Did Philip Hammond save the High Street?
In his Autumn Budget delivered 29 October 2018, Philip Hammond made a number of promises. One of these was measures to improve the lack-lustre retail sector in our city centre areas. There is no doubt that the major online retailers, Amazon and the like, have caused a major shift in the way we shop. As […]
Autumn Budget 2018
Personal Tax and miscellaneous matters Personal Tax allowance The personal Income Tax allowance for 2019-20 will be increased to £12,500 (2018-19 £11,850). It will remain at this increased level for two years. Changes to personal tax allowances will apply to the whole of the UK. Income Tax bands, rates and the dividend allowance […]
2018 Budget Statement
Taxing dividends
To reduce National Insurance costs, shareholders of small privately owned companies, who are also working directors of the company, can presently restructure their remuneration package to reduce their salary and make up the difference as dividend payments. Unless this strategy is affected by the Budget at the end of this month, this remains one of […]
What is in a name?
Is it possible to register a trading name for an existing business? Sole traders and partnerships You can trade under your own name, or you can choose another name for your business. You don’t need to register your name. You must include your name and business name (if you have one) on official paperwork, for […]
About turn, you can use spreadsheets
HMRC has about-faced regarding the ban on using spreadsheets to work out your VAT return data from 1 April 2019, when the new requirement to file VAT returns using Making Tax Digital (MTD) format is introduced. Bowing to pressure from industry, the accountancy profession and Parliamentary committees, HMRC has now agreed that you can use […]
Invoice discounting with larger customers
Suppliers who sell goods and services to larger concerns often find that the terms of their supply, limits or bans the process of factoring the debts to release funds into cash flow. Cynically, this could be seen as a method these larger customers have used to control options available to their smaller suppliers. Unfortunately, suppliers […]
What is a reasonable excuse
HMRC is still required to obtain certain returns from you even if there is no income or tax to declare. Failure to submit will likely trigger late filing penalties and unfortunately, pleading ignorance of your obligations to file “nil” returns is not a reasonable excuse. Which begs the question, what is a reasonable excuse? HMRC […]
Passport issues if a no-deal Brexit
Guidance on the use of a British passport to travel abroad after 29 March 2019, if there is a “no-deal” Brexit, was issued by government last month. The pertinent facts are reproduced below: After 29 March 2019, if you’re a British passport holder (including passports issued by the Crown Dependencies and Gibraltar), you’ll be considered […]
Tax Diary September/October 2019
1 October 2018 – Due date for Corporation Tax due for the year ended 31 December 2017. 19 October 2018 – PAYE and NIC deductions due for month ended 5 October 2018. (If you pay your tax electronically the due date is 22 October 2018.) 19 October 2018 – Filing deadline for the CIS300 monthly […]
