Sleeping Partners and NI Contributions
In the past sleeping partners and inactive partners didn’t have to pay NI contributions on their partnership profits. However, HMRC changed its view on this in April 2013 and it now considers that all...
View ArticleGuide to Book Keeping – 4
This is a guide to bookkeeping for a business that wants to record transactions on a cash basis (i.e. at the point that items are paid for, rather that the date invoices are raised) wants to use a...
View ArticleHOT OFF THE PRESS– Tax Newsletter
Our Latest Paylesstax newsletter is now available via the link below. Summer Balance newsletter Share this on Facebook Tweet This! Share this on LinkedIn Stumble upon something good? Share it on...
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Married couples allowance to be re-introduced
David Cameron has recently announced that there will be a new married couples allowance from April 2015. This is not the first time that there has been a married couples allowance, the previous one...
View ArticleThe Employer’s £2,000 NIC Allowance
This is due to start on 6Th April 2014 for all businesses, charities and CASCs, as an offset against Class 1 secondary contributions. HMRC have announced the following: The allowance will be obtained...
View ArticleAnother HMRC Attack!
This time it is the turn of chiropodists, psychologists and homeopaths to be targeted by the attest HMRC campaign, offering the usual time-limited disclosure opportunity in which to bring tax affairs...
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R&D TAX CREDIT RATE INCREASED
The recent budget delivered by George Osborne was very detailed and doesn’t make for very interesting reading. We have therefore selected some of the more important aspects that might affect you and...
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CORPORATION TAX REDUCTIONS
From 1 April 2014 to 31 March 2015, the main rate of corporation tax is 21% where a company’s profits exceed £1,500,000 (divided by companies under common control). The 20% small profits rate continues...
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Reduced rate of VAT on empty buildings
Here at Balance Accountants we regularly get asked questions about VAT on construction. This is probably because it is such a complicated VAT area. Last week one of our clients asked us if they were...
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July Tax Payments
The due date for the payment of the second instalment of 2013/14 tax is fast approaching. Self employed people, of which there are 4.54 million in the UK, together with certain other tax payers have...
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End of tax year fast approaching!
The tax year end of 5 April is fast approaching which means that it is time to think about maximising your tax position. There are a number of possible tax planning issues that you might wish to...
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Flat Rate VAT Scheme and capital expenditure
If you use the Flat Rate VAT scheme then you can, in addition, reclaim the VAT on a single purchase of capital expenditure where the amount of the purchase, including VAT, is £2,000 or more. This all...
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Cloud based accountancy packages —-what’s the big deal???????
The big deal is that a whole host of modern cloud based accountancy packages have entered the market in recent years creating a massive shock wave in the established and ordered accountancy software...
View ArticleLump sum withdrawals from pension funds – Quirks of the new legislation
The new pension fund rules which became operative from 6th April this year allow you to withdraw all or part of your pension pot in a lump sum. However, beware that if the pension provider does not...
View ArticleHMRC continue to pursue online traders
HMRC are continuing their campaign against online traders. There is now more urgency for online traders to get their tax affairs in order as HMRC wields its expanded powers to get user information from...
View ArticleStaff Clothes
If you provide clothes for your staff to wear at work you need to be aware of the tax and VAT implications which may vary according to the items provided. Where the items provided constitute a...
View ArticleCHANGES TO TAXATION OF DIVIDENDS
In the recent budget, the Chancellor announced that from 6 April 2016 there will no longer be a national tax credit associated with dividends received and the following rates will apply after a £5,000...
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