News / Updates

Updates for important tax and accountancy issues

 

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Posted by Andrew Lindley Sep 28, 2018

It has been delayed a number of times, but it now looks likely that the new Tax Free Childcare scheme will be rolled out from 4 October 2018. The old voucher schemes will be blocked to new entrants from the same date.

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Posted by Andrew Lindley Jul 18, 2018

HMRC have released VAT notice 700/22 Making Tax Digital for VAT.

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Posted by Andrew Lindley Feb 14, 2018

The government is increasing the National Minimum and National Living Wage rates on 1 April 2018. This includes the largest increases in a decade for the rates that apply to 18-20 and 21-24 year olds.

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Posted by Andrew Lindley Feb 14, 2018

The minimum total contributions under automatic enrolment set down by the Government are set to increase from 6 April 2018.

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Posted by Andrew Lindley Nov 27, 2017

The Autumn budget was described as a "balanced budget" but perhaps might have been better described as a "quiet budget". The lack of surprises perhaps indicates how much the Chancellor's hands are tied given the country's financial position. He was also perhaps playing it safe given the uproar in the last budget over NIC changes for self employed.

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Posted by Andrew Lindley Oct 13, 2017

With the new restriction on deductibility of mortgage interest from your rental profits for higher rate taxpayers, which started to take effect from April 2017, we are being asked more and more about whether it is more advantageous to hold buy to let properties in a limited company structure rather than in your personal name.

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Posted by Andrew Lindley Sep 12, 2017

If your business is VAT registered and is not using the flat rate scheme, you may be eligible to recover all of the input VAT on vehicle maintenance and repair costs, provided that the vehicle is used some of the time for business journeys. This is true even if the vehicle is also used for personal use.

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Posted by Andrew Lindley Aug 23, 2017

All 3 and 4-year-olds in England already get 15 hours a week, or 570 hours a year of free early education. But from September 2017, if their parents are living and working in England, 3 and 4-year-olds may be entitled to 30 hours free childcare. An extra 570 hours of free childcare a year, so 1140 hours in total.

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Posted by Andrew Lindley Aug 23, 2017

Instead of using childcare voucher schemes, by the end of 2017 all parents will have access to the new tax free childcare scheme. And for the first time, this will also open the doors for self employed people to access tax free childcare as well as employed people.

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Posted by Andrew Lindley Jul 17, 2017

HMRC last week confirmed that the requirements for digital quarterly reporting were being stripped back with a revised roadmap for Making Tax Digital (MTD).

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Posted by Andrew Lindley Jun 12, 2017

HMRC have recently launched an online tool to help personal service companies decide whether or not their contract is caught by the IR35 legislation.

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Posted by Andrew Lindley Mar 16, 2017

The Chancellor finally bowed down in the face of mounting pressure, and abolished his plans to increase the rate of Class 4 National Insurance Contributions (NICs) for self employed people.

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Posted by Andrew Lindley Mar 9, 2017

The National Living Wage and National Minimum Wage rates will increase on 1 April 2017. This will be the date for all annual increases in future, rather than October. The new rates will be:

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Posted by Andrew Lindley Mar 9, 2017

In the latest budget, the Chancellor continued to tackle what the government deem to be an unfair disparity in taxation between employed people and self employed people. Small business owners often pay less tax and National Insurance (NI) than employed people earning the same gross income, and so the government has been trying to tackle this issue in different ways over the last few budgets. The main highlights from the latest budget are therefore as follows.

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Posted by Andrew Lindley Mar 1, 2017

HMRC have finally updated their Flat Rate Scheme VAT Notice to provide some much needed further guidance for businesses who may be affected by the “Low Cost Trader" provisions from 1 April 2017.

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Posted by Andrew Lindley Feb 20, 2017

Most small businesses who have not yet had to set up a qualifying workplace pension scheme will reach their staging date some time this year. Your staging date is the date by which you must comply with the new regulations.

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Posted by Andrew Lindley Nov 29, 2016

Perhaps the biggest change affecting small businesses announced by the Chancellor this week is the proposal to combat those businesses HMRC see as unfairly benefitting from the VAT flat rate scheme.

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Posted by Andrew Lindley Oct 25, 2016

New rules expected to be passed this tax year mean that an employer can now provide trivial benefits such as a bunch of flowers, a box of chocolates, a meal out, without having to report it as a taxable benefit and without any tax or national insurance for either employer or employee. The employer is also entitled to claim income tax or corporation tax relief on the cost.

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Posted by Andrew Lindley Sep 20, 2016

This year the National Minimum Wage increases on 1 October to the following rates:

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Posted by Andrew Lindley Aug 1, 2016

HMRC set April 2018 deadline

With the exception of landlords and self employed businesses with turnover under £10,000 p.a. HMRC have published ambitious plans to make companies and individuals keep digital accounting records by April 2018.

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