Monthly Archives: October 2018

In his Autumn Budget delivered 29 October 2018, Philip Hammond made a number of promises. One of these was measures to improve the lack-lustre retail sector in our city centre areas. There is no doubt that the major online retailers, Amazon and the like, have caused a major shift in the way we shop. As…

Personal Tax and miscellaneous matters   Personal Tax allowance The personal Income Tax allowance for 2019-20 will be increased to £12,500 (2018-19 £11,850). It will remain at this increased level for two years. Changes to personal tax allowances will apply to the whole of the UK.   Income Tax bands, rates and the dividend allowance…

To reduce National Insurance costs, shareholders of small privately owned companies, who are also working directors of the company, can presently restructure their remuneration package to reduce their salary and make up the difference as dividend payments. Unless this strategy is affected by the Budget at the end of this month, this remains one of…

Last week we considered the effects of importing goods from the EU if a no-deal Brexit occurred. This week we are considering matters that government has published for exporters to the EU. A summary of the comments made in recent announcements is reproduced below. After the UK leaves the EU, in the event of a…

This article considers the question: should businesses invest in new equipment or other long-term capital acquisitions at this time? In truth, no one knows what the impact of the Brexit will be? Brexiteers believe that the floodgates will open, and the rest of the world will rush to buy our goods and services whereas Remainers,…

In order to qualify as a deduction for tax purposes we have to demonstrate that the expenditure was incurred “wholly and exclusively” for the purposes of our business or employment. We will also need to consider a further criterion: where the expenditure has a duality of purpose. In a 1980’s case, a barrister claimed for…

Although the Brexit issue is not yet decided it may be salutary for businesses to consider the changes they will need to face if we depart with a no-deal Brexit. We have touched on these issues in past articles posted on this blog, but today we have reproduced the present regulations you will need to…

Companies House have published a list of bizarre excuses for the late filing of their statutory accounts. They include: “goats ate my accounts” “I found my wife in the bath with my accountant” “pirates stole my accounts” “we delivered the accounts to the betting office next door to Companies House” “a volcano erupted and prevented…

1 October 2018 - Due date for Corporation Tax due for the year ended 31 December 2017. 19 October 2018 - PAYE and NIC deductions due for month ended 5 October 2018. (If you pay your tax electronically the due date is 22 October 2018.) 19 October 2018 - Filing deadline for the CIS300 monthly…

Guidance on the use of a British passport to travel abroad after 29 March 2019, if there is a “no-deal” Brexit, was issued by government last month. The pertinent facts are reproduced below: After 29 March 2019, if you’re a British passport holder (including passports issued by the Crown Dependencies and Gibraltar), you’ll be considered…