Making Tax Digital – An Update

Although there were rumours that there might be a delay, Making Tax Digital as regards VAT is going ahead from 1st April 2019.  There is still no decision on when other taxes will become digital. Who does MTD on VAT affect?  Essentially it will apply to all VAT registered businesses and registered landlords above the [...]

By | 2018-11-14T09:01:05+00:00 November 14th, 2018|Tax|0 Comments

Was it a good Budget for you?

Was it a good Budget for you? The Spring Budget didn’t startle, but it was a generally gloomy one for business owners. What changes were announced and how might they affect you? Dividends. The so-called dividend allowance (DA) of £5,000, which is actually a 0% rate band, introduced on 6 April 2016 will be slashed [...]

By | 2017-05-25T11:17:33+00:00 March 24th, 2017|Business, Tax|0 Comments

Changes to the VAT Flat Rate Scheme

From 1 April 2017 HMRC will introduce a new business type known as a ‘limited cost business’, which will have a Flat Rate Scheme percentage of 16.5%. You’ll be classed as a ‘limited cost business’ if your goods cost less than either: • 2% of your turnover • £1,000 a year (if your costs are [...]

By | 2017-05-25T11:17:47+00:00 March 9th, 2017|Tax|0 Comments

YIPPEE! NO MORE TAX RETURNS

From about 2020, there will be no more Tax Returns.  That’s the plan.  It sounds like a good idea.  HMRC can get most of the information about your income from other sources.  They can find out what you earn from your employer.  They can find out what dividends you get from public companies.  They know [...]

By | 2017-05-25T11:19:46+00:00 November 15th, 2016|Tax|0 Comments

For richer for poorer

If you are planning on living together for life but don’t want to get married, you need to do some financial planning.  Usually this takes the form of arranging life insurance of some sort. The big issue is often that one partner owns the house in which a couple live.  That partner dies and leaves [...]

By | 2017-05-25T11:21:07+00:00 October 27th, 2016|Tax|0 Comments

New Wear and Tear Rules

The government has released details of a new tax allowance for landlords, which replaces the current wear and tear allowance.   Currently if you are a landlord of a residential property that you let furnished then you can claim a tax deduction for wear and tear of equipment and furniture you include with the property. [...]

By | 2017-05-25T11:22:19+00:00 March 9th, 2016|Tax|0 Comments

New Dividend Tax Regime

As you may have heard, from April 2016 the way people will be taxed on their dividends is changing. This affects both dividends from private companies and outside investments. Currently dividends benefit from a 10% tax credit which is deducted from the tax liability. This means that for a basic rate tax payer (total income [...]

By | 2017-05-25T11:22:26+00:00 March 7th, 2016|Tax|0 Comments

MOSS : Digital Sales Solution?

Since the beginning of this year, the VAT rules on selling digitally to non-registered businesses in the EU have changed. If you sell to the public such things as images or text, photos, e-books, games, web-hosting services, software, website advertising (the list goes on and on) then legally you have to register for VAT in [...]

By | 2017-05-25T11:23:06+00:00 June 15th, 2015|Business, Tax|0 Comments

A £212.00 HAND-OUT

Everyone is entitled to earn a certain amount tax-free every year. It is called the Personal Allowance. From 5 April that amount will be £10,600. But what if you don’t work or you only work part-time and earn less than this? From the new tax year starting 5 April if you are married or in [...]

By | 2017-05-25T11:24:47+00:00 March 13th, 2015|Tax|0 Comments