Coding out debts

The coding threshold entitles taxpayers to have tax underpayments collected via their tax code, provided they are in employment or in receipt of a UK-based pension. The coding process applies to certain debts such as Self-Assessment liabilities, tax credit overpayments and outstanding Class 2 NIC contributions. Instead of paying off debts in a lump sum, […]

Minimum Pension Contribution due to rise again

The minimum contributions you and your staff pay into your automatic enrolment workplace pension scheme will increase from 06 April 2019. This is also sometimes known as phasing. It is your responsibility to make sure these increases are implemented. Who does this apply to? All employers with staff in a pension scheme for automatic enrolment must take […]

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 […]

Non-taxable payments and benefits

Although the government is continually clamping down on non-taxable payment and benefits for employees, there remains an eclectic list of expenses that are tax exempt. Some of the non-taxable benefits include the following: Annual parties. An annual Christmas party or other annual event offered to staff generally is not taxable on those attending, provided that […]

Company Van Use

There are various tax consequences involved when employees are provided with company vans and fuel. A company van can be described as a van made available to an employee by reason of their employment. There is usually nothing to report to HMRC if the van is used solely for business use, as a pool van […]

Dividend Allowance

Dividend allowance cut from £5,000 to £2,000 From 6 April, the tax-free dividend allowance will be cut from £5,000 to £2,000, this was introduced in the 2017 Budget. The move will impact employees and directors of small businesses who pay themselves partly or wholly through dividends rather than a salary. It could also impact investors […]

Preparing for the General Data Protection (GDPR)

10 steps to take now 1 – Awareness You should make sure that decision makers and key people in your organisation are aware that the law is changing to the GDPR. They need to appreciate the impact this is likely to have. 2 – Information you hold You should document what personal data you hold, […]

SOLE TRADER VS LIMITED COMPANY

THE DIFFERENCES BETWEEN A SOLE TRADER AND A LIMITED COMPANY This document should help you answer some important questions, including; “what is a sole trader business?” and “what is a limited company?” and the differences between the two. Starting up as a sole trader is without doubt the simplest way to start a business in […]

Dates to Remember October – December 2017

05 October 2017 Deadline to register with the HMRC if you became self-employed or started receiving income from property. You should submit a form CWF1 for self-employment or form SA1 for non-self-employed income to HMRC. 05 October 2017 Deadline for notifying HMRC of new sources of taxable income or gains or liability to the High […]

How to get those invoices paid quickly …

The problems faced by small businesses due to late payments have been very much in the news lately, as a business owner you are very aware of the importance of getting paid on time and that payment delays can seriously disrupt cash flow. When searching for ways to speed up payment, keep in mind that […]