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 […]
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 […]
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 […]
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 […]
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 […]
The Second Incomes Campaign is a chance given by HMRC to bring your tax affairs up to date if you’re employed and have additional income that’s not taxed. You can take this opportunity if, you’re an employee, you’re resident in the UK or you have additional income from working for yourself What counts […]
Three major tax related functions of HMRC are about to get a new digital makeover. Reports suggest that these new digital services are progressing through user testing in preparation for potential release to the public in the next year. The newly designed business tax dashboard, now known as Your Tax Account (YTA), PAYE for employees […]
If you employ staff who are on the move on a regular basis, you could reimburse them the cost of their meals while they’re out and about. But you have another option, where you could pay them a tax and NI-free allowance in exchange for them taking a little less in pay. This will be […]
Most of the UK’s larger businesses have made a significant contribution to the public purse despite adverse economic conditions and public outcry over multinationals using complex tax structures to avoid paying tax. Global companies including Amazon, Google and Starbucks have attracted public ire over their corporation tax bills, but a study by PwC has found […]
When you take the South West London region, it is well popular for being a vibrant business hub. There are many commercially active town centres in the South West London area with many small businesses. Some of them have been active town centres for numerous years namely Hammersmith, Wimbledon, Ealing and Richmond. But, over the […]