When assets can become a tax liability
There are certain assets that may be carried on your balance sheet at values higher than their market value or past their sell by date. If so, and if these amounts are written-off against your profits, you will pay less tax. Three possibilities are sketched out below: Stock Businesses that accumulate stocks of goods do […]
Last week in the EU
At the end of this week, 31 January, the UK is leaving the EU. In actuality, we are entering the “transition” period during which we will need to negotiate our ongoing terms of trade with the EU. This transition period is due to end 31 December 2020. In the meantime, back at the coal-face, what […]
VAT – how this can affect your cash-flow
Paying VAT should never reduce your business profits as you are acting as an unpaid tax collector for HMRC: the VAT added to your sales (less any VAT paid on your purchases) is simply collected from your customers (less amounts paid to suppliers) and the difference paid to HMRC. But if my customers are registered […]
Braces for Bowels Charity ….in memory of Andy Leslie
Please see the link below for a Fundraiser organised by Andy Leslie’s family, and if you can please donate: This is for Dad Written by Kirsten and Rebecca Leslie On 26th November 2016, we found ourselves as a family facing news that we never thought we’d face. Our Dad had been suffering from stomach pains for […]
Is your home a tax-free zone?
In most cases, if you have lived in your home during the entire period of your ownership of a property, then when you sell that property you should pay no capital gains tax (CGT) on any profit you make on the sale. You can claim the Private Residence Relief (PRR) to exempt any profits made. […]
VAT – leaving the Flat Rate Scheme
The VAT Flat Rate Scheme (FRS) does simplify the calculation of VAT returns, but there are certain circumstances when you may no longer use the FRS. You will need to leave if your turnover on the anniversary of joining was more than £230,000 including VAT in the last twelve months or if you expect your […]
2020 Doncaster Business Showcase
We are exhibiting at the Doncaster Business Showcase on Thursday 27th February so come along and visit us at Stand 44 / 45 for a piece of parkin and a chat. Guaranteed to be a great day out for local businesses. We hope to see you there. #DNShowcase2020
Budget day 2020
The treasury has announced that the next budget will be presented by the Chancellor, Sajid Javid, on Wednesday 11th March 2020. In recent years, the Budget has been held in the Autumn. The Autumn Budget 2019 was postponed due to the pre-election uncertainties last year. Now that our government has a significant working majority those […]
Tax Diary January/February 2020
1 January 2020 – Due date for Corporation Tax due for the year ended 31 March 2019. 19 January 2020 – PAYE and NIC deductions due for month ended 5 January 2020. (If you pay your tax electronically the due date is 22 January 2020) 19 January 2020 – Filing deadline for the CIS300 monthly […]
Keeping business records if self-employed
Now that we are approaching the end of the 2019-20 tax year it’s worth noting that you are required to keep your self-employed business records – that underpin your self-assessment tax return for 2019-20 – for 5 years after the 31 January 2021 submission deadline. This means that you will need to retain your 2019-20 […]
