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New Data Protection Bill

The Government has published the long-awaited Data Protection Bill that will incorporate most of the provisions set out in the EU General Data Protection Regulation. This will apply from 25 May 2018, and many businesses will need to update their data security arrangements to comply...
2 days 8 hours ago

Claiming for employment related expenses

If you are employed, and this will include most directors, you can claim for expenses that you have paid for personally, to be set against your income liabilities for the relevant tax year. You must keep records of the amount you have spent and make a claim to HMRC within four years...
4 days 8 hours ago

When is a replacement an improvement

We are often asked by landlord clients to clarify the difference between a replacement item of furniture, furnishing, household appliances or kitchen ware, and a purchase that may be considered an improvement. The difference is critical, as from April 2016, the 10% wear and tear...
1 week 2 days ago

Tax free dividend squeeze confirmed

The government reintroduced the remainder of the March budget last week, it’s the part that was held-over to accommodate the May 2017 general election. It confirms two items that will be of interest to smaller business owners. Firstly, that businesses with turnover below the...
1 week 4 days ago

30 hours free childcare for working parents

The Department for Education released the following press release last week regarding the new childcare support offer that commences from 1 September 2017. They said: Parents of three and four-year olds who have registered for a place will join the 15,000 families benefitting in the...
2 weeks 2 days ago

Tax Diary September/October 2017

1 September 2017 - Due date for Corporation Tax due for the year ended 30 November 2016. 19 September 2017 - PAYE and NIC deductions due for month ended 5 September 2017. (If you pay your tax electronically the due date is 22 September 2017) 19 September 2017 - Filing deadline for...
2 weeks 4 days ago

Claiming back professional subscriptions

If your employment requires that you obtain and maintain membership of a professional organisation, you can make a claim to set the cost against your taxable earnings for income tax purposes. As you would expect there are a few hoops you will need to jump through to claim this relief...
2 weeks 4 days ago

VAT bad debt relief

If you use standard VAT accounting – pay VAT on sales when invoiced and claim back VAT on purchases when invoiced – you may have availed yourself of the six months claim for bad debt relief on unpaid invoices. This would have allowed you to claw back VAT paid to HMRC on invoices that...
2 weeks 4 days ago

Evidence of earning for mortgage purposes

If you are a client, and registered to submit a Self Assessment tax return, we can provide you with a statement that you can use as evidence of earnings for mortgage purposes. If you are not a client, there are many ways you can obtain this data direct from employers and other...
2 weeks 4 days ago

Beware self employed contributions trap

To qualify for the full, new State Pension you will need to have 35 years of contributions. At present, the self-employed pay Class 2 (a fixed weekly amount of £2.85) and Class 4 contributions (9% of profits between £8,164 and £45,000, and 2% of profits over £45,000), but only the...
2 weeks 4 days ago

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