to the basic rate tax reduction.

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