So, how this year’s autumn statement would affect you. Here are some important announcements from the autumn statement that was presented this week. Tier system introduced for stamp duty. Under the old stamp duty rules, you would need to pay stamp duty Tax at a single rate on the entire property price. However, under the […]
Contractors in the CIS (Construction Industry Scheme) usually file tax forms online, but now the HMRC proposes that the employers need to do an electronic check that sub-contractors are paying the right amount tax. This suggestion has been made with the objective of increasing the tax revenue received from the CIS scheme, which has largely […]
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 […]
The overwhelming message coming from the business community is that accountants now and in the future need to be strategic business partners. If they are to add value to business and develop a successful career, they need to share insight and guide strategic decision-making, rather than simply analyse and report on data.
Until now, HMRC’s online VAT services have been basic, but he’s recently added some genuinely useful tools. What’s to know? HMRC has recently made some additions to the VAT online services. While they are not the functions that you need on a daily basis, they will however simplify and speed up some of his application […]
The autumn statement delivered by the chancellor is not the most looked forward autumn statements in the recent history. Following are some highlights from his speech. Fuel The 3p-a-litre increase in fuel duty, planned for next January, is cancelled
Real Time Information on PAYE will be available from April next year, but employers have the chance to use it earlier according to HMRC. RTI is a system that is intended to make life simpler for employers. In reality, its function is to clamp down on businesses that fail to make PAYE payments on time. […]
Have you ever thought of claiming a tax deduction for your birthday gift? According to the laws of HMRC, you can freely do so provided that they are used for business purpose. If you spend money on your business, you can expect set off the cost against your tax bill. But as with all other […]
If your company has made a profit, it is highly likely that every director will receive a share from it as bonus. In order to get an early tax deduction, these bonuses must be paid within a specified time, but on the otherhand there will be a large PAYE bill.
When you look for an accountant, what are the things that you look for most? Many business owners will look whether the particular accountant has the capability to handle the tasks that he / she wants them to do. Apart from the capability of the accountant to deal with final accounts, VAT, bookkeeping, personal tax […]