Articles Tagged ‘Taxation’

Barrister accounts FAQs: Guidance for pupils and new barristers

Barrister Chambers

As part of our series of Barrister FAQs, we’ve looked at a range of accounting issues that are specific to Barrister accounts. This time we focus on pupils and new Barristers.

We understand that when you are new to the Bar, accounting options can be daunting and decisions you make in your early career can have significant implications later on, such as choosing your year end. Our specialist barrister teamcan talk you through your options.

Dividend payments - Do you need to pay more tax this January?

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends. For many taxpayers there will be more tax to pay on those dividends on 31 January 2018.

Do you know how the rate changes affect you?

Don't be caught out with Self Assessment penalties

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HMRC has now issued £100 late filing penalty notices to the 745,588 taxpayers who missed the deadline for filing their 2016/17 tax return by 31 January 2018*.  Act now to avoid the first 5% late payment penalty triggered on Friday 2nd March...

Extraction of profit from your family business

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A new tax year brings with it new challenges for directors of family companies as they consider how best to make tax efficiencies when it comes to paying themselves. Read on for things to consider when extracting profit from your family business.

Let us help you make tax digital with Xero

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For businesses over the VAT threshold, HMRC’s Making Tax Digital (MTD) scheme is due to go live early next year (but won't come into effect until at least 2020 for those who are not VAT registered). 

It might seem like a long way off, but it'll be here before you realise and that's why you should start implementing systems now which will stand you in good stead for when the deadline for MTD affects your business.

Make tax efficiency your New Year resolution

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At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April.

Read our round up of the latest tax rules for some useful planning points, to make you tax efficient in 2018…

Making Tax Digital launch date delayed

 

HMRC has announced significant changes to the Making Tax Digital (MTD) scheme, giving many businesses longer to implement the changes.

The new digitised tax scheme which was originally due to go live from April 2018 has now been delayed until 2020 at the earliest for all taxes other than VAT. 

Making Tax Digital: Get yourself prepared

In a recent report by HMRC, seven out of ten small businesses are uncertain  about Making Tax Digital and what is means for them. 

Despite originally being pencilled in for April 2018, HMRC’s Making Tax Digital (MTD) Scheme isn’t due to go live now until 2019 for businesses over the VAT threshold and then not until at least 2020 for those who are not VAT registered.

This seems to offer plenty of time to implement the changes. However, as every business owner knows, time flies, so it’s best to prepare yourself as soon as possible. 

Here’s what you need to know to get yourself ready for MTD.

MTD for VAT - is your accounts package up to it?

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The government has made it clear that, despite initial trepidation from small business owners and sole traders, it is not about to backtrack on its plans for Making Tax Digital (MTD).

MTD is a key part of the government’s plans which it says will make it easier for individuals and businesses to get their tax right and keep on top of their affairs - meaning the end of the annual tax return for millions.

The first tranche of this roll-out will see all VAT information being submitted digitally from April 2019. A year goes very quickly in business, so we can start helping business owners straight away

The Apprenticeship Levy…six months on

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Nobody, especially small business owners operating on tight margins, enjoys having to pay additional taxes. However, we sometimes have to bite the bullet for the greater good. Using tax to fund essentials such as workplace training makes sound economic sense in the long run. 

Six months have passed since the government introduced its new Apprenticeship Levy, so how well are small businesses coping with the new rules?

The Autumn Budget 2017

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Philip Hammond’s first Autumn Budget, which replaced the Autumn Statement, focused on positives such as job creation, help for first time buyers and a boost to R&D. 

The Chancellor also announced a series of tax measures that will have implications for individuals and businesses. 

So, what were the key points in the Autumn 2017 Budget?

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