The new flat rate State Pension which started last year https://www.gov.uk/new-state-pension/eligibility requires 35 years of National Insurance contributions to receive the whole amount which is currently £155.65 a week. This may not sound a lot but at current annuity rates you would need a private pension pot of more than £200,000 to receive the same amount. […]
State Pension and Class 3 National Insurance Read More »
Happy New Year to everyone. 2017 has started and is going to be a busy year. There are many tax changes arriving this that we will be helping our clients to negotiate. Some of the highlights (if you can call them that) are: Changes to the flat rate VAT scheme for businesses with low costs: The
2017 is here. Tax Changes Coming. Read More »
Welcome To Our Autumn Statement Update Many of the changes below were already flagged up. The change to Flat Rate VAT however was a bit of a bombshell. We will be in contact with all our clients on Flat Rate VAT to see if the change affects them. If you have any queries about anything
Autumn Statement Update 2016 Read More »
DON’T MISS OUT ON TAX RELIEF ON R&D The government is concerned that many small companies are missing out on generous R&D tax credits. For the last year HMRC have been offering companies an advance assurance scheme to check whether or not their activities qualify before they make a claim. So far over 200 applications
Dont Miss Out on Tax Relief on R&D Read More »
CHRISTMAS IS COMING! – NEW RULES FOR GIFTS TO STAFF From 6 April 2016 new rules were introduced to allow employers to provide their directors and employees with certain “trivial” benefits in kind, tax-free. The new rules are a simplification measure so that certain benefits in kind will not need to be reported to HMRC,
Christmas is Coming – New Rules for Gifts to Staff Read More »
LIQUIDATING A COMPANY – IS IT A CAPITAL GAIN? One of the anti-avoidance measures being introduced by the latest Finance Bill potentially changes the way that certain payments to shareholders will be taxed. This may result in payments following some company liquidations being taxed as dividends instead of capital gains. The Government is concerned
New tax rules around liquidating or striking off a Company Read More »
NEW RULES FOR BUY-TO LET LANDLORDS The 2016 Finance Bill sees the introduction of important tax changes for property investors that were originally announced in the 2015 Budget. From 6 April 2016 onwards there are important tax changes affecting the replacement of furnishings for buy to let landlords. 6 April 2017 will see the start
Buy to Let Tax Changes in Full Read More »
Clients have always been mystified when we contact them to file their Annual Return to Companies House. “But my accounts aren’t due for 6 months” they say! The Annual Return was an Annual Filing that stated the standing data of the Company and was due annually on the anniversary of the incorporation date of the
Companies House Confirmation Statement Read More »
We often get asked for SA302’s by clients who are applying for mortgages. An SA302 is an HMRC-generated form with a breakdown of income. An example is shown at the bottom of this post. The unfortunate issue is that the mortgage lenders typically insist on this type of income proof and will not accept a
SA302s, mortgages and HMRC Read More »
The Flat Rate VAT Scheme (FRS) is a scheme that allows businesses with a turnover of under £150,000 to pay VAT on a fixed percentage of their gross turnover rather than the amount of VAT received less the amount paid out. This is supposed to reduce beaurocracy as the calculation of the VAT return is
Flat Rate VAT pitfalls……. Read More »
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