Recent budgets have seen several significant changes to the taxation of income from letting out residential property. These changes are likely to impact on the taxation of all current property landlords, as well as future decisions as to whether to remain or become a landlord.
Download the full PDF here.
We start the merry go round again moving 1 year closer to the introduction of Making Tax Digital on the 6 April 2019.
We are heavily involved in helping our clients bring up to date their bookkeeping onto cloud-based accounts solutions to ensure you have the information available each quarter at a reasonable cost. If you need help or advise in doing this please contact us as soon as possible and we can get you started and include some free training.
With the 25 May looming the whole concept of GDPR – General Data Protection Regulation – is starting to become an issue for all those people who hold data on customers, guests, suppliers, marketing databases and employees. We will write shortly to advise you of what you may need to do and how to do it and where to go to do it. Please don’t think this doesn’t apply to you as nearly every business in the UK will be affected with fines running at 4% of your turnover for non-compliance -the regulator is funded solely by the number of fines they issue!
Finally, this is a great story of how the 6 of April came to be the start of our tax year. Enjoy! Click Here
Our Data Card containing all the useful allowances and tax rates for 2018/19
The Chancellors Spring Statement reviewed
This Months Edition includes:
– Thinktank wants major reform of ‘inefficient’ tax system
– More workers aim to become self-employed
– Small firms not ready for data protection shake-up
– Small businesses ‘hugely’ embrace apprenticeships
With a new tax year almost upon us, many sole traders will be reviewing their business structure and considering whether it’s worth switching to a limited company.
There’s no denying that incorporating a business proved popular in 2017, with Companies House reporting a 7% rise in the number of actively trading companies – bringing the UK total to 1.9 million.
Last year’s statistics also showed this trend is no flash in the pan as the number of actively trading companies increased by around 610,000 since 2010.
If you’re a sole trader who has weighed up the pros and cons and decided to form a limited company, here’s what you need to know to complete the transition.
Companies can fail for several reasons and, for the most part, these aren’t the result of wrongdoing by the directors. For this reason, it’s perfectly legal to start a new company after an old one has become insolvent.
However, there are a number of rules that surround carrying on a similar business through a new company after the original company has gone into insolvency.
Known as ‘phoenixing’, this practice transfers the business, but not the debts, of the insolvent company to a new company.
But what is the problem with phoenixing, and what does the law say about it?
Most employers choose to recognise the ongoing commitment made by their members of staff by providing various benefits and rewards.
Whether that’s in the form of the Christmas party or it extends to benefits such as a cash bonus or flextime, it all helps to ensure employees feel valued and motivated.
82% of workers feel motivated after receiving some form of recognition from their employers, according to research by the Rewards and Employee Benefits Association.
While that’s all good and well when it comes to looking after your staff, you also need to consider the tax implications of offering attractive employee benefits.
This months edition includes:
– One million firms comply with auto-enrolment
– Food and drink firms bring in record £22bn in exports
– Taxpayers reclaim £493m from HMRC
– One in 15 face fines after missing tax return deadline
Download it Here
Included in this article:
– PERSONAL ALLOWANCES
– PENSION CONTRIBUTIONS
– INHERITANCE TAX
– CAPITAL GAINS TAX
– NON-UK DOMICILE TAXATION
– TAX CREDITS
– CORPORATION TAX
– BUSINESS DEDUCTIONS
– ENTREPRENEURS’ RELIEF
– UPCOMING CHANGES
Traders have been able to prepare their accounts using the cash basis since April 2013, as long as they meet certain eligibility conditions.
This option was extended to landlords running unincorporated property businesses from 6 April 2017.
However, while traders must elect for the cash basis, it applies by default to landlords who meet the qualifying conditions.
Click Here to Downlaod
This months edition includes:
- Expenses and Benefits deadline
- Employment lasw backed
- Staff fear working after 65
This months edition include:
Gender Pay Gap published for businesses
ISA rules misunderstod
This months endition includes:
- Lack of funding
- New Minimum Wages rates
- New Business Rates Start
Yet again small business owners are targeted by the government !
Read about the Winners and Losers in our guide to the 2017 budget!
Bedtime reading for things to know about before and after the tax year end.
This months edition covers:
Making Tax Digital!
Working Pensioners increase income
Late payment new rules
The Apprenticeship Levy
This month edition covers:
SME Borrowing rise
Retired income is up 13%
Small firms pay above 1% minimum Pension