News & Information

 

Spring Newsletter February 2018

Summary

Paying dividends

Dividend payment is a primary vehicle to extract cash from owner-managed businesses, but it’s an area coming increasingly under HMRC’s spotlight. Mistakes in procedure can have expensive tax consequences – so how do you get it right?

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General data Protection Regulation February 2018

New data protection regime

Is your business prepared for forthcoming changes in the data protection regime? There has been extensive press coverage of the subject, but UK data protection watchdog, the Information Commissioner’s Office (ICO), is now concerned about misinformation being circulated in the media.

With this in mind, we set out key features of the changes, with a view to dispelling some of the myths.

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Autumn Newsletter September 2017

Making Tax Digital for Business: plans delayed

The government’s much-publicised plans for Making Tax Digital for Business (MTDfB) have taken a radical new direction, giving businesses longer to get ready for change.

MTDfB involves not just mandatory quarterly updates to HMRC, but also makes digital accounting records compulsory. For some unincorporated businesses, including landlords, April 2018 was the proposed start date. There has been much concern about the entire plan, particularly for SMEs, in terms of additional cost and red tape – and also the very rushed timescale.

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Spring Newsletter 2017

VAT Flat Rate Scheme changes

The VAT Flat Rate Scheme (FRS) is designed to simplify the calculation of VAT due for small businesses. VAT is calculated by applying a predetermined flat rate percentage to the business turnover. The flat rate is lower than the 20% standard rate of VAT but businesses can’t reclaim VAT on purchases except for certain capital assets over £2,000. The flat rates are determined according to the trade sector of the business and currently range from 4% to 14.5%.

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Autumn Update 2016

Sorting out interest receipts

On 6 April 2016 a new allowance - the Savings Allowance - was introduced into our tax system. The Savings Allowance applies a new 0% rate for up to £1,000 of interest receipts for a basic rate taxpayer and up to £500 for a higher rate taxpayer.

A consequential change to the machinery of tax deduction by the entity paying the interest has been made. The introduction of the Savings Allowance will mean that the majority of taxpayers will not pay tax on their interest. The government has therefore removed the requirement (from 6 April 2016) for banks and building societies to deduct tax from account interest they pay to customers.

However, in 2016/17 basic rate tax will still be deducted at source from some forms of savings income such as interest distributions from unit trusts and OEICs. The government proposes to remove this requirement from April 2017.

Of course if your interest income exceeds the Savings Allowance, there will be extra tax to pay and if you are a higher rate taxpayer, you are more likely to be in this position as the Savings Allowance is only £500.

Brexit and tax

The EU referendum result will, of course, have significant long term economic consequences for the UK and many areas of law will need to be adapted to the new era. What are the possible tax consequences of the UK ceasing to be a member of the EU?

The main point to note is that many areas of taxation such as personal and corporate tax rates have been matters upon which the UK has been free to decide without reference to the EU.However, the prospect of exit from the EU may indirectly affect the rates set due to the perceived financial effects of Brexit by politicians. The likelihood is that such issues will be addressed in the Autumn Statement in November/December.

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Autumn Statement 2015

Overview

Chancellor pledges to ‘rebuild Britain’ as he targets £10bn budget surplus

Chancellor George Osborne pledged to move from ‘rescue’ to ‘rebuilding’ as he presented his combined Autumn Statement and Spending Review to the House of Commons.

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Winter 2015 Update

HMRC gone phishing?

Phishing is the fraudulent act of emailing a person in order to obtain personal or financial information. HMRC has issued guidance to help recognise fraudulent emails.

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The Second Budget 2015

George Osborne presented the first Budget of this Parliament on Wednesday 8 July 2015. The speech set out his plans for the next five years ‘to keep moving us from a low wage, high tax, high welfare economy; to the higher wage, lower welfare country we intend to create’.

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