Tag Archives: Accountants in Torquay

  1. Making Tax Digital: MTD for VAT

    From April 2019 all VAT registered businesses with a taxable turnover above the VAT threshold of £85,000 will be required to: Maintain their accounting records digitally in a software package or on a spreadsheet. Paper records will no longer meet the legal requirements in tax legislation. Submit their VAT returns to HMRC using MTD compatible…

  2. High Income Child Benefit Charge

    The High Income Child Benefit Charge (HICBC) is a tax charge which applies where the ‘adjusted net income’ of a taxpayer or their partner is more than £50,000 in a tax year, and they or their partner receive child benefit. The charge is equal to one per cent of a family’s Child Benefit for every…

  3. Apprenticeship Levy Help for Smaller Firms

    In a bid to make apprenticeship schemes more accessible, the Treasury has raised the amount of the apprentice levy that larger companies can transfer to smaller firms in their supply chain from 10% to 25%. The change, which was announced by Chancellor Phillip Hammond at the Conservative Party conference, aims to provide additional flexibility for…

  4. Employees with Electric or Hybrid Cars?

    Legislation is to be introduced to exempt from income tax and National Insurance Contributions, any liability arising from the provision of charging facilities (including electricity) to employees recharging all-electric or plug-in hybrid vehicles at or near the workplace, where facilities are made available generally to the employer’s employees. It does not cover reimbursements for charging…

  5. End of the Childcare Voucher Scheme

    The childcare voucher scheme was available to the new applicants until October 4th 2018. The vouchers can be used for children under age of 15 (or 16, if registered disabled). It was a great opportunity for workings parents to save money on registered childcare cost (including breakfast and afterschool clubs, childminders and day nurseries).  After…

  6. Class 2 NICs To Remain

    Self-employed earners (i.e. sole traders or partners) over the age of 16 and below state retirement age are currently liable to both Class 2 and Class 4 National Insurance contributions (NICs) unless specifically excepted by provisions contained in the Social Security Contributions and Benefits Act 1992. Former Chancellor, George Osborne, made proposals to abolish Class…

  7. October Key Tax Dates

    In case you’re wondering, here are the key tax dates coming up for October:   1 – Due date for payment of Corporation Tax for the year ended 31 December 2017 5 – If a Tax Return has not been received, individuals and trustees must notify HMRC of new sources of income and chargeability in 2017/18 14 –…

  8. Self-assessments: new points-based penalty system to be introduced by HM Revenue & Customs?

    It looks like HM Revenue & Customs may be introducing some changes to late filing penalties based on proposals put forward for the Finance Bill 2018-19. As the rules currently stand, an automatic £100 penalty is issued for failure to submit a self-assessment tax return on time. These penalties can increase significantly depending on how…

  9. Rent-a-Room Relief for Absent Landlords

    If you are thinking of working away from home for a while and taking in a lodger to look after the house and pay you some rent, HMRC says you can receive up to £7,500 per year tax free. However, this tax relief is only available if the letting income is from the only or…

  10. Unpaid Invoices and Tax Deductions

    You may have bad debts for your latest accounts which you have ignored. Can you claim tax relief on these? You accountant can prepare your tax returns and company accounts to the best of their knowledge according to the information you provide, but may not be aware of your bad debts. These need to be…

  11. Making Company Car Purchases Cost Effective for Family Members

    In April 2018 the tax and National Insurance (NI) charges for company cars rose again. The maximum charge did not increase but the carbon dioxide (CO2) emissions bands moved so that the majority of company car drivers will pay more in 2018/19 and in 2017.18 for the same car. However, if you use your business…

  12. Carers Who Sleep Over Could be Entitled to National Minimum Wage

    Hiring your own personal car assistant can be a life-changing decision, but for many it is their first experience of becoming an employer – often without realising it. The home-based and personal nature of the work makes the employment relationship much more intense than in the conventional workplace. One of the difficulties encountered is how…