Yearly Archives: 2018

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…

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…

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…

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…

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…

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…

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…

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…

As we are approaching the end of yet another tax year, it is worth repeating our suggestion that highlights the cash benefit to company car drivers and their employers, of reimbursing the cost of fuel provided for private motoring. The rates have been updated for 2017-18. Since the tax on private fuel provided with company…

From April 2018, the £5,000 tax-free dividend allowance is reducing from £5,000 to £2,000. Does this mean that converting from self-employed to a limited company arrangement to save tax and NIC is no longer a viable option? Readers who have adopted this strategy will have likely seen a reduction in taxes due thus far, but…