Micro-trader tax breaks get the chop
Over 600 pages of the 2017 Finance Bill have been hastily axed in order to pass the Bill prior to parliament being dissolved. Unfortunately, two of the casualties of this cull were the micro-trader and property allowances which were due to take effect from 6th April 2017. As things stand taxpayers are advised […]
Continue ReadingChanges to the VAT Flat Rate Scheme
Changes to the VAT Flat Rate Scheme As from 1st April 2017 a new flat rate percentage category has been created for businesses with limited expenditure. All businesses that fall within this category will be required to account for VAT using a 16.5% flat rate percentage against their gross turnover. The effect of this […]
Continue ReadingOff-payroll working in the public sector.
Off-payroll working in the public sector. The rules that apply to workers who provide their services to a public authority via their own limited company changed from 6th April 2017. Previously the obligation was on the worker to decide whether a contract performed was caught by the ‘intermediaries legislation’ (known as IR35) however since […]
Continue ReadingProperty taxation – The changes keep on coming.
2016 saw a considerable number of property taxation changes hit the buy to let investor and unfortunately the changes don’t stop there. As from the 6th April 2016 the purchase of an additional residential property has been liable to a stamp duty supplement of 3% in addition to the current stamp duty land tax rate. […]
Continue ReadingMicro-trader Tax Breaks
Micro-traders are to benefit from new tax breaks! With effect from 6th April 2017, two new allowances will come into effect thanks to the rise in eBay trading and Airbnb. To try and remove some of the confusion that surrounds when a ‘hobby’ becomes a trade the government have announced two £1,000 allowances to be […]
Continue ReadingIs this the end of the tax return?
On the 15th August 2016, HMRC published one of their most controversial consultation documents in recent times, Making Tax Digital! The proposal put forward by HMRC is that from 2018 all businesses, the self-employed and landlords will be required to use software to maintain their business records and transmit this information to HMRC on a […]
Continue ReadingVAT flat rate scheme changes
Are you a ‘low cost’ trader? If you currently use the VAT Flat Rate Scheme then the changes announced by The Chancellor in the Autumn Statement may effect you. As from 1st April 2017 a new flat rate percentage category will be created for businesses with limited expenditure. All businesses that fall within this category […]
Continue ReadingSummary of Changes to IR35 (Intermediaries Legislation) in the Public Sector
The proposed changes to IR35 announced in the 2016 Budget will come into effect from April 2017 tadalafil tablets. ‘Public sector bodies and agencies will be responsible for operating the IR35 tax rules that apply to off payroll working in the public sector. The rules will remain unchanged in the private sector.’ Consultation on the […]
Continue ReadingFiling and Payment Deadlines including Penalties
Limited Companies The accounts for the first year of a new Limited Company need to be filed with Companies House within 21 months of the date of incorporation. Following on from this, annual accounts need to be filed within nine months of the accounting period end date. Penalties for late filing of accounts with […]
Continue ReadingAuto Enrolment – Entitled Workers
To see whether your staff falls into this category review our blog “Auto Enrolment – Worker Categories” An Entitled Worker has the right to join a pension scheme based on their level of earnings with you as an employer. They are not Automatically Enrolled into the scheme, and they are not legally entitled to be […]
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