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Category: Tax

Comments Off on Company car advisory fuel rates from 1 June 2017

Company car advisory fuel rates from 1 June 2017

Company car advisory fuel rates from 1 June 2017

HMRC has published revised advisory fuel rates for company cars, applying from 1 June 2017. The rates are to be used only where employers either reimburse employees for business travel in their company cars, or require employees to repay the cost of fuel used for private travel. These rates apply from 1 June 2017. You can use … Continued

Comments Off on HMRC computer isn’t always correct

HMRC computer isn’t always correct

HMRC computer isn’t always correct

HM Revenue and Customs have acknowledged that their software and some commercial software used by accountants doesn’t always come up with the right amount of tax payable! You may have seen this reported in some newspapers such as the Daily Telegraph. This arises because the tax system of different income tax personal allowances, dividend allowances, … Continued

Comments Off on Tell HMRC about shares and options in your company by 6 July 2017

Tell HMRC about shares and options in your company by 6 July 2017

Tell HMRC about shares and options in your company by 6 July 2017

It is time to file your employment related securities (ERS) tax return with HMRC. The deadline is 6 July 2017. What to report? All employers have to file annual tax returns reporting grants, lapses, exercises and awards of shares or share options during the tax year 6 April 2016 to 5 April 2017 (the tax … Continued

Comments Off on Trading down Pension entitlement and Review of Pension Pots

Trading down Pension entitlement and Review of Pension Pots

Trading down Pension entitlement and Review of Pension Pots

As most people these days change jobs during their lifetime it is also common for people to build up a collection of different pension pots, making it difficult to keep track. A study by Aegon found that, of the 62% of people who have multiple pensions, more than a fifth (21%) have lost track of … Continued

Comments Off on Financial Security – How can you always live the life you love?

Financial Security – How can you always live the life you love?

Financial Security – How can you always live the life you love?

We work alongside local independent financial planners to help you create a bespoke financial plan to help you reach your goals, whatever they maybe. It’s never too early or to late to look at your retirement plans. We can assist in helping you review if you’re on track and how to help you get there. … Continued

Comments Off on Making Tax Digital on hold – but businesses should still prepare

Making Tax Digital on hold – but businesses should still prepare

Making Tax Digital on hold – but businesses should still prepare

Plans to force every business and landlord operating in the UK to file four six returns a year online plus VAT returns have been put on hold ahead of the General Election on June 8. And the news has been welcomed by leading Merseyside accountant Peter Taaffe, managing partner of Castle Street-based practice BWMacfarlane. However, … Continued

Comments Off on Investing in small companies

Investing in small companies

Investing in small companies

ISAs and pensions are the most popular options for people saving for their futures. However, if you are an experienced investor with a significant portfolio of assets, there are other tax-advantaged products which may be appropriate. Known as ‘tax-led investments’, these include Venture Capital Trusts (VCTs) and the Enterprise Investment Scheme (EIS). Tax-led investments offer … Continued

Comments Off on Does the new 16.5% VAT flat rate percentage apply to your business?

Does the new 16.5% VAT flat rate percentage apply to your business?

Does the new 16.5% VAT flat rate percentage apply to your business?

The new VAT flat rate of 16.5% started to apply from 1 April 2017 for “limited cost traders”. A “limited cost trader” is one using the VAT flat rate scheme but where the VAT inclusive cost of goods for a year is less than 2% of VAT inclusive turnover, excluding certain specified items. Those specified … Continued

Comments Off on MTD among reforms dropped from Finance Bill

MTD among reforms dropped from Finance Bill

MTD among reforms dropped from Finance Bill

  The Government’s “Making Tax Digital” policy has been dropped from the Finance Bill after blanket opposition from taxpayers, business groups and senior political figures across all parties. The initiative would have forced millions of businesses and self-employed people to file multiple tax returns each year. Anita Monteith, tax manager at ICAEW, said: “This is … Continued

Comments Off on IR35 changes for public sector contractors

IR35 changes for public sector contractors

IR35 changes for public sector contractors

Important changes to public sector contractors working under IR35 legislation have taken effect for 2017/18. Individuals who work through intermediaries, such as personal service companies, are no longer subject to IR35 rules if they work in the public sector. Public sector organisations or agencies paying off-payroll workers are now responsible for deciding whether the work … Continued

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