In the coming months we will start to see how our new government intends to change the UK tax rules to further its economic growth agenda.
Whatever they decide to do, readers who presently benefit
The ‘fiscal’ goal posts will be moving
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Your stake in your business
Ever wondered how your stake in your business is represented in your accounts?
The answer can be found at the bottom of your balance sheet. Simply put it is the value of your physical business assets
Ordering documents from Companies House
Companies House offers interested parties the ability to order certified copies of certificates and documents held on the Companies House register.
You can order:
a company certificate with
Child benefit for 16 to 19 year olds
The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly rate for all other children is £16.95.
Taxpayers entitled to the child benefit should be aware that
Gains on sale of shares
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% (but see comments below) when you sell shares unless they are in a CGT free investment such as an ISA or qualifying pension.
The NIC Employment Allowance
The Employment Allowance benefits eligible employers by reducing their National Insurance liability. The current allowance is £5,000. An employer can claim less than the maximum if this covers their
Taxable and non-taxable State Benefits
Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free.
HMRC’s guidance provides the following list of the most common
When you cannot use the Property or Trading Allowances
Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below, then you can claim a £1,000 allowance for
The new Chancellor’s first speech
The Chancellor has promised to take immediate action to fix the foundations of the economy, rebuild Britain and make every part of the country better off.
In her first speech as Chancellor, Rachel
Responding to a personal data breach
The Information Commissioner’s Office has a simple guide that explains what you need to do in the 72 hours following a data breach.
The seven step approach advocated is set out below:
Step one:
Inheritance and tax
As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s
Labour win landslide election result
As had been widely predicted, the results at the polls have seen the Labour Party back in power after 14 years in opposition. Labour have swept into power with their second-largest majority whilst the
Company filing obligations
It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations.
After the end of its financial year, a private limited
Restarting a dormant company
HMRC must be informed when a non-trading or dormant company restarts trading and becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the relevant information.
Business VAT responsibilities
The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. Businesses with turnover below this level can also apply for a voluntary VAT
Small Business - Smart Thinking - because YOUR ACCOUNTS MATTER
