HMRC Archives - Page 37 of 37

Jun 08 2017

Inheritance tax residential nil rate band

By admin HMRC, Personal Tax, Potts & Co Accountancy & Business Advice News

In 2015 the Conservative Party promised to 'take the family home out of tax by increasing the effective IHT threshold to £1 million'. As the law stands, this target will be met by 2020 through the introduction of the residential nil rate band (RNRB). When the RNRB (worth up to…

Jun 06 2017

Simple assessment

By admin HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment

HMRC often asks pensioners to complete a tax return if their state pension is not covered by their personal allowance, which means that a small amount of tax is due for the year. Completing the tax return can be stressful for the taxpayer and it appears to be unnecessary, as…

Jun 05 2017

Paper tax return

By admin HMRC, Paper Tax Return, Personal Tax

Self-evidently, the UK tax system is very complex. What's surprising, however, is that HMRC can't program its computers to cope with all the permutations of rates and allowances that can apply in 2016-17. The key problem is that the law allows an individual to use their personal allowance in a…

Mar 15 2017

Claim VAT on pre-registration costs

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

When you register your business for VAT, you can reclaim the VAT you paid on stock or assets acquired in the four years before the date of registration, if you still hold those assets on the registration day. You can also reclaim VAT incurred on services purchased for business purposes…

Mar 14 2017

How to deregister for VAT

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

It's good practice to step back and review your business at least once a year. Ask yourself where you expect your sales to come from in the next twelve months. If your projected annual turnover is less than £81,000 (excluding VAT), you may want to consider cancelling your registration. To…

Dec 08 2016

Quarterly Reporting For Agencies

By admin HMRC, PAYE

Employment agencies are required to report to HMRC the payments they make to workers they place with third parties, if those workers are not paid under PAYE. This requirement covers any organisation who finds work for an individual, which can include many agencies or intermediaries. One-man companies who only find…

Dec 06 2016

Preparing For Digital Business Records

By admin HMRC, Potts & Co Accountancy & Business Advice News

Lost or forgotten HMRC believe that a lot of small businesses don't pay the right amount of tax on their profits. This is because they delay writing up their accounting records to the end of the year; in the meantime some receipts are lost and bits of income are forgotten.…

Sep 21 2016

VAT Flat Rate Scheme

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

The scheme can be helpful for businesses with turnover under £150,000 as it's simple to use. You can even make money out of the scheme if the flat rate percentage applicable to your trade sector is particularly favourable. For example, a journalist pays 12.5% of gross sales as VAT each…

Sep 19 2016

Paying HMRC

By admin Corporation Tax, HMRC, VAT

Paying tax should be easier now that HMRC accepts payments through the Faster Payments system. This can be used to transfer funds almost instantaneously, on any day of the year, 24 hours a day. The maximum transaction value is £250,000, but individual banks have their own limits, which can be…

HMRC

Inheritance tax residential nil rate band

Simple assessment

Paper tax return

Claim VAT on pre-registration costs

How to deregister for VAT

Quarterly Reporting For Agencies

Preparing For Digital Business Records

VAT Flat Rate Scheme

Paying HMRC

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