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If you go over the VAT turnover limit be aware that eBay may freeze your deals. HMRC seem to have ‘encouraged’ eBay to act as traffic policeman, bringing movement to a sudden halt unless you can provide a VAT registration number. eBay seem to track transaction levels over the most recent rolling twelve-month period, as…Read More
HMRC has reviewed its risk-based approach to late filing PAYE penalties and decided to continue with it for the 2017-18 tax year – that means late filing penalties will continue to be assessed on a risk basis, rather than being issued automatically. The first penalties for 2017-18 will be issued in September 2017. HMRC will…Read More
So-called Dividend Allowance and Savings Allowance sound like a benefit that’s new for your 2017 tax return. But they come with a sting in the tail if your dividends or interest are more than the allowance. Anyone with dividends exceeding £5,000 or interest exceeding £1,000 may be facing a tax bill for the first time…Read More
Over recent years, it has become increasingly popular for employers to allow their employees to work from home, and in doing so, pay an amount to cover any additional household costs incurred. But what are the tax implications of such expenses for Directors working for their own company? HMRC have stated that they will accept…Read More
The expenses and benefits landscape changed radically from 6 April 2016. From that date the £8,500 threshold – and with it the concept of a lower-paid employee – was abolished. As a result, for 2016/17 onwards the benefits code in its entirety applies to all employees and directors, regardless of their earnings level. Form P11D…Read More
Since April 2015 it has been possible for an individual who is not liable to income tax to transfer part of their Personal Allowance to their spouse or civil partner, as long as the recipient is not liable to tax at higher rates. For 2017/18 the amount transferable is £1,150 which can save up to…Read More
Making Tax Digital is the Government’s programme to move all personal and business tax online. Originally starting in 2017, and due to complete in 2020, Making Tax Digital (MTD) has been deferred for a year but will potentially affect all of us. For businesses with turnover over £85,000, quarterly online submissions were to have been…Read More