If your business operates CIS as a contractor or sub-contractor then you need to know about the VAT reverse charge that will come into force 1st October 2019. The key aspects of the reverse charge are: It will apply to standard and reduced-rated supplies of specified building and construction services made to VAT registered businesses, … Read moreVAT Reverse Charge on Construction Services
What are limited company accounts ? When we say year end we are referring to the 12 month period that the company uses for accounting purposes. So basically put a limited company accounts show us the overall performance of the company in that accounting year. After the end of year a Private limited company must … Read moreLimited Company Accounts
With just seven days to go until the Tax Credits renewal deadline on the 31st July, HM Revenue and Customs (HMRC) is urging customers to renew their tax credits – or their payments will stop. Tax credits help working families with targeted financial support and more than 1,301,072 customers have already renewed. But 760,157 still … Read moreTax Credits Renewal
There are a number of different reasons why an individual completes a self-assessment tax return, the main reasons are as follows: You are a company director who has income not taxed under PAYE You have income from self-employment You have income from savings and investments of £10,000 or more before tax You have annual income … Read moreSelf-Assessment Tax Returns
If you are the Director of a Limited Company and incur expenses then they can be claimed from the company providing they have been incurred ‘wholly and exclusively’ for the purpose of trade. Some of the most frequent expenses claimed are: Business travel If you incur expenses travelling to client sites in order to fulfil … Read moreExpenses- Limited Company
With Making Tax Digital coming into force on the 1st April, 2019, it is now time for many of the 1.2 million businesses affected by the new law to submit their first quarterly VAT Return to HMRC using the software by the 7th August, 2019. HMRC is still urging businesses with an annual turnover above … Read moreMaking Tax Digital
With increased efforts from HMRC in targeting Brits living offshore has nearly doubled the tax yield in two years. Collecting £560m in unpaid taxes and launching over 800 investigations last year alone. UK Taxpayers are being urgerd by HMRC to ensure they have declared any foreign income or profits on offshore assets before the deadline … Read moreHMRC targets Brits Living Offshore
If you are an employer who has provided any employee with benefits which have not been included in wages, then a P11D form should be used to report the information to HMRC. Although going forward employers may be able to choose between P11D or payrolling benefits. The deadline for P11D’s to be reported to HMRC … Read moreP11D and Payrolling Benefits
With the school summer holidays speedily approaching every working parent’s thoughts turn to childcare and the cost associated with it. HMRC have advised that working parents could be entitled to Tax-free childcare worth up to £2,000 per child per year which would pay towards regulated holiday clubs throughout the school break. There are currently in … Read moreTax-free Childcare makes summer childcare costs easier
Gift Aid is a scheme that enables registered charities to reclaim tax on a donation made by a UK taxpayer, as a result raising the donation amount by 25p per each pound given without costing the donor any extra. Claiming criteria Only recognised charities or community amateur sports clubs can claim gift Aid. Gift Aid … Read moreWhat is Gift Aid?
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