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Are you ready for Making Tax Digital?
Making Tax Digital for Business is due to begin in April 2019. While this might seem a long way away, it does mean that any business which has a turnover above the VAT threshold (currently £85,000) will need to have appropriate software for their finance records. You will no longer be able to use a manual VAT system or the Government Read more...

This is the year for Auto-enrolment
2017 is the year when virtually all businesses will become part of the Automatic enrolment scheme for workplace pensions. Employers who fail to comply with their auto-enrolment duties and miss their Staging Date can trigger statutory notices, fixed penalties and even court action. By the end of 2016 nearly 10,000 fixed penalty notices Read more...

32.5% Corporation Tax on overdrawn directors’ loans
HMRC defines a director's loan as money taken from your company (by you or other close family members) that isn’t: a salary, dividend or expense repayment and money you’ve previously paid into or loaned the company An overdrawn director's loan account is created when a director effectively 'borrows' company money. A record of these Read more...

Tax free health benefits
There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there is no requirement to report employees’ medical or dental treatment or insurance if they are a part of a salary sacrifice arrangement. In addition, the following health benefits Read more...

Gifting share in home
Most gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. The gifts or transfers achieve their potential of becoming exempt from Inheritance Tax if the taxpayer survives for more than seven years after making the gift. There is a Read more...

What is overpayment relief?
Overpayment relief was introduced from 1 April 2010 and replaced error or mistake relief for Income Tax, Capital Gains Tax (CGT) and Corporation Tax. Overpayment relief allows taxpayers to recover overpaid Income Tax, CGT, Class 4 NIC, Corporation Tax, overpaid bank payroll tax or to reduce an excessive assessment. According to the Read more...

VAT – goods on sale or return
There are special VAT rules that must be followed when you sell goods on a sale or return basis. Goods sold on a sale or return basis (sometimes known as 'on approval') are goods that are effectively supplied to a customer free of charge and the supplier is only paid when the product has been sold. If the product remains unsold then it Read more...

Fixtures and fitting on transfer of ownership
The tax treatment of the sale of fixtures and fittings included in the sale or purchase of a commercial building changed from April 2014. From that date, the buyer of a building that contains fixtures can only claim plant and machinery allowances (PMA) if the expenditure on the fixtures is pooled before the sale. The seller and buyer Read more...

Childcare voucher scheme issues
The Tax-Free Childcare Scheme (TFCS) was launched in April 2017 and opened to all remaining eligible families with children under 12 on 14 February 2018. The new scheme allows working parents to receive a government top-up on their contributions. For every 80p in the £1 contributed by parents an additional 20p or 20% will be funded by Read more...

Emails and letters from HMRC
HMRC continues to warn taxpayers about email phishing scams. Phishing emails are used by fraudsters to access recipients’ valuable personal details, such as usernames and passwords. Whilst these messages may appear to be genuine they are very dangerous and clicking on a link from within the email can result in personal information being Read more...

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