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Tax payment time again

As all our self-assessment readers will be aware, 31 January is the date by which any arrears of tax for 2017-18 need to be settled, together with a payment on account for 2018-19, if one is due. Those who have completed their tax returns for 2017-18 should be aware what these...
1 month 2 weeks ago

Set your New Year resolutions

This is not the place to discuss your personal options, but this is an ideal time to consider your business and personal financial planning options for 2019. What are your options? If Brexit, as it seems likely, has a depressive effect on the UK economy, we may be pushed back into...
1 month 2 weeks ago

The top rate of Income Tax is 45%?

Named the additional rate, the highest rate of Income Tax is 45%, and some might say 45% is high enough. However, if the rate of tax is measured as the relationship between income and tax plus tax related penalties paid, there are times when this 45% can rise, to as much as 90%....
1 month 2 weeks ago

Turkey dinner and tax returns

Completing your tax return may not have been top of your priorities on Christmas Day, but that didn’t stop 2,616 taxpayers from filing their Self-Assessment returns on 25 December 2018. For some taxpayers completing their return on Christmas Day is as traditional as spending time...
1 month 3 weeks ago

Proposals for consumer protections when companies collapse

The government is to consider new laws to protect consumers who have prepaid for products when a business becomes insolvent. • Government to consider new laws to protect consumers who have prepaid for products when a business becomes insolvent • proposed measures will include...
1 month 3 weeks ago

Time for a tax-free seasonal bash?

Time to let your hair down? Enjoy a festive moment or two with your business colleagues and staff? If you are careful with your budgeting, you can enjoy the event without increasing your tax or National Insurance payments. Here’s what you need to consider: What's exempt? You might...
2 months 6 days ago

Merry Christmas

From a business perspective there is not much to be merry about this year especially if you need some clarity regarding our impending exit from the EU. Never-the-less, business owners would be wise to consider the tax-free gifts that can be made to ease the financial needs for extra...
2 months 1 week ago

Brexit may be in limbo, but Making Tax Digital is not

As we have highlighted in many posts to this blog, from 1 April 2019, ALL VAT registered businesses with turnover above the £85,000 VAT registration threshold will have to submit their VAT returns from within software that can link with HMRC’s networks. In techno- speak, your data...
2 months 1 week ago

A possible, unwelcome increase in service charges

From 1 November 2018, owners of properties on estates or sites that are obliged to pay service charges to a management company - for example, for the maintenance of common areas, gardens, or the employment of a site warden or caretaker - may be in for an unwelcome surprise. It would...
2 months 2 weeks ago

What is an OpRA?

OpRA is the acronym for an optional remuneration arrangement. Before April 2018, these were termed “salary sacrifice” arrangements. Essentially, both are benefits in kind (BiK) offered to employees in place of salary increases. Recent changes ensure that that where such benefits are...
2 months 2 weeks ago

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