We like to keep ahead of the curve wherever we can – whether that’s technological advances, legislation, or just what’s happening in accounting. Then share it all as free advice on our blog page.
Prior to April 2016, men born before 6 April 1951 and women born before 6 April 1953, qualified for a basic State Pension and an Additional State Pension. If you were born after these dates you will qualify for the New State Pension and will no longer be eligible for the Additional State Pension (unless…
There are still a number of sales (disposals) that a UK taxpayer can make that will not incur a charge to the UK’s Capital Gains Tax. For most of us, they are limited in extent, after all, legislators have had plenty of time to close any favourable loop-holes. Packing Up For most of us, the…
From 1 April 2019, the National Living Wage (NLW) and National Minimum Wage (NMW) hourly rates increased to: 25 and over – £8.21 21 to 24 – £7.70 18-20 – £6.15 Under 18 £4.35 Apprentices £3.90 Workers who are entitled to receive these rates as a minimum include: part-time casual labourers, for example someone hired…
HMRC are changing two important tax concessions that apply to landlords who have letting property that, as owners, they have previously occupied at some point as their home (Principal Private Residence (PPR)). Changes Happening From April 2020 The first is the reduction of the present rule that exempts the final 18 months of ownership from…
Does one or more of your employees benefit from the use of facilities provided by you? This could be a cheap loan or a company car? It is well known that you as their employer will need to inform HMRC of the amount of these benefits following the end of the tax year. National Insurance…
From October 1st this year, construction supplies between businesses under the Construction Industry Scheme (CIS) will be subject to the Domestic Reverse Charge (DRC). In a bid to ensure VAT payments are not lost within a line of invoices between sub-contractors and contractors, DRC prevents two VAT-registered persons claiming or charging for VAT. This change…
It would be unlikely, if you’re VAT registered, that you would have missed the countless articles, posters and TV adverts to let you know that Making Tax Digital for VAT has commenced as of April 1, 2019. As it stands, only four per cent of UK businesses have signed up for Making Tax Digital. This…
Unless you opt to register or use one of the available VAT special schemes, you are likely paying VAT to HMRC once a quarter. This is based on the difference between the VAT added to your sales invoices less any VAT included in business purchases and expenses (including certain acquisitions of assets). There Is A…
If you die without stating your wishes, the law will determine how your assets are distributed amongst your family. The rules that govern the process are set out in the intestacy rules. And there are regional differences. Consider a parent whose personal assets amount to more than £1m. In England and Wales The husband, wife…
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