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Disclosing Card Transactions

Disclosing Card Transactions

If your business accepts debit and credit card payments, it is possible to miss payments off your return. How might a new disclosure facility help? HMRC has introduced a new Card Transaction System Programme that allows businesses which accept card payments that have not declared all transactions on their VAT return to disclose them and take advantage of the best possible terms. This may mean that no penalty is applied to underpaid tax - and even if there is, it is likely to

15 Big Changes To Your Finances In April

15 Big Changes To Your Finances In April

Household budgets are likely to be further stretched in the first week of April, as dozens of items including water bills, council tax, NHS charges, and some broadband and energy charges all rise. Those on welfare will feel the squeeze especially, as payment rates are frozen for the second year in succession, and the generosity of some benefits are reduced. However, those in work are likely to become better off, as tax rates become more generous, and the National Living Wage

Government Announce dividend tax allowance to be cut to £2,000

Government Announce dividend tax allowance to be cut to £2,000

Under current rules, which were only introduced last April, there is no tax to pay on the first £5,000 of dividend income in each tax year. Dividends above that threshold will be taxed at 7.5% for basic-rate taxpayers, 32.5% for higher-rate taxpayers and 38.1% for additional-rate taxpayers. But from April 2018 the allowance will be reduced from £5,000 to £2,000. The move will result in more investors being caught by the reformed dividend tax regime. Currently, based on a yiel

An Overview To The Changes To Landlord Tax

An Overview To The Changes To Landlord Tax

From 6 April 2017, the government is making changes to the way landlords are taxed in the UK. These landlord tax changes will be phased in over the next four years and will not be applied at the full rate straight away – allowing landlords to take necessary action over time. Who will the changes affect? These changes will only affect landlords in the list below who have a mortgage for their rental property. Any UK resident who lets a property in the UK or overseas Any non-UK

Making Tax Digital

Making Tax Digital

The government recognises that the majority of businesses want to get their tax right, but the latest tax gap figures published by HMRC show that too many otherwise compliant businesses find this hard, even some who use an agent to help them. As a result over £8 billion a year in tax is lost from avoidable taxpayer errors. This not only costs the public purse, it also causes businesses cost, uncertainty and worry when HMRC is forced to intervene to put things right. HMRC want

The New Limited Cost Trader Category For Flat Rate Scheme

The New Limited Cost Trader Category For Flat Rate Scheme

The Autumn Statement produced a shocking announcement that a new flat rate scheme (FRS) category will be introduced on 1st April 2017 for a business that does not spend more than 2% of its gross sales (or £250 in a quarter if greater) on buying goods. The category of a limited cost trader will have a rating of 16.5% and will mean a higher VAT for all users caught by the new category. This is because the highest existing rate is 14.% although many schemer users currently opera

How will Brexit affect your finances?

How will Brexit affect your finances?

If you want to know what happens when a country leaves the European Union, you might as well ask the Inuit. Greenland is the only other country ever to have left the EU - or the European Economic Community (EEC) as it was back in 1985. Residents of Greenland - including the Inuit - appear to have done well out of leaving, but then their only export is fish. So can residents of the UK expect to net similar gains, or are our personal finances destined for the deep freeze? The P

Reform of the wear and tear allowance for residential landlords

Reform of the wear and tear allowance for residential landlords

Whos is likely to be affected Companies, individuals and others, such as trusts or collective investment schemes that let residential properties General description of the measure The Wear and Tear Allowance for fully furnished properties will be replaced with a relief that enables all landlords of residential dwelling houses to deduct the costs they actually incur on replacing furnishings, appliances, and kitchenware in the property. The relief given will be for the cost for

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