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.
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
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
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%
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
