Author: Philip

How to avoid a VAT penalty

When a business submits its VAT returns or VAT payments late, whether via MTD sofware or the old HMRC website, the business will enter the VAT penalty surcharge system. Small businesses with turnover of less than £150,000 get one free

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Trivial Benefits

Home › Trivial Benefits Trivial Benefits Employees react well to lit tle rewards from their employer, especially if the treat is unexpected and seen as a genuine “thank you”. These occasional trivial benefits can be provided tax free if all four of

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Selling a let property

Many landlords are deciding to sell their residential properties. From 6th April 2020, none of the interest and finance charges relating to those properties can be deducted from the rental income. Instead, the landlord receives a tax credit equal to

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Marriage Allowance

The UK tax system is based on the independent taxation of each individual so it is difficult to reward couples for being married, but the marriage allowance attempts to do that. It is a transfer of 10% of the personal

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We are now Xero certified

We are delighted to become a Xero certified advisor. Xero is one of the UK’s most popular online accounting software, particularly for more complex small businesses, and enables us to provide support to the full range of small business clients.

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Winding Up

If you have stopped trading through your own personal limited company and have no further use for it you could sell the shares or wind it up taking out any value as cash. There is a very limited market for

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IR35 Changes

The IR35 rules are designed to discourage avoidance of payroll taxes by organisations who engage workers through personal service companies (PSCs) or other intermediaries rather than taking them on to the payroll. The IR35 rules were altered from 6th April

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NEW VAT RULES FOR BUILDING FIRMS

In just over six months, builders, contractors and other trades associated with the building industry will have to get to grips with a new way of accounting for VAT. Essentially, building firms will be required to charge themselves VAT when

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MTD Facts and Fiction

All VAT registered businesses with annual taxable turnover exceeding £85,000 must comply with the making tax digital (MTD) rules for VAT periods beginning on and after 1 April 2019. However, a few businesses have been deferred until the period that

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Do you need an accountant?

The question a lot of people ask is whether they need an accountant to do their book-keeping, accounts preparation and tax returns. Well, think about your car and what you’d do if the brakes were faulty:- (a) Would you repair

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