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Oct 08 2019
Potts & Co - Accountancy & Business Advice

Claiming Cashback For R&D Costs

By admin HMRC, Potts & Co Accountancy & Business Advice News
Companies that spend money on research and development (R&D) projects can claim an enhanced tax deduction amounting to 230% of the qualifying costs. This can be a huge boost for a struggling business as it can wipe out taxable profits meaning that no corporation tax is payable and it may…
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Oct 07 2019
Potts & Co - Accountancy & Business Advice

Construction Industry Reverse Charge

By admin Construction Industry Scheme (CIS), HMRC, Potts & Co Accountancy & Business Advice News, VAT
Most VAT registered builders who are also registered for the construction industry scheme (CIS) will be aware that a fundamental change in the way they calculated and administered VAT was planned from 1 October 2019 under the new reverse charge rules. From that date, registered subcontractors would no longer charge…
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Oct 06 2019
Potts & Co - Accountancy & Business Advice

Planning to Sell a Home

By admin Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Property
If you are planning to dispose of your former home act quickly or you could lose some of the capital gains tax (CGT) relief available. A former home which has been let out can qualify for up to £40,000 of lettings relief to cover the gain accrued during periods of…
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Oct 05 2019
Potts & Co - Accountancy & Business Advice

Trivial Benefits

By admin HMRC, Potts & Co Accountancy & Business Advice News
Employees react well to little rewards from their employer, especially if the treat is unexpected and seen as a genuine "thank you". These occasional trivial benefits can be provided tax- free if all four of the following conditions are met: • the reward is neither cash nor a voucher that…
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Oct 04 2019
Potts & Co - Accountancy & Business Advice

Winding up the Company

By admin Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News
Closing your business will normally involve winding- up your company and taking out any residual value as a capital payment subject to capital gains tax (CGT) at 10% or 20%. HMRC will accept this as long as you are not involved with the same or similar business within two years.…
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Oct 03 2019
Potts & Co - Accountancy & Business Advice

Trading & Miscellaneous Income

By admin Potts & Co Accountancy & Business Advice News, TMIA Trading & Miscellaneous Income Allowance
Most businesses start small with a few occasional sales. Only once the trader is convinced that they can deliver the product or service effectively do they launch their business properly. The issue is deciding when trading officially began for tax purposes: was it when the first sale was made, or…
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Jun 14 2019
Potts & Co - Accountancy & Business Advice

MTD: Avoid Muddles

By admin HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News
If you believe the adverts, accounting software is really easy to operate - but that depends on it being set-up correctly. When you use new software to submit VAT returns under MTD it must be configured for the particular circumstances of your business, for example: • are you using the…
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Jun 13 2019
Potts & Co - Accountancy & Business Advice

How to Split a Business

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT
As the VAT registration threshold is to be frozen at £85,000 until at least April 2022, more businesses will be drawn into the VAT net simply by increasing their prices by inflation every year. If you do not want to register for VAT you either have to keep your total…
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Jun 12 2019
Potts & Co - Accountancy & Business Advice

Marriage Allowance

By admin Marriage Allowance, Potts & Co Accountancy & Business Advice News
The UK tax system is based on the independent taxation of each individual so it is difficult to reward couples for being married, but the marriage allowance attempts to do that. It is a transfer of 10% of the personal allowance from the partner who does not have sufficient income…
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Jun 11 2019
Potts & Co - Accountancy & Business Advice

Winding up a Company

By admin HMRC, Potts & Co Accountancy & Business Advice News
If you have stopped trading through your own personal company and have no further use for it you could sell the shares or wind it up taking out any value as cash. There is a limited market for second hand companies which do not hold any valuable assets, so winding…
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