MONTHLY FOCUS: Simplifying Your VAT Reporting – Dunhams News Blogs Let’s suppose you have just exceeded the VAT registration threshold. You are concerned about the level of complexity VAT accounting seems to involve. Could the Flat Rate Scheme help? Table of Contents. GENERAL PRINCIPLES What is the flat rate scheme? The flat rate scheme simplifies ... Read More
Paper filing date approaching fast The standard filing date for a personal tax return is 31 January. However, if you submit paper returns you need to do it earlier. What is the paper filing date, and how can HMRC’s new videos help if you need to remove yourself from self-assessment? Currently, the self-assessment system is ... Read More
Business Asset Disposal Relief For Unincorporated Business Business asset disposal relief (BADR) doesn’t only apply to shares, it can also apply to the disposal of an unincorporated business, i.e. a sole trade or partnership interest. How is the relief secured in these situations? What is Business Asset Disposal Relief? Business Asset Disposal Relief (BADR) is ... Read More
Workplace pensions for seasonal and temporary staff According to The Pensions Regulator, some employers who take on seasonal or other temporary workers aren’t following the workplace pension rules correctly. If you’re hiring short-term workers what steps should you be taking? Workplace pensions Christmas is still a little way off but if you’re intending to take ... Read More
HMRC corrects guidance on company-owned EV car charging Occasionally, HMRC publishes guidance that is at odds with what the legislation says. A recent example of this is in respect of reimbursement for the costs of charging company-owned electric vehicles. What’s the full story? The tax and NI rules surrounding wholly electric vehicles (EVs) are more ... Read More
Low and tax-free company vans If your company provides a van for use by an employee or director it usually counts as a taxable benefit in kind. However, the rules which determine the tax and NI position are tricky. What do you need to know? Van benefit charge If you drive an employer-provided van which ... Read More
Lord Sugar falls foul of little-known residence rule Lord Alan Sugar has found himself in the spotlight after he alleged his accountant gave him incorrect advice in respect of his tax residence. What went wrong? Tax residence has been on a statutory footing since 2013, so it’s usually easy to determine someone’s residence as long ... Read More
To boost technological and industrial growth, twelve areas around the UK are being designated as Investment Zones (IZ). The associated £80 million funding offers access to enhanced tax reliefs. If your business is in an IZ, how can you benefit? Tax breaks in Investment Zones Location The creation of Investment Zones (IZs), essentially an extension to ... Read More
Government to simplify collection of high income child benefit charge The Government is planning to collect the charge via PAYE instead of self-assessment. How will this work, and what does it mean for you? Ina recent announcement it was confirmed that changes will be made to simplify the collection/payment of the high income child benefit ... Read More
HMRC launches PAYE code tool HMRC has launched a new online tool to help you understand your PAYE code. What is it and how can you use it? For more help see our Payroll page Your tax code is what your employer or pension provider uses to deduct tax from your payments. When changes are ... Read More
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