It’s P11d time of year again and for some businesses this will be the last year that they have to complete them. For small businesses the area of employee expenses has always been one of the least understood and had some of the lowest compliance. Few small business owners are aware that up until April […]
P11ds, Dispensations and Expenses Read More »
Many of the cloud book keeping services allow you to automatically import bank transactions in to the software. This has the advantage of ensuring the bank always reconciles, reduces data entry and saves time as the better software learns what the repeat transactions are and will code them automatically. Paypal transactions can also be imported
Some of our self employed clients (ie clients who are structured as a sole trader, partnership or LLP) will have noticed that their Class 2 National Insurance Direct Debits have stopped. This is because from the 2015/16 tax year Class 2 National Insurance is being collected through the Self Assessment Return. So far so easy.
Changes to Class 2 National Insurance Read More »
Last year’s Autumn statement contained an announcement which on the face of it wasn’t that exciting but will have a profound impact on our clients. HMRC has had online services for Businesses and Individuals for many years. These are now being migrated into HMRC’s new “Digital Tax Accounts” which will give greater information about the
Digital Tax Accounts and Quarterly Reporting Read More »
Two weeks to the end of the 15/16 tax year. Still time to do some last minute tax planning…………………. Personal Pension Payments: If you are a 40% tax payer, and have received PAYE income during the year, a payment into a personal pension from taxed income will get you 40% tax relief. The pension company
Tax Year End Ideas Read More »
There are budget summaries a plenty across the internet but here is our take on some of the highlights that will affect our clients: The Corporation Tax rate which was already due to fall will now fall further. It is due to fall from 20% to 19% in 2017 and will now fall to 17%
2016 Budget Highlights Read More »
We are often asked about mitigating the tax on Buy to Let profits for married couples. The basic rule is that the owner of the property pays the tax on the income. For example if the husband owns the property and is a higher rate tax payer then it is not possible for the wife
Buy To Let Income For Married Couples Read More »
Just a reminder for employers that the new National Living Wage comes in to force on the 1st April 2016. There is little difference between this and the existing Minimum Wage but it is essentially a premium for workers who are 25 and over. The current minimum wage rates are here: https://www.gov.uk/national-minimum-wage-rates At the moment
New National Living Wage From April 1st 2016 Read More »
2016 is the year where the government has finally seen sense and changed the expenses dispensation regime. Previously if an employee had been reimbursed for a business expense such as a train ticket this should have been reported on a P11d even if there was no tax implication. To avoid this a dispensation could have
Payroll Changes 2016 Read More »
In the Summer Budget in July 2015 the government dropped a bombshell on Landlords. Starting in April 2017 the tax relief on interest and other finance costs on the rental of residential will be reduced dramatically. Along with the increase of 3% on Land and Buildings Transaction Tax this is going to fundamentally change the
Landlord Interest Changes Read More »
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