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Monthly Archives: January 2018

Young people with great business ideas apply here

The Princes Trust and Innovate UK have formed a partnership to support young people with business ideas that could become a reality. The nuts and bolts of the scheme are set out below. Ideas can come from anywhere The competition - part of the ideas mean business campaign - will help young adults to make…
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Reasonable excuse for late filing of tax returns

According to an announcement made on the gov.uk website last week, more than three million self-assessment tax returns had not been filed with just a week to go before the 31 January deadline. That’s a third of returns due to be filed. Readers who find themselves in this category may feel that they have an…
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Practical support for subcontractors affected by the Carillion liquidation

If, as is widely predicted, the Carillion liquidation proceeds, sub-contractors owed money by Carillion will have to join the list of unsecured creditors and are forecast to receive no more than 1p in the £ as a pay-out. Apparently, most Carillion suppliers have been keep waiting for 120 days to get their invoices paid. If…
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World first register to crack down on money laundering

The government has made the following announcement regarding a new register they are creating to provide government with greater transparency on overseas companies. In short, the register will provide a: world-first public register will require overseas companies that own or buy property in the UK to provide details of their ultimate owners, £180 million worth…
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What options are left to pay your tax

As we have previously reported on this blog, HMRC will no longer accept payment of tax using a personal credit card. Also, payments cannot be made at the Post Office. The remaining options are to make payment by: A personal debit card, A business credit card, Bank transfer/online banking, Taking a payment slip to your…
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In most cases the NMW is an obligation not a guide

There is a temptation to consider that the National Minimum Wage (NMW) and National Living Wage (NLW) rates are a guide to the amounts you should be paying employees. In fact, they are the minimum rates you should use (unless you are covered by the exceptions listed below) and they are a legal requirement, one…
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VAT – what is disaggregation

There are many businesses that benefit from not being VAT registered. In the UK, there is no obligation to register until your taxable turnover exceeds £85,000. For many smaller businesses, especially those that buy and sell goods and services in competition with larger concerns, charging their customers without the 20% VAT add-on can be a…
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Timing is everything – part two

The week before Christmas we posted an article stressing the value of checking out the tax consequences of investing in new plant and equipment. We stressed the importance of timing. But this is just one issue that should be considered before the end of the current tax year. Every business owner and individuals with significant…
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Tax Diary January/February 2018

1 January 2018 - Due date for corporation tax due for the year ended 31 March 2017. 19 January 2018 - PAYE and NIC deductions due for month ended 5 January 2018. (If you pay your tax electronically the due date is 22 January 2018) 19 January 2018 - Filing deadline for the CIS300 monthly…
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CGT opportunities

This is also an appropriate time of the year to consider your capital gains tax position if you have already disposed (or are considering a disposal) of an asset subject to CGT before 6 April 2018. Most of our readers will be aware that they can make chargeable gains of up to £11,300 in the…
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