Making the most of tax free allowances in 2017/18

There are now several allowances that apply to an individual’s income. The way that they interact mean that you can potentially receive £22,500 of tax-free income for 2017/18. How can you ensure you take maximum advantage?

ALLOWANCES

For 2017/18,… Continue reading

Changes to VAT Flat Rate Scheme

Significant changes have been announced for the amount of VAT that many small businesses will have to pay.

This will affect businesses that use the VAT Flat Rate Scheme but which spend very little on goods, including raw materials –… Continue reading

HMRC’s spin on the new EA rules

One-man companies can no longer qualify for the employment allowance (EA). However, the latest official guidance indicates that this rule may be easy to dodge. What’s the full story?

Tax on employers

The employment allowance (EA) was introduced in April… Continue reading

VAT MOSS – Where are we now?

HMRC’s mini one stop shop (MOSS) for accounting for VAT on digital services sold in other EU countries seems to have settled down. HMRC has also simplified the rules for some businesses. How might these changes affect you?

Digital services… Continue reading

My client is thinking about making a pension contribution before the end of the tax year. What are the current limits that he needs to be aware of?

Reviewing a client’s pension position is always a good idea before the end of a tax year.  As we are approaching the end of the 2015/16 tax year now is a very good time for giving this some thought.… Continue reading

No more relief for goodwill and intangibles

The Finance Act 2015 and proposals in the Finance Bill restrict the tax relief which your company clients may claim in respect of goodwill and certain other customer-related intangible fixed assets. What are the new rules and what action do… Continue reading

New NI exemption for 2016/17

Apprentices. HMRC has confirmed that starting from 6 April 2016 employers will be entitled to an exemption from secondary Class 1 NI contributions in respect of wages for employees who are apprentices and aged under 25 at the time they… Continue reading

Tax Question of the Week

Q. My client is a limited company. The sole director shareholder travels in a busy city centre. In order to save on travel costs the company is considering purchasing a motorbike. He is concerned that there will be a significant… Continue reading

The end of tax motivated incorporation?

The Summer Budget 2015 contained some key measures that were a thinly veiled attack on small business owners. What do you need to be aware of?

Dividends. Perhaps the most controversial announcement was the overhaul of tax on dividends. From… Continue reading

It’s P11D time!

HMRC has released its 2014/15 benefits and expenses Form P11D plus updated guidance to go with it. Is there anything new to watch out for?

P11D deadline. It’s that time of year when you need to turn your attention to… Continue reading

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