Hopefully you should all have now received the tax packs we sent earlier this month and an invitation to complete your checklist online at our website. Remember you also need to complete the tax return supplementary questionnaire online (Click Here). This replaces the paper ones we used to send – reception will send you a paper copy if you prefer.
This year we are trying to get everybody’s tax returns and accounts produced quicker so please complete the forms and send in your books.
HMRC have announced a consultation on Inheritance Tax and are welcoming views. I’ve included a link to a good article in the Telegraph which talks about peoples confusion and fear over the tax (Click Here) and the actual HMRC site if you would like to take part (Click Here).
This months edition includes:
– Smallest firms hit by higher pension costs
– Late payments affect almost half of small businesses
– Selected businesses begin Making Tax Digital testing
– Lack of funding holds back 1 in 4 SMEs
Downlaod the Full PDF Here
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?
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
Bedtime reading for things to know about before and after the tax year end.
This month edition covers:
SME Borrowing rise
Retired income is up 13%
Small firms pay above 1% minimum Pension
This months copy covers:
Self Assessment Reminder
2017 Tax changes
Changes proposed for Flat Rate VAT
This months guide covers:
Small business finance
Business rates changes
This months insider guide covers:
- Pension reforms to cost £5b
- Lack of export ambition
- Flexible working/parenting
Last year 608,110 businesses were incorporated, here are a few things for you to consider when starting your own business. Click here to download
You may think that 31 January 2017 is months away but completing your self-assessment tax return is something many people fail to do straight away, and often it is not completed until quite late in the year. There are many reasons why completing your tax return NOW may benefit you;
We are proud to announce that we are supporting the DCS Autumn IT Showcase at the National railway Museum in York on the 22 November 2016.
Visit us and other vendors face to face between 10am and 4pm. Entry is free, just register here.
Welcome to Jemma Jones, Accountant
Jemma has joined us in October 2016 following a move to Yorkshire, and is studying towards her ACCA qualification.
Prior to joining the team Jemma has over 5 years of accounting experience supporting a range of businesses on areas including VAT, payroll, book keeping, taxation and year end accounts.
This months issue covers:
- EU workers uncertainty;
- Tax free childcare;
- Tax return deadline, and;
- £22billion paid in Corporation tax
Click to download
What will VAT look like after Brexit
– here are a few thoughts!
Click Here to download your copy
Everything explained about audits, accounts, penalties and why you actually need them. If you can stay awake!
Click here to download your copy
This months articles:
Changes to business rates, Part time Self Employments, Help to Buy ISAs, Small Firms spent 10% of day chasing debt
A tax code (also known as a PAYE code) appears on every payslip, but do you know what it means and how it is impacting on the net pay you are receiving?
Common tax codes include ‘BR’, ‘1100L’, ‘NT’, and ‘D0’, but what do these mean and what if they are wrong? HMRC expects everyone with a PAYE code to check it but do you and your employees (if you have them) realise this, and know where to start?
Click here to download your copy
This month includes whats happening with the new Digital Tax accounts and 2nd payment on accounts reminder.
The rules relating to the tax treatment of parking fines have been clarified thanks to a recent first tier tax tribunal decision brought by G4S.
Though prohibited under HMRC rules, to date, many companies have treated their employees’ parking fines as a tax deductible expense. However the situation has now been confirmed with a clear precedent for HMRC to reject any future such claims.