What are VAT special schemes?
There are three main VAT schemes available to small businesses: The flat rate scheme The annual accounting scheme The cash accounting scheme The Flat Rate Scheme The purpose of this VAT scheme
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Longer or shorter company accounting periods
Companies often have to contend with having two different company accounting periods. This is because there are different rules for Companies House filings and submissions to HMRC, for corporation tax
Simplified cash basis for unincorporated landlords
The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April this year
Salary sacrifice changes from April 2018
The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement were removed from 6 April 2017. The new rules effectively remove the Income Tax and employer NIC
Are you paying tax at 60%?
For high earning taxpayers, their Income Tax personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This creates an effective marginal
VAT rules for retailers using online marketplaces
Under new rules that came into force last year, HMRC has the power to force overseas retailers to appoint a UK-based VAT representative or to provide a financial guarantee. These rules currently apply
Auto-enrolment earnings trigger again frozen at £10,000 for 2018/19
Following its annual review of the pension automatic enrolment earnings trigger and qualifying earnings band, the government has decided that the earnings trigger will again remain at £10,000 for
The ICO publishes Guide to the General Data Protection Regulation
The Information Commissioner's Office (ICO) has replaced its Overview of the General Data Protection Regulation with a 58-page “Guide to the General Data Protection Regulation (GDPR)”. The Guide
Finance (No.2) Act 2017 receives Royal Assent
The Finance (No. 2) Act 2017 received Royal Assent on 17 November 2017. It follows the Finance Act 2017 which received Royal Assent before the June 2017 general election. Some of the provisions were
Tax Diary December 2017/January 2018
1 December 2017 - Due date for corporation tax due for the year ended 28 February 2017. 19 December 2017 - PAYE and NIC deductions due for month ended 5 December 2017. (If you pay your tax