Blog

Free guides, news, and expert advice to help you get the most out of your business.

  • Reporting Employee Changes

    There are rules that businesses must follow when they are reporting employee changes. These changes must be sent to HMRC using a Full Payment Submission (FPS). The FPS is a submission that you need to make to HMRC every time you pay your employees and must be submitted on or before the usual date you […]

    Andrea L Richards | Accounts Navigator Associates
  • Planning A Christmas Party?

    Now is the time that many businesses are planning their Christmas celebration for their staff, clients and prospective clients. The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the criteria written below, then there is no need to report anything to HMRC […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • The Annual Investment Allowance

    The Annual Investment Allowance (AIA) is a tax relief that was introduced in 2008. The AIA allows for the total amount of qualifying expenditure on plant, machinery, commercial vehicles and other qualifying equipment to be deducted from your profits before tax. The AIA can be claimed by an individual, partnership or company carrying on a […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Simplified Expenses For Motor Vehicles

    There are simplified arrangements in place for the self-employed (and some partnerships) to claim a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses regime is not available to limited companies or business partnerships involving a limited company. The fixed rate deduction can be used […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Trading Income Priority Rules

    There is specific tax legislation that seeks to determine which charge takes priority where two different charges could potentially apply to the same income. These rules are known as the ‘priority rules’. HMRC manuals state that for Income Tax purposes, savings and investment income, and income otherwise within one of the charges on miscellaneous income, […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Duty-Free Shopping To Make A Comeback?

    The Chancellor of the Exchequer Sajid Javid has said that the Government will reintroduce duty-free shopping with EU countries in the event the UK leaves the EU without a deal. This would mean that passengers travelling to EU  countries would be able to buy beer, spirits, wine and tobacco without duty being applied in the […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • VAT Changes for CIS Sub-contractors delayed

    The VAT rule changes for building contractors and sub-contractors that were expected into effect imminently, have been delayed for 12 months until 1 October 2020. This announcement followed intense lobbying by the construction industry who have long argued that many businesses in the sector were unprepared for the change. The planned introduction of the new […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Visiting EU After 31 October 2019

    HMRC has published guidance on visiting the EU after 31 October 2019. They have said that there will be significant changes to the rules for EU travel if there is a no-deal Brexit. This would affect you if you visit the EU, Iceland, Liechtenstein, Norway or Switzerland from the time the UK is due to […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • VAT For Business If There Is A No-Deal Brexit

    If the UK leaves the EU on 31 October 2019, without a deal, there will be immediate changes to the procedures that apply to businesses trading with the EU. Listed below are some on the main VAT issues that will affect UK businesses trading with the EU in goods and services: Imports: Businesses that are […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Enhanced Redundancy Protections for Pregnant Women and New Parents

    The government has published its response to its January 2019 consultation on “pregnancy and maternity discrimination: extending redundancy protection for women and new parents” and has confirmed that it will now take action to address such discrimination. As the law currently stands, employees who are placed at risk of redundancy when they’re absent on maternity, […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Child Benefit Charge If Income Exceeds £50,000

    The High Income Child Benefit Charge (HICBC) applies to a parent whose income exceeds £50,000 in a tax year and who is in receipt of Child Benefit. If both parents income exceeds £50,000, the charge will apply to the highest income earner. The charge claws back the financial benefit of receiving Child Benefit either by […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Keeping Records If Self-Employed

    If you are self-employed as a sole trader or as a partner in business partnership, then you must keep suitable business records as well as separate personal records of your income. For tax purposes, the business records must be held for at least 5 years from the 31 January submission deadline for the relevant tax […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Working After State Pension Age

    Many taxpayers reach the State Pension age and continue to work. It should be noted that the requirement to pay any employee or self-employed National Insurance Contributions (NICs) ceases once a taxpayer reaches the State Pension age, subject to the following clarification. Taxpayers remain liable to pay NICs that were due to be paid on […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • When Are Class 1A NICs Due

    Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees, for example, the use of a company car. There are no Class 1A employee contributions payable. Class 1A NICs are due in respect of most benefits provided to: directors and certain other persons in controlling positions, employees, members […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Protecting yourself from an HMRC investigation

    A tax investigation is stressful, time consuming and usually very expensive. And it could easily happen to you. HMRC’s investigations are more focused than ever before. During the tax year 2017-18, the tax man collected over £30 billion through ‘compliance activity’. Special investigators are using high tech methods to gain information and maximise tax revenues. […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Loss Buying Restrictions

    Under qualifying circumstances, Corporation Tax relief is available where your company makes a trading loss. The trading loss can be used by offsetting the loss against other gains or profits of your business in the same or previous accounting period. The loss can also be set against future qualifying trading income. However, there are restrictions […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Tax Free Gifts To Your Spouse Or A Charity

    There is usually no Capital Gains Tax (CGT) due on transfer of assets between husbands, wives and civil partners. However, there is still a deemed disposal that has taken place for CGT purposes effectively at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the gain […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • When You Can Not Reclaim VAT

    For most fully taxable businesses, VAT can be reclaimed on goods and services used in the business. This means businesses must consider where there is any personal or private use of goods or services purchased for the business as the business can only reclaim the business part of the VAT. You cannot reclaim VAT for: […]

  • Changes To The Employment Allowance

    As part of the Autumn Budget 2018 measures it was announced that access to the Employment Allowance was to be restricted. From 6 April 2020, the £3,000 NIC Employment Allowance will only be available to employers with employer NIC liabilities of under £100,000 in the previous tax year. The draft legislation necessary to put this […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • New Cyber Security Guidance Published

    The National Cyber Security Centre (NCSC) has published guidance to help small to medium sized organisations prepare their response to, and plan their recovery from a cyber incident. The NCSC define a cyber incident as unauthorised access or attempted access to an organisation’s IT systems. These may be malicious attacks (such as malware infection, ransomware […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Informing HMRC of Changes In your Personal Details

    If your personal details change, you are required to notify HMRC as this can affect your entitlement to certain tax breaks and/or benefits. You need to tell HMRC if: you get married or forma a civil relationship you divorce, separate or stop living with your husband, wife or partner the sooner you tell HMRC the […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Government Help With Childcare Costs

    For many working parents, childcare costs can play a large role when planning to return to work. Now that childcare vouchers have closed to new entrants, we are reminding employers that help is at hand with Tax-Free Childcare, a government scheme to help working parents with the cost of childcare. Eligible parents could get up […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Free Information About Companies

    You can find a surprising amount of free information about companies on Companies House. This is in line with the government’s commitment to free data and ensures that all publicly available digital data held on the UK register of companies is free of charge. This includes: company information such as registered address current and resigned […]

  • VAT Reverse Charge Construction Industry

    A change to the VAT rules first announced at Budget 2018, will come into effect from 1 October 2019. This change will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. the reverse charge will only apply to supplies of specified construction services to other businesses in […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • When Does ATED Apply?

    The Annual Tax on Enveloped Dwellings (ATED) came into effect from 1 April 2013. The tax applies to certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. These provisions affect most companies, partnerships with company members and collective investment schemes. There is no ATED or ATED-related Capital Gains Tax payable […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Do You Have A Complaint For HMRC?

    Taxpayers may find themselves in a position where they want to complain to HMRC, for different issues such as poor treatment, unreasonable delays or mistakes. In these circumstances HMRC use a two tier complaint handling process. Tier one is the first attempt to resolve the complaint, if they wish to make a complaint in the first […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • HMRC Cancels Penalties Charged To 6,000 Families

    The High Income Child Benefit Charge (HICBC) was introduced in January 2013 and applies a charge to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge claws back the financial benefit of receiving child benefit either by reducing or removing the benefit entirely. HMRC has […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • The Scrappage Scheme

    The Mayor of London has launched a scrappage scheme to help tackle London’s air quality crisis. You can claim up to £3,000 off your newer vehicle if your vehicle doesn’t meet the new, stricter Ultra Low Emission Zone standards you will need to pay a daily charge to drive within the zone.Under the scrappage scheme, […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • The Tax Consequences of Social Events

    The cost of a staff party or other entertainment is generally allowed as a deduction for tax purposes. As long as you meet the criteria outlined below there is no requirement to report anything to HMRC or pay tax and National Insurance.  An annual Christmas party is not taxable on those attending provided that the […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Do You Need To Submit A Tax Return?

    There are a number of reasons why you may need to register with HMRC to submit a tax return. This could include: if you are self-employed and earning more than £1,000 per year from the self-employed activity, if you are a company director, if you have an annual income over £100,000 and / or if […]

  • Tax And Lease Premiums

    Where a freeholder (or landlord) of a property grants a new lease to a new tenant there are sometimes upfront payments due, usually known as a lease premium. The payments of these premiums are increasingly popular, and the tax implications can be complicated depending on the length of the lease. For leases of 50 years […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • MTD Regulations Relaxed

    Starting from April 2019, most VAT-registered businesses that have a taxable turnover over £85,000 are required to keep their VAT records digitally and use Making Tax Digital (MTD) compatible software to submit their VAT return information to HMRC. There are exceptions for certain businesses that have until the first VAT Return period starting on or […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • It’s time for landlords to consider their options

    There are two changes to the way Private Residence Relief works that are due to come into effect from April 2020. These changes could reduce the amount of CGT relief available on the sale of a private residence. The government has said that the measures are being introduced to better focus Private Residence Relief at […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • The Help To Save Scheme

    The Help to Save scheme is for people on low incomes and was launched in September 2018. The scheme allows those in work entitled to Working Tax Credit and in receipt of Working Tax Credits or Child Tax Credits, to save and receive a 50% government bonus. The scheme is also open to UK residents […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • HMRC Crackdown on estate agents

    HMRC have recently launched a new crackdown on money laundering regulation non-compliance by estate agents. This has recently resulted in over 50 visits by HMRC staff to estate agents all over England that were suspected of trading without being registered as required under money laundering regulations. This crackdown includes targeting those who have been trading without […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Registering as self employed

    HMRC’s guidance says that you are probably self-employed if you: run your business for yourself and take responsibility for its success or failure; have several customers at the same time; can decide how, where and when you do your work; can hire other people at your own expense to help you or to do the […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Maternity Pay Explained

    How much maternity leave can you take? If you work as an employee and become pregnant you are eligible to take up to 52 weeks of statutory maternity leave. This is made up of 26 weeks of ordinary maternity leave plus an extra 26 weeks of additional maternity leave. If you give the correct notice […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Let Property Disclosure Campaign

    The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities, whether due to misunderstanding the tax rules or because of deliberate tax evasion. The campaign was launched in September 2013 and does not currently […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Business record keeping for the self-employed

    If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income. For tax purposes, the business records must be held for at least 5 years after the 31 January submission deadline for the relevant […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Making Tax Digital for VAT

    The deadline for businesses with a turnover above the VAT threshold to keep digital records for VAT purposes using Making Tax Digital (MTD), is here. For VAT returns periods starting on or after 1 April 2019, businesses with a turnover above the VAT threshold (currently £85,000) will have to: keep their records digitally (for VAT purposes […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Income Excluded from UK Property Business

    Most of our readers will be aware of the £1,000 property income allowance that came into effect on 6 April 2017. This allowance applies to income from property (including foreign property). If your annual gross property income is £1,000 or less, the amount is exempt from tax and doesn’t need to be reported on your […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Benefits of submitting your tax return early

    The 2018-19 tax year ended on 5 April 2019 and the new 2019-20 tax year started on 6 April 2019. Many taxpayers will be tempted to delay dealing with their 2018-19 tax returns until later on this year or near the deadline in January 2020. The 31 January 2020 is not just the final date for submission of […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Help to save scheme

    The Help to Save scheme for people on low incomes was officially launched in September 2018 and since then over 80,000 people have signed up. The scheme allows those in work entitled to Working Tax Credit and in receipt of Working Tax Credits or Child Tax Credits to save up to £50 a month for […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Landlords under the red light for underpaid and undeclared tax

    There was a 51% rise in the number of landlords found to have underpaid or undeclared tax on letting income in 2018. A Freedom of Information request from Telegraph Money revealed the steep rise in residential landlords being pursued by HM Revenue and Customs (HMRC). HMRC’s Let Property campaign saw 8,704 property landlords investigated last […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Company tax deductions for charitable donations

    There are special rules in place when a limited company gives to a charity. This can include Corporation Tax relief for qualifying donations made to registered charities or community amateur sports clubs (CASC), as well as Capital Allowances for giving away equipment that has been used by a company. However, the rules are different if […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Statutory payment rates for the tax year 2019/20

    The following statutory payment rates have been confirmed: The standard weekly rates of Statutory Adoption Pay (SAP), Statutory Paternity Pay (SPP) and Statutory Shared Parental Pay (ShPP) will increase from £145.18 to £148.68 from 01 April 2019. The weekly rate of Statutory Sick Pay (SSP) will increase from £92.05 to £94.25 from 06 April 2019 […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Cycle to work schemes

    There are special rules involving bicycles usually referred to as ‘Cycle to Work’ arrangements. The Cycle to Work scheme was introduced almost 20 years ago to help promote the use of healthy ways to commute to work using an environmentally friendly mode of transport. Employers of all sizes across the public, private and voluntary sectors […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Lettings relief changes and other exemptions April 2020

    Two changes to the way Private Residence Relief works are due to come into effect from April 2020. These changes could reduce the amount of CGT relief available on the sale of a private residence. The changes are: 1.Home owners that let all or part of their house may not benefit from the full Private […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Pension qualifying earnings band figures and minimum contributions for tax year 2019/20

    The Automatic Enrollment Order for 2019 has now been published. As expected, the earnings trigger has remained frozen for another year, which determines when an eligible worker is entitled to be automatically enrolled into a qualifying workplace pension scheme, at £10,000 from 6 April 2019. It also continues to align the qualifying earnings band with National Insurance […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Tax Due by the end of this month

    The 31 January 2019 is not just the final date for submission of your self assessment tax return but also an important date for payment of tax due. This is the final payment deadline for any remaining tax due for the 2017-18 tax year. In addition, the 31 January 2019 is also the payment date […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • 7 Ways Self-Employed can prepare for 2019

    It’s that time of year when lots of people talk about personal New Year’s resolutions, but it’s also a great opportunity for you to reassess your business aims and objectives if you’re self-employed. We’ve put together a list of seven New Year’s resolutions for the self-employed – read on for what you should consider as […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Autumn Budget – All you need to know as a Landlord

    Following announcements made during Phillip Hammond’s Autumn Budget, we’ve taken a look at the changes landlords could face across the UK – including adjustments to the income tax, personal allowance and higher rate thresholds. Chancellor Hammond opened the 2018 Autumn Budget with a confident prediction that it would “open a new chapter in our country’s […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • What is a company confirmation statement

    As well as filing accounts with Companies House, there is a requirement to check that the information Companies House stores about your company is correct every year. This is facilitated by the filing of an annual company confirmation statement. The confirmation statement was introduced in June 2016 and replaced the more cumbersome annual return. A […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • CGT Rollover Relief – ownership of assets

    Capital Gains Tax (CGT) rollover relief is a valuable relief that allows for a delay in the payment of CGT on gains when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Self-employed contractors face National Insurance crackdown under IR35 reform

    As part of the Autumn Budget 2018, Chancellor Philip Hammond has announced that reforms to IR35 – which previously hit the public sector – will now be rolled out to private sector businesses, meaning some contractors may see their National Insurance contributions go up. Reforms to the off-payroll working rules were introduced to the public […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Help-to-Save scheme launched

    The new Help to Save scheme for people on low incomes was launched with effect from 12 September 2018 following an 8-month trial. The new scheme allows those in work entitled to Working Tax Credit, and in receipt of Working Tax Credits or Child Tax Credits to save up to £50 a month for two years […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • MTD (Making Tax Digital) Overview

    After MTD for VAT has been implemented, MTD for income tax (for the self-employed and those with income from property) and MTD for corporation tax are expected to follow, but not before April 2020 at the earliest. From 01 April 2019 all VAT registered businesses and organisations with taxable turnover above the VAT threshold (currently […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Self-Assessment Deadlines

    The 2017-18 tax return deadline for taxpayers who continue to submit paper Self-Assessment returns, is 31 October 2018. Late submission of a Self-Assessment return will become liable to a £100 late filing penalty. The penalty usually applies even if there is no liability or if any tax due is paid in full by 31 January […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Capital Gains Tax Rollover Relief

    Capital Gains Tax (CGT) Rollover Relief is a valuable relief that allows for a delay in the payment of CGT on gains when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Fraudulent Emails

    HMRC continues to warn taxpayers to be aware of email phishing scams. Phishing emails are used by fraudsters to access recipients’ valuable personal details, such as usernames and passwords. Fake email messages can appear to be genuine but clicking on a link from within the email can result in personal information being compromised and the […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Employer Pension Contributions

    Employer contributions to any type of pension arrangement in a registered pension scheme are always paid gross. Tax relief is given by deducting the gross amount of the contributions from an employer’s taxable profits before Corporation Tax is calculated. Employers’ contributions can normally be treated as a deduction for the accounting period in which the contribution […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Tax Free Health Benefits

    There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there is no requirement to report employees’ medical or dental treatment or insurance if they are a part of a salary sacrifice arrangement. In addition, the following health benefits can be […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Claiming Employment Allowance

    The employment allowance of £3,000 per year, is available to most businesses and charities to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal payroll process. An employer can claim less than the maximum if this will cover their total Class 1 NIC bill. Eligible […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Allowable costs for property businesses

    Costs that can be deducted by individuals that have a property rental business, depend on the type of property that is being rented out. There are three main categories of property business that need to be considered. Residential properties This is by far the most common type of investment property held by individuals. Tax relief can be […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Rent a Room Relief to be Modified

    The publication of the draft Finance Bill 2018-19 includes legislation to change the way the rent-a-room relief scheme works. Following last year’s Budget, a consultation was launched by HM Treasury to examine the design of the rent-a-room scheme. When the relief was first launched it was intended to be used where one bedroom in a […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Maternity Allowance

    The maternity allowance is a financial benefit for pregnant women who are self-employed, who are working but do not qualify for statutory maternity pay (SMP) or who have recently stopped working. The maternity allowance is paid directly by the Department for Work and Pensions for up to 39 weeks for qualifying applicants. An application must be […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Gifts with Complications

    Most gifts made during a person’s lifetime are not subject to tax at the time of the gift. The lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. These gifts or transfers achieve their potential of becoming exempt from Inheritance Tax if the taxpayer survives for more than seven years after making the gift. […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Employee expenses covered by exemption

    There is no longer a requirement to report certain routine expenses to HMRC. The types of expenses and benefits covered are referred to as exemptions and have replaced dispensations which can no longer be applied for. The business expenses and benefits that no longer need to be reported (since April 2016) include reimbursed costs to […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • VAT reverse charge could hit the construction sector

    HMRC has launched a new consultation inviting comments from interested parties regarding the introduction of new VAT reverse charge legislation for certain construction services. The new legislation will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. This move is part of the government’s measures to combat […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Tax-Free childcare in the school holidays

    HMRC is reminding parents that the Tax-Free Childcare (TFC) scheme can help balance work and school holiday childcare. The TFC scheme helps support working families with their childcare costs and can be used to pay for regulated holiday clubs during the school holidays. The TFC scheme provides for a government top-up on parental contributions. For every […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • The Pensions Regulator to Seize Assets

    The Pensions Regulator (TPR) has announced that employers who refuse to pay workplace pension fines could have their assets seized to pay their debts. TPR can issue fines to employers who fail to meet their automatic enrolment duties and can secure court orders if the debts are not then paid. TPR is to now appoint […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Tax On Lodger’s Rent

    The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. Homeowners pay no tax on lodger’s rent up to £7,500. This tax relief applies to the letting/renting of furnished accommodation and is usually used when one bedroom in a home is rented out to a lodger for an […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Protect Your Home Address

    New laws have come into effect (from 26 April 2018) to help tackle the problem of identity fraud and personal harm for company directors. The new laws, which were introduced into parliament on 22 February 2018, allow company directors and others such as secretaries, people with significant control (PSC) and LLP members, to remove their […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Making Money From A Hobby

    The ‘badges of trade’ tests whilst not conclusive are used by HMRC to help determine whether an activity is a proper economic / business activity or just a money-making side line to a hobby. However, there is a point where careful consideration needs to be given to deciding whether your hobby has in fact become […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Spring Statement 2018

    Philip Hammond, the Chancellor of the Exchequer, stood up in Parliament at 12.34pm on Tuesday 13th March, to deliver his first – already heralded as ‘slimmed down’ – Spring Statement. He had forewarned the media and Parliament that he would not be making any specific tax or spending changes. These, together with any new governmental […]

    Andrea L Richardsd | Accounts Navigator Associates Limited
  • How to Pay Yourself Efficiently

    If you’re a limited company, the amount of money you pay yourself determines the size of your tax bill. When you pay a salary, this cuts into profits and therefore lowers the amount of Corporation Tax you pay each year. A combination of salary, dividends and bonuses is a way of ensuring you pay yourself enough to live on as an owner-manager or a contractor. But how do you know how much to take in salary and dividends? What’s the most tax efficient way to pay yourself and when do you do it? There are a few different options to consider. Ultimately, your accountant will look at your business closely and advise on the way that best suits you. As the government tinkers with the rules most years, it’s always wise to check before going ahead.

  • 5 Tax-Efficient Ways to Reward Your Employees

    Increasing salary is far from the only way to make employees feel valued. If you want to reward your employees in tax-efficient ways, explore what’s commonly known as benefits in kind (BiKs) and salary sacrifice. The idea is that instead of an increase in salary, the employer offers benefits and other options specifically intended to improve the working lives of the employees. Here are five suggestions that could help. It’s also worth remembering that being known as an employer that rewards employees is a great way of attracting and keeping the best talent.

    Andrea L Richards | Accounts Navigator Associates Limited