Making Tax Digital for VAT came into force from 1 April 2019 for the majority of customers with a turnover above the VAT threshold. The first submission deadline (7 June 2019) and over 325,000 businesses have registered for the service and over 180,000 VAT submissions have been received by HMRC. HMRC are issuing reminder email Read more about Making Tax Digital for VAT update[…]
From 6 April, there are two loan types in operation. Employers will now receive either a Student Loan (SL1) and/or Postgraduate Loan (PGL1) start notice, asking them to start taking deductions. It is important that the notice is checked for the loan or plan type and that deductions are taken correctly and recorded on the Read more about Student/Postgraduate loans notices[…]
If you want to continue living and working in the UK after 31 December 2020 you will need to apply to the EU settlement scheme (EUSS), even if the UK leave with a deal or with no deal. Under the scheme, successful applications will be granted either settled or pre-settled status. Which status you get Read more about Are you an EU, EEA or Swiss citizen living and or working in the UK?[…]
If your company makes a profit it can pay this to its shareholders as and when it wants. These are known as ‘distributions’ in company and tax law, the most common form of distribution is dividends. Dividends is normally taxed as income for individuals, but an exception to this rule is where distributions are made Read more about Closing a company- How best to extract profits from your company[…]
Choosing tax and national insurance efficient types of income to draw from your company can make a big difference to its worth to you. The Options Salary – As a rule of thumb, salary within of the national insurance threshold (£8,164 for 2017/18) is the most efficient option Dividends – This option became less Read more about Director’s – Salary, Dividends or perks?[…]
Such a simply question, you would think, however it produces a complicated answer. For this calculation, we have assumed the following: The director wants to preserves their entitlement to state benefits, and The director wants a salary which saves the most tax and national insurance. First of all let us look at preserving your entitlement Read more about As a director, what should I pay myself in 2019/20?[…]
You can apply for 2 grants to help your business complete customs declarations, in preparation for the UK leaving the EU. You can apply to get funding for: training that helps your employees to complete customs declarations and processes IT improvements to help your business complete customs declarations more efficiently Who can apply You can Read more about Apply for grants if your business completes customs declarations[…]
The 2019/20 statutory payments have now been announced as follows: Statutory maternity pay Statutory paternity pay Statutory adoption pay Statutory shared parental pay £148.68 p.w Daily rate £21.24 Effective 31 March 2019 Recovery rate 92% unless your total class 1 National Insurance for the previous tax year is £45,000 or lower when Read more about Statutory payments announced for April 2019[…]
Deadline for submitting your 2017/18 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2017/18 liability together with the first payment on account for 2018/19 are also due. This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to Read more about Self assessment (Tax Return) Deadline filing deadline is fast approaching[…]
Who is this for? Business that issue vouchers to customers which they can exchange for goods or services and are VAT registered. When does it start? 1 January 2019 What’s happening? From 1 January 2019 vouchers will fall into tow categories: Single purpose Multi-purpose VAT will be triggered depending on what the voucher entitles your customer to: Single Read more about New VAT rules for some vouchers[…]