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Budget 2017 – Key Points

March 9, 2017

Here is a summary of the 2017 budget and its effect on the areas of personal taxation, businesses and the economy in general. Personal Taxation The tax rate for class 4 national insurance contributions for the self-employed to increase from 9% to 10% in April 2018 and 11% in April 2019. This increase applying to earnings […]

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What Businesses Want from the Budget 2017

March 6, 2017

Most of the businesses feel that the government must work in partnership with businesses to prioritise stability as Britain starts Brexit talks as per the Confederation of British Industry. “By supporting businesses to invest, the government can promote growth at a critical time for the UK economy as we enter into EU exit negotiations,” says […]

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Real Cost for Small Businesses in Making Tax Digital

February 28, 2017

Form the next tax year, smaller businesses are encouraged to keep digital records of their financial information such as income and expenses. A survey of accountants reveal nearly half of them think that this will cost small businesses somewhere between £200 and £500 and 27% think that it would be between £500.00 and £1000,00 while […]

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Restrictions for the use of VAT Flat Rate Scheme

November 28, 2016

The flat rate scheme is used by many small to medium sized businesses to simplify their VAT reporting. Many of those businesses enjoys a cash advantage from using this scheme. However, this advantage is due to be cut back significantly from 1 April 2017. The FRS will continue but many businesses will not find it […]

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Summary of Autumn Statement 2016

November 24, 2016

Below is a summary of the key points that was outlined during the autumn statement yesterday by the Chancellor. Taxation Income tax threshold to be raised to £11,500 in April, from £11,000. Higher rate income tax threshold to rise to £50,000 by the end of the Parliament Tax savings on salary sacrifice and benefits in […]

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One in 20 Audit Firms Quit as Market Evolves

August 22, 2016

Within the last time there has been a continued decrease of firms which provide audit services. The reason for this might be the regulatory and legislative edicts. Watchdog Financial Reporting Council published a report called “Key Facts and Trends”, it shows that 304 practices have ditched their audit licences since December 2014. Smaller audit firms […]

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Claiming VAT for Private use

August 15, 2016

The response to the question whether a sole trader can claim VAT on a car purchase was no, unless the purchaser is a taxi driver, driving instructor or the person re-hired the car to a third person. Court of Appeal, has long prevented sole traders from claiming VAT. But now a certain case has come […]

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VAT – Planning for Uncertainty

August 8, 2016

The doubt has increased since the Brexit if the government and the business plans for the future has an effect on VAT. The tax was introduced in 1973 and is a relatively young tax in UK terms. But VAT has wound its way into the system with ruthless efficiency. Now that the Referendum happened and […]

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Short and Long Term Effects of Brexit

June 28, 2016

Short term effects Those who were longing for the Making Tax Digital and Digital Tax Accounts consultation will need to wait as there are now urgent and more important matters in hand. In the case of any emergency budget, there could be an increase in income tax and national insurance. Long term effects The separation […]

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Keeping Digital Records of Your Bookkeeping will be Compulsory

June 22, 2016

The government is on its way enforcing all businesses whether large or small to maintain their bookkeeping records electronically. Eventhough you can get a good idea of the government’s intentions by reading the article “Making Tax Digital” it doesn’t give any concrete information to say how businesses should plan for this. While it’s just an […]

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