Back to top

Oh what a night

It is fair to conclude that Mrs May’s ambitions suffered a set-back Thursday last week. She is now attempting to manage a minority government, and Brexit apart, there are other outstanding legislative matters that demand her attention. One is the remainder of the Finance Bill 2017,...
2 months 1 week ago

Recovery of VAT after deregistration

Last week we discussed in this blog, how to recover VAT paid prior to registering for VAT. This week we are going to sketch out the reverse position: how to reclaim VAT after you have deregistered. According to HMRC, you can make a claim for relief from VAT charged to you on...
2 months 1 week ago

The hidden tax on car benefits for employers

Businesses that provide employees with taxable benefits: company cars, health insurance and so on, will be aware that a benefit in kind charge is added to the employee’s income and subjected to an income tax charge the same as their salary. Employers will also be aware that the...
2 months 2 weeks ago

Tax due next month

Are you self-employed? If you are, you may need to make your second payment on account for 2016-17, due date for payment is 31 July 2017. This second payment on account will have been based on 50% of your combined Self Assessment tax and Class 4 NIC liability for 2015-16. Which...
2 months 2 weeks ago

Claim back pre-registration VAT

It is possible to reclaim VAT you have paid on any business purchases before you have subsequently registered for VAT. In fact, once you have registered your business for VAT the first thing you should consider is the possibility of reclaiming input tax on purchases of goods and...
2 months 2 weeks ago

When does a hobby become a trade

An example may illustrate the answer to this question. Harry updates his iPad and decides to sell his old one – he does not use the iPad for his employment or any business, it’s used purely for recreational purposes. He sets up an account on eBay and manages to sell for a reasonable...
2 months 2 weeks ago

Tax Diary June/July 2017

1 June 2017 - Due date for Corporation Tax due for the year ended 31 August 2016. 19 June 2017 - PAYE and NIC deductions due for month ended 5 June 2017. (If you pay your tax electronically the due date is 22 June 2017.) 19 June 2017 - Filing deadline for the CIS300 monthly return...
2 months 2 weeks ago

What happens if you can't pay your tax on time

Following on from the previous article, we thought readers might be interested in the consequences if they fail to pay their Self Assessment tax on time. If you are facing cash-flow issues, and cannot see how you can afford to settle part, or all of your tax payment due 31 July 2017...
2 months 2 weeks ago

Are you missing out on a �662 tax rebate

Apparently, over 4 million tax payers are eligible to claim the new marriage allowance, but only 2 million have done so. If our math is correct, this add up to £1.3bn in unclaimed tax refunds. The allowance has been available since 6 April 2015 and is worth £212 for 2015-16, £220...
2 months 2 weeks ago

Possible bonus when you register for VAT

Businesses are required to register for VAT purposes when their annual taxable turnover exceeds £85,000 (this limit applies from 1 April 2017). You will not have to account for VAT on your taxable sales up to the date you are required to register, but interestingly, you may be able...
2 months 3 weeks ago

Pages

Twitter

Back to top