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04 October 2017

As existing self-assessment tax filers will be aware, the deadline for online submission of your 2016-17 self-assessment tax return is 31 January 2018. This is also the date that the payment is due for the balance of any self-assessment liability for 2016-17, and the due date for any payment on account due for the current 2017-18 tax year.

There are penalties for late self-assessment...

04 October 2017

The VAT Flat Rate scheme (FRS) has been designed to simplify the way a business accounts for VAT, and in so doing, reduces the administration costs of complying with the VAT legislation.

Using the FRS, you simply pay VAT as a fixed percentage of your VAT inclusive turnover. The actual percentage you use depends on your type of business. The amount of VAT you pay on your business...

04 October 2017

There are simplified arrangements in place for the self-employed (and some partnerships) to claim a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses regime is not available to limited companies or business partnerships involving a limited company.

The simplified expenses include a flat rate per mile claim for use of a...

04 October 2017

Income Tax is generally payable on taxable income received by individuals in the UK, including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend income, rental income and trust income.

However, if you are resident in the UK you will also need to pay UK Income Tax on your foreign income, such as:

  • wages if you work...
28 September 2017

There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession or vocation (collectively referred to as a ‘trade’) and for their share of partnership losses.

For the 2016-17 tax year, trade losses can be relieved in a number of ways. These include:

  • By using the loss to reduce income for the year ended 5 April 2017...
28 September 2017

One of the less well-known ways of paying your self-assessment tax bill is to do so through your tax code.

This can only be done where all the following apply:

  • you owe a self-assessment balancing payment of less than £3,000;
  • you are an employee or receive a company pension;
  • you have for the 2016-17 tax year submitted a paper tax return by the 31 October...
28 September 2017

It is established practice that Christmas presents paid in cash to employees are almost invariably taxable as earnings. This view has been upheld by the courts on many occasions and can mean that a gift from a well-intentioned employer is worth less than the giver or the recipient expected.

An alternative to a cash gift may be to give staff a seasonal gift such as a turkey or bottle of...

28 September 2017

There are special rules for correcting errors on VAT returns. The relevant rules depend on whether you need to:

  • Amend your VAT records if you discover they contain errors;
  • Correct errors on VAT returns you’ve already sent to HMRC;
  • Claim a refund if you’ve overpaid VAT, or not claimed enough credit on a return.

When you find you have made an error or...

28 September 2017

There is an annual Capital Gains Tax (CGT) exemption for individuals (who live in the UK) as well as executors or personal representatives of a deceased person’s estate. The exemption is £11,300 for the 2017-18 tax year. A husband and wife each have a separate exemption. Most trusts have an annual exemption of £5,650. However, where the remittance basis is claimed by a non-UK domiciled...

28 September 2017

There have been many changes to the way stamp duty land tax (SDLT) and equivalent regional taxes are charged in recent years. This has included changes to the way in which SDLT is calculated for residential property purchases from 4 December 2014. They include a move away from SDLT being charged on a slab basis - where a single rate applied to the total value of the property acquired - to a...

25 September 2017

1 October 2017 - Due date for Corporation Tax due for the year ended 31 December 2016.

19 October 2017 - PAYE and NIC deductions due for month ended 5 October 2017. (If you pay your tax electronically the due date is 22 October 2017.)

19 October 2017 - Filing deadline for the CIS300 monthly return for the month ended 5 October 2017.

...

21 September 2017

In last year’s Autumn Statement, the Chancellor announced a new capital allowance for electric vehicle charging points. Capital allowances is the term used to describe the allowances which allow businesses to secure tax relief for certain capital expenditure. Most 'capital' items, such as computer equipment, vehicles, machinery etc, last for a lengthy period of time and the tax relief rules do...

21 September 2017

In most cases a business is unable to reclaim the VAT charged when they purchase a car. However, there are different rules for other types of commercial vehicles and in most cases VAT can be reclaimed when a business purchases a commercial vehicle.

For example, vans usually have no rear seats, metal side panels to the rear of the front seats, a load area which is unsuitable for carrying...

21 September 2017

It has been confirmed that the promised legislation to allow employees to reimburse their employers for benefits provided, and thereby avoiding a tax charge, will be included in the second Finance Bill 2017.

These changes will align the dates for reimbursing an employer for benefits-in-kind (referred to in the legislation as ‘making good’).

Employees will need to make the...

21 September 2017

There are special rules which limit the ability to change a company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated. Under certain circumstances it is possible to make a change to the year end.

As a general rule, you can only change the year end for the current...

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