Articles Tagged ‘Tax advice’

Don't be caught out with Self Assessment penalties

RWB image_Tax planning

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

RWB image_Tax efficiencies for family businesses

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.

Is having a company car still a perk?

RWB_Company Car expenses

 With HM Revenue & Customs continuing to increase the taxable benefit of having a company car, is a company car cost-effective?

By looking carefully at the tax implications for both the employee and employer, an informed decision can be made about whether a company car is the right choice. The outcome varies significantly depending on the type of vehicle being considered.

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

RWB image_Tax planning

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…

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

RWB_Xero_on a desktop

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

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