Articles Tagged ‘Tax planning’

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…

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

Pension allowance: Make sure you enjoy your rainy day to the full

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According to latest available figures, over recent years, there has been a sharp upturn in the number of people breaching government rules on the annual pension allowance and who are running risk of HMRC clawing back tax perks.

Between the tax years 2012/13 and 2014/15 there was a staggering 79% increase in the number of people who saved more in a pension in a single year than the rules allow.

What has become ever-more apparent is that increasingly complicated pension rules are stalling a government drive to persuade people to save for later life. Now, more than ever, is the time for tax experts to step forward and offer help.

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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