Tag Archives: business finance

  1. VAT Margin Scheme

    If your company buys and sells second-hand goods you may be eligible to use a VAT Margin Scheme. A VAT Margin Scheme taxes the difference between what you paid for an item and what you sold the same item for. VAT is paid at 1/6 (16.67%) of the difference (margin). Business overheads, repairs and parts/accessories…

  2. At Risk of a Surprise Tax Investigation? Be Protected with FeeWise

    The number of tax enquiries has dramatically increased over the last few years, resulting in more and more people having their tax scrutinised. Any tax payer can be targeted by HMRC to check they are paying the right amount of tax and this can lead to lengthy and expensive enquires , sometimes lasting for years….

  3. Claiming Tax for Upgrading Your Travel

    If you upgrade your usual standard or economy class travel so you can work en route, can you claim a tax deduction for the extra cost? Usually, you are allowed to claim a tax deduction for the cost of travelling on business. If you are a director or employee and the employer pays for or…

  4. Changes to Tax on Company Loans to Directors and Shareholders

    All loans to directors and shareholders (participators) from a company must now be taxed under Section S455 of the Corporation Tax regulations. The aim of this change is to prevent company directors avoiding personal tax and national insurance contributions by paying themselves via loans which are not repaid, rather than taking a salary or dividends….

  5. Buy Goods for Personal Use and Potentially Save VAT

    You may believe you can reclaim VAT for any purchase you put through your business account, but you can’t. You cannot reclaim VAT on a purchase which is not for your business. However, if you purchase an item for both business and personal use, the amount of VAT which can be reclaimed depends on which…

  6. End of Year PAYE Filing, Minimum Wage and Workplace Pension Increases

    It’s that time of year where we need to think about your end of tax year filing for your PAYE Scheme. This is what you must ensure is processed by the deadlines stated below: Send your final full payment submission to HM Revenue & Customs by 19th April 2018 All PAYE liabilities should be paid…

  7. 2018 Spring Statement Summary

    We always try to keep you up-to-date with the latest changes which could affect you, so here is our summary of the Chancellor’s statement issues recently. Mr. Hammond commented that UK economic growth remains disappointing, now forecast at 1.5% growth. In addition, inflation at 3% in January was above the government’s target. However, with the…

  8. Landlords Forced to Improve Energy Ratings from This April

    New regulations are being introduced from April 2018 which will force landlords to improve the energy ratings of their properties. This will apply to landlords of privately rented domestic and non-domestic properties in England and Wales. The idea is that properties must reach at least an Energy Performance Certificate (EPC) rating of E. This will…

  9. Changes to Buy To Let Tax Rules

    If you are a higher-rate taxpayer you can no longer offset all your mortgage interest against rental income before calculating the tax due. This will lead to higher tax bills even if you have not seen your income increase. The reduction in relief is being phased in between now and 2020 and will be replaced…

  10. Changes to the Ways you can Pay your Tax

    We like to keep you up-to-date with news from HMRC so here is the latest information for you: From 15th December this year you will no longer be able to pay your tax bill at a Post Office Branch. This is particularly bad timing as it coincides with the January self-assessment payment rush. The contract with…

  11. Making Tax Digital or MTD

    You may have heard or seen stories relating to some major changes that have been proposed by the government and H M Revenue and Customs. So what is MTD? It is a bold and innovative initiative to bring the UK tax system up to date for the new digital age, or so ‘they’ say. They…

  12. Budget March 2017

    Not sure quite what happened in the Budget? Worried about how the changes could affect you? Here are two documents for you to read and download if you wish which contain all the facts and lots of figures. One document is a summary of the Budget statements and intentions, and the other shows all the…