Increased enquiries by the tax office
Figures recently released by HM Revenue and Customs (HMRC) show that they recouped an extra £470 million in tax from small businesses last year as a result of increased probing.
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Corrected Guidance from HMRC on using the Flat Rate scheme
Following recent concerns that their guidance was incorrect, HMRC has now issued an updated version of VAT Notice 733: Flat rate scheme for small businesses. The revised notice now reflects comments made by judges in tax tribunal cases that businesses should ‘use ordinary English’ in choosing the flat rate trade category. The flat rate scheme … Continue reading Corrected Guidance from HMRC on using the Flat Rate scheme
Take advantage of tax free loans from your company
DIRECTORS LOAN Provided a director sticks to the rules they may borrow money interest free from their limited company. This action may generate tax bills for both director and company, provided it is executed properly, this can be avoided, how useful. When a director borrows from their company, there are two potential tax charges. A … Continue reading Take advantage of tax free loans from your company
VAT – Registration limits are to be raised
SINCE 1 April 2016 you must register for VAT if your non-exempt turnover in the previous twelve months exceeds £83,000. However, you’ll usually be better off by registering even where turnover is less than that. The de-registration limit has been increased from £80,000 to £81,000. Where non-exempt business turnover exceeds the registration limit the business … Continue reading VAT – Registration limits are to be raised
This simple chart will help you with the changes to personal tax rates
The changes to personal tax rates are so convoluted that people drafting the Finance Bill felt it necessary to include this table to summarise them: Rates payable on: Type of taxpayer: Savings income Most dividend income Other income UK resident who is neither Scottish nor Welsh taxpayer Savings rates Dividend rates Main rates Scottish taxpayer … Continue reading This simple chart will help you with the changes to personal tax rates