OUR BLOG

Brexit Update
23 Mar 2019

Brexit Update

The last few weeks have seen some of the most extraordinary political manoeuvrings in the UK parliament, and as we complete the edit of this article, the EU parliament seems to have given us a few extra weeks to complete the withdrawal agreement and get a final draft agreed by parliament. The formal statement issued late last night (22 March 2019) says:

Retaining business records
27 Mar 2019

Retaining business records

Sole traders

If you are self-employed, and obliged to submit a self-assessment tax return, you must keep your tax records for at least five years after the 31 January submission deadline of the relevant tax year. For example, if you submit your 2018-19 tax return online on or before 31 January 2020, you must keep your records until at least the end of January 2025. Records for this purpose include those relating to personal income etc.

Spring Statement March 2019
25 Mar 2019

Spring Statement March 2019

The following comments were written on the 13th March 2019 immediately following Philip Hammond’s presentation of the 2019 Spring Statement to Parliament. In theory, the government uses the Spring Statement to respond to the most recent forecasts made by the Office of Budget Responsibility (OBR).

Can’t pay your tax?
22 Mar 2019

Can’t pay your tax?

A reminder that HMRC may consider extended options for settling your outstanding tax bill. The key is to contact HMRC, explain why you can’t pay on time, and discuss how you can settle any outstanding liabilities.

Tax Diary April/May 2019
27 Mar 2019

Tax Diary April/May 2019

1 April 2019 - Due date for Corporation Tax due for the year ended 30 June 2019.

Tax diary March/April 2019
14 Mar 2019

Tax diary March/April 2019

1 March 2019 - Due date for Corporation Tax due for the year ended 31 May 2018.

Loans to employees
13 Mar 2019

Loans to employees

A reminder that if your business makes a loan to your employees or their relatives this can create tax problems for both employees and employers. And please don’t forget that the term “employee” includes directors, and also that loans to family members may be caught.

Last call for VAT traders to prepare for new filing regulations
05 Mar 2019

Last call for VAT traders to prepare for new filing regulations

As we have mentioned before in this newsletter, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital (MTD) protocols. The new filing obligations will apply to VAT registered businesses with turnover above the current VAT registration limit, £85,000.

Changes to Minimum Wage Rates
27 Feb 2019

Changes to Minimum Wage Rates

From April 2019, minimum pay rates will increase as set out below.

Limitations of tax relief when you sell your home
21 Feb 2019

Limitations of tax relief when you sell your home

It is a commonly held point of view that when you sell your home you won’t pay any tax, and in particular, that you won’t pay any Capital Gains Tax on the difference between the purchase and sales prices.

Spring Statement - 13th March 2019
14 Mar 2019

Spring Statement - 13th March 2019

The following comments were written on the 13th March 2019 immediately following Philip Hammond’s presentation of the 2019 Spring Statement to Parliament. In theory, the government uses the Spring Statement to respond to the most recent forecasts made by the Office of Budget Responsibility (OBR).

Three Financial Mistakes Made by Many Businesses
15 Feb 2019

Three Financial Mistakes Made by Many Businesses

Many of our clients tell us that they got into business to make more money, achieve a better lifestyle, or simply because they felt they could do a better job than their old boss. Although many do possess business skills, financial acumen is rarely high among them. In this article, we list three common financial mistakes that we observe frequently.

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