Tag Archives: accounts

  1. News: Online Petition Against Filing Tax Returns Four Times a Year

    The Daily Telegraph reveals that more than 100,000 small business owners and self-employed workers have joined forces to fight a Government proposal that would force them to file tax returns four times a year instead of annually.

  2. Changes to Dividend Tax Rates

    In the summer Budget there was an announcement about changes to dividend taxes from April 2016. All taxpayers will have a dividend allowance of £5,000 a year at the new tax rate – which is better for many small investors seeking income from their shareholding.

  3. HMRC and Late Filing Penalties – No New News!

    Have you seen the recent news coverage about HMRC cancelling their usually strict £100 penalty if you are late with your tax returns? We need to tell you that this is not new news!

  4. Changes to the Collection of Class 2 NICs from 2015

    Following our policy of keeping you up-to-date with key HMRC news, we have information that there are changes to the collection of Class 2 National Insurance Contributions from the 2015/16 tax year.

  5. Do You Work From Home?

    Do you work from home? Are you aware that you can claim a variety of costs from HMRC? Most people working from home have claimed the £4 per week allowance based on HMRC guidance, but this has now been updated.

  6. Real Time Information – We’re Not Ready!

    HM Revenue & Customs has had to postpone a major overhaul of payroll taxes because small businesses have complained that they’re not ready. Real Time Information or RTI was originally introduced for employers to provide information about tax and National Insurance each time they pay an employee, instead of annually – due in October this…

  7. Will Inheritance Tax Make The Elderly Move Abroad?

    Could UK Inheritance Tax Make The Elderly Move Abroad? We recently informed you about changes to Inheritance Tax rules. We have now uncovered fears that elderly people could be driven overseas by a Government clampdown on the use of trusts to prevent their assets being swallowed up by inheritance tax.

  8. Do you want HMRC to raid your bank account?

    Continuing our mission to keep you updated with the latest from HM Revenue and Customs, we’ve discovered that they will be given powers to access bank accounts, but, thank goodness, not to empty them. It’s been in the news again recently and many businesses are seriously concerned. New powers allowing HMRC to raid bank accounts…

  9. How To Double Your Inheritance Tax Relief

    If you leave your business to your spouse in your will to keep it in the family, this is IHT free, but there is a way to double this relief. If you own all or part of a business you can transfer this to anyone in your will while you are alive as long as…

  10. When Is A Structure Not A Building?

    The cost of providing a shelter for employees who smoke can be high – but can you claim a tax deduction for this? It all depends on whether this structure is a building or a piece of fixed equipment. Accountants sometimes struggle with this! If it has four walls and a roof then it’s a…

  11. Employers Attacked Over RTI Mistakes

    We’ve kept you updated with the introduction and issues with Real-Time Information (RTI), and now we have further information about how employers who make mistakes in RTI reporting have been fined. Between July and the end of September HMRC carried out a review of discrepancies between the amount of PAYE tax and NI employers thought…

  12. Can You Disincorporate Your Business Tax Free?

    The new disincorporation tax relief removes the corporation tax problem when you transfer your business to a partnership or sole trader, but there are severe income tax implications. Making this change could trigger a corporation tax bill. The Office of Tax Simplification decided this was unfair to business owners and introduced the disincorporation tax relief…