Ready for RTI end-of-year compliance? As an employer running payroll, you must submit the final full payment submission (FPS) to HMRC by 5th April 2017, as always, on or before the payment date of your employees. If you are using HMRC software, you need to indicate “Yes”...
Dividend Tax Free Reduced The Divided regime changed from 6 April 2016 where you won’t pay tax on the first £5,000 of your dividend income, no matter what non-dividend income you have. If you are a basis rate taxpayer, you pay 7.5% any dividend taken above £5,000...
Missed the tax return deadline and received a Penalty? What can you do to avoid or minimise the risk of a penalty? If you missed the 31 January 2017 for filing your tax return, you will get a £100 penalty. But this is not end of the...
Changed to cash basis accounting- can you take advantage? When you run a small unincorporated business, cash basis accounting may suit you better than traditional accounting where you record income and expenses by the date you invoiced or were billed. Under cash accounting principles you only need...
Ways to reduce the impact of tightening buy-to-let tax rules As you are aware, the buy-to-let market has been bracing itself following successive moves by the government to add an additional 3% to stamp duty followed by restricting tax relief on buy-to-let mortgage interest payments. Having said...
Choosing an accountant – What you need to know Looking for and choosing an accountant is not a decision that can be taken lightly and in a rush – the accountant you choose will play a very important part in your company and in its growth. Some...
Are You Planning to Take Advantage of Additional Tax Free Allowance from 6 April 2017 As well as the present £5,000 tax free divided allowance and the saving allowance of £1,000 there will be two additional tax allowance beginning 6 April 2017. There is going to be...
Personal financial planning Achieving your financial goals is made harder when you don’t have a plan laid out on paper. Without a timescale, a sense of priority and an idea of how you will use your money in the future, how can you be sure that...
Apprenticeship funding proposal announced Employers with 50 or fewer employees will have up to 100% of their apprenticeship training costs funded by the government. The government has announced more details about its apprenticeship programme and the funding that will be available to businesses that take on apprentices. The proposals...
New hourly national minimum wage (NMW) rates come into effect on 1 October 2016 Employers are already legally required to pay eligible workers who are 25 or over the national living wage (NLW of £7.20 an hour) Hourly NMW and NLW rates Age ...