Tag Archives: SME

  1. Juicy First Tier Tribunal Case

    The First Tier Tribunal (FTT) was recently called upon to examine whether fruit and vegetable juices sold as meal replacements were beverages and therefore standard-rated for VAT. The case (The Core (Swindon) Ltd [2019] TC 06874) concerned a juice bar and health café which supplied juice cleanse programmes (JCPs) consisting of fresh drinkable products made…

  2. Can Employers Still Claim the Employment Allowance?

    In broad terms, the Employment Allowance (EA) is available to most employers and should enable them to reduce the amount of National Insurance Contributions (NICs) they have to pay by up to £3,000 per year. The eligibility rules changed from April 2016, and the Autumn Budget 2018 announced further changes expected to take effect from…

  3. 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…

  4. 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…

  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. 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…

  9. 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…

  10. VAT Returns – Remember to Keep Records

    It’s a basic check that needs to be done every year – reconciling the sales reported on your VAT returns to those in your annual accounts. HMRC will do this, so if there are differences, the tax inspector is likely to ask questions. There are several reasons why the sales reported in your accounts may…

  11. 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.

  12. New Business Growth and Improvement Programme

    Do you feel you need help to give your business a jump start? Or perhaps you’ve been trading successfully for some time but now need direction about how to grow further?