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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.…
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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…
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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…
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Are Your Contracts of Employment Up To Date?
You will have heard and read about recent news stories regarding contracts of employment, particularly the changes to dress code requirements. It is vital that your contracts of employment are up to date or you could have problems – expensive problems. The most publicity has been all around high heels and make-up, which may sound…
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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…
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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…
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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…
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National Minimum Wage: New Rates From April 2017
Did you know the National Minimum Wage is changing again? At Vincent & Co we aim to keep you up-to-date with all the latest news from HMRC, so here are the details of the new National Minimum Wage: Effective from April 2017 the National Minimum Wage rates will be increasing again. Please be aware that…
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Surprise! Surprise! HMRC Calling
According to recent reports HMRC has increased the number of small business investigations and they continue to be seen as soft targets. About 7% of tax inspections are random, the majority are triggered because HMRC believes that something is wrong. What can you do to reduce your chances of being selected? File your tax returns…
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Limited Companies: Annual Return to be a ‘Confirmation Statement’
On 30th June the document we know fondly as the Annual Return is to be replaced by a new ‘Confirmation Statement’.
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Cash Sales Business? Check your Cash Register Records Carefully
As the owner or manager of a cash sales business, how often do you check the records on your cash register?