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Monthly Archives: May 2017

Possible bonus when you register for VAT

Businesses are required to register for VAT purposes when their annual taxable turnover exceeds £85,000 (this limit applies from 1 April 2017). You will not have to account for VAT on your taxable sales up to the date you are required to register, but interestingly, you may be able to claim back VAT you have…
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Do you use your car for business purposes

Many employees use their own cars to undertake journeys for their employers. In most cases, employers will pay for this. Generally, they will pay a rate per mile. HMRC consider this type of mileage payment as tax exempt as long as the rate per mile paid does not exceed a certain amount. Currently, the tax-free…
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Changes to taxable benefits from April 2017

The good news, the way in which benefits in kind are taxed – company cars, mobile phones, etc. – is unchanged for the tax year just ended, to 5 April 2017. Consequently, you can expect your tax position regarding any benefits you enjoy to be unchanged for 2016-17; as long as the benefits themselves have…
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Damage limitation

The phrase “in-limbo” comes to mind when describing the present outlook for businesses in the UK. What will be the outcome of the June election? What will be the outcome of the withdrawal from the EU? We will all likely be affected. If not directly involved in trade with Europe, we are possibly part of…
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What is the current tax position when dividends are taken

One of the most useful ways for owner directors of small companies to reduce their overall tax and NIC costs is to pay themselves a reduced salary – just enough to maintain their State benefits entitlements – and take any balance of remuneration in the form of tax efficient benefits and dividends. Government has changed…
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The new Criminal Finances Bill

New legislation to increase the powers of law enforcement received Royal Assent 27 April 2017. The Criminal Finances Act 2017 will give law enforcement agencies and partners, further capabilities and powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and combat the financing of terrorism. The act: creates unexplained wealth…
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Change in accounts filing for small companies

Small companies are required to file a copy of their end of year accounts with Companies House. In the past, it has been possible to file abbreviated accounts – basically, a few notes and a Balance Sheet with very little data regarding profitability – for smaller companies this has restricted the amount of financial information…
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Under 4 year olds now eligible for tax-free childcare

The government have issued the following press release regarding the roll-out of the new tax-free childcare scheme: From 21 April 2017, working parents can start applying for two new government childcare schemes launching this year – Tax-Free Childcare which begins immediately and 30 hours free childcare which starts in September. This means that working parents…
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Finance Bill reduced

In order to ensure that the Finance Bill 2017, introduced March 2017, is passed before the impending general election, huge chunks of the original, published bill have been removed. In the national press this has been referred to as a “wash-up”. Significant legislation has been side-lined in the process. For example, the following charging provisions…
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Tax Diary May/June 2017

1 May 2017 - Due date for Corporation Tax due for the year ended 31 July 2016. 19 May 2017 - PAYE and NIC deductions due for month ended 5 May 2017. (If you pay your tax electronically the due date is 22 May 2017) 19 May 2017 - Filing deadline for the CIS300 monthly…
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