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What can a qualified accountant do for your start-up business?

Is the thought of using a qualified accountant a luxury that you cannot afford, then think again. The general perception is that an accountant will charge for every telephone call, every letter and only looks after the historical year-end accounts. For a start-up company, they generally do not have the luxury of cash, time and[…] Read more »

Involving Your Children in Your Business

Employing Your Children in Your Business Paying salaries to your children is a good way to reduce your taxable profits but which children can you legally employ? Whilst it is possible to involve your children in your business, this is a strategy that should be approached with caution. With some limited exceptions for specific jobs[…] Read more »

Auto Enrolment for New Employers

Auto-enrolment for new employers From October 2017, new employers, which will include all new limited companies, will have instant pension duties and obligations. These businesses will need to put pension plans in place. The extension also includes companies that take on an employee where previously the directors have not been classified as workers and the[…] Read more »

Don’t miss the tax credit deadline – 31 July 2017

Don’t miss the tax credit deadline – 31 July 2017   If you’re on a low income or have children, tax credits can be worth thousands of pounds a year – and you’ve only until 31 July to renew your claim for this year. Each new financial year anyone eligible for tax credits needs to[…] Read more »

Pensions Auto Enrolment

Ignoring Auto Enrolment could lead to big fines     Pensions Regulator fines Johnsons Shoes Company £42,000 for failing to meet enrolment deadline The Johnsons Shoes Company fine shows how ignoring auto-enrolment duties is ill-advised. Ignoring The Pensions Regulator ended up costing the company £42,400! In its case summary The Pensions Regulator stated that the[…] Read more »

P11D Deadline 6 July 2017

Employer P11D, P11D(b) and P9D deadline   The deadline for submitting the 2016-17 forms P11D, P11D(b) and P9D is 6 July 2017. P11D forms are used to provide information to HMRC on certain benefits and expenses that employees and directors receive during the tax year such as company cars and private medical insurance. Where no[…] Read more »

Salary v Dividend

The Salary v Dividend Jigsaw   The questions surrounding the issue of how best to extract profits from a company in a tax-efficient manner remain as popular as ever. Despite the introduction of the dividend allowance, and the personal savings allowance, extraction by remuneration and by way of dividend remain the two most widely used[…] Read more »

Making Tax Digital

Implementation Timetable for Making Tax Digital Following representations from the House of Commons Treasury Committee, HMRC have published proposals to undertake a year-long pilot of the Making Tax Digital programme. HMRC are committed to having Making Tax Digital fully operational by 2020, and a pilot scheme is expected to run from April 2017 until April[…] Read more »

VAT Cash Accounting Limit Raised to £150,000

VAT Cash Accounting Limit Raised to £150,000 As announced at the 2017 Spring Budget, the threshold for traders using the cash basis for accounting purposes is increasing from 6 April 2017. This change forms part of the Government’s initiative for simplifying tax paid by unincorporated businesses and runs alongside the Making Tax Digital project. Under[…] Read more »

Changes to IR35 Rules

Changes to IR35 rules confirmed HMRC have recently announced changes to the way the intermediaries legislation (known as the ‘IR35 rules’) will be applied to off-payroll working in the public sector. In particular, contractors who provide their services to a public authority through an intermediary will need to be aware for the changes, which take[…] Read more »

Contractor tax: loan schemes can cost you more !

HMRC have alerted professional contractors or freelance workers to the risks involved in using tax avoidance schemes involving loans. How contractor loans work In a contractor loans scheme you’re paid in the form of a loan from a trust or company, sometimes referred to as a remuneration trust. You don’t get your payment (or ‘loan’)[…] Read more »


 

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