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DIARY DATES OF MAIN TAX EVENTS OCTOBER / NOVEMBER 2017

Blog, HMRC, Tax

Date What’s Due 1/10 Corporation tax for year to 31/12/16  (unless pay quarterly) 19/10 PAYE & NIC deductions, and CIS return and tax, for month to 5/10/17 (due 22/10 if you pay electronically) 31/10 VAT for Returns ended 30/08/17 (due 07/10 if paid electronically, 12/10 if paid by direct debit) 01/11 Corporation tax for year […]

THERE MAY BE MORE TAX TO PAY ON YOUR DIVIDENDS IN JANUARY

Blog, HMRC, Investments, Tax

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends. For many taxpayers there will be more tax to pay on those dividends on 31 January 2018. Up until 5 April 2016, the 10% dividend […]

RECLAIMING FOREIGN VAT ON EXPENSES

Tax

If your business has suffered VAT on expenses incurred in another EU country, for example overseas hotel and restaurant bills, then it is possible to reclaim the foreign VAT. The foreign VAT must not however be reclaimed on the UK VAT return but by using HMRC ‘s VAT online services system. The foreign VAT refund […]

ADVISORY FUEL RATE FOR COMPANY CARS

Blog, Employers, HMRC, Tax

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2017. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p 7p 1600cc or less 9p 1401cc to 2000cc 13p (14p) 8p (9p) 1601 to 2000cc […]

MUST OWN 5% OF ORDINARY SHARES TO QUALIFY FOR CGT ENTREPRENEURS RELIEF

Blog, Investments, Money Matters, Tax

In order for a shareholder to qualify for CGT entrepreneurs relief on the disposal of their shares, they must be an officer or employee of the company (or group) and hold 5% or more of the company’s ordinary share capital and voting rights for 12 months prior to the disposal. The company must also be […]

WHEN IS A COMPANY VAN NOT A VAN?

Blog, Business Tips, Money Matters, Tax

The P11d benefits on company vans are generally much lower than company cars and where private use of the van is merely incidental to its business use by the employee, then there is no taxable benefit at all. But when is a van not a van? In a recent tax tribunal case, the judge agreed […]

ARE SPOUSES WAGES FULLY DEDUCTIBLE?

Blog, HMRC, Tax

HMRC have recently won a tax tribunal case where they were seeking to challenge the deduction for a wife’s wages in arriving at the profits of her husband’s business. The judge agreed with HMRC that the amount allowed as a deduction should be limited based on the hours spent and appropriate rate for the work […]

REPORTING EXPENSES AND BENEFITS PROVIDED TO EMPLOYEES

Blog, HMRC, Tax

HMRC have recently updated their toolkit dealing with the reporting of expenses and benefits provided to employees and directors in the light of significant recent changes in this area. HMRC toolkits are designed to help minimise the risk of errors in returns and computations and their use, although voluntary, will be taken into consideration in […]

REPORTING VAT ONLINE – AREN’T WE DOING THAT ALREADY?

Blog, HMRC, Tax

Last month we reported that the government had announced the delay of Making Tax Digital for Business (MTDfB) to 2020 at the earliest but that quarterly VAT reporting, using the new system will be mandatory from 2019. Surely we are doing that already you might say. However, currently businesses are only required to complete 9 […]

CHANGING YOUR COMPANY CAR? WHAT ABOUT A HYBRID NEXT?

Blog, Employers, HMRC, Tax

The next Finance Bill will include legislation to reduce significantly the taxable benefit on the provision of low CO2 emission cars from April 2020. From 2020 there will be a 2% benefit in kind for company cars that emit no CO2 such as electric and hydrogen powered cars. At the same time the system for […]