Tax Briefings & News - Page 32 of 47

Mar 10 2019

Tax Rates & Deadlines For Property

By admin HMRC, Potts & Co Accountancy & Business Advice News, Property, Stamp Duty Land Tax

The government has shortened the period for paying SDLT from 30 days to 14 days. New Deadlines The government has shortened the period for paying stamp duty land tax (SDLT) from 30 days to 14 days after the effective date for land or property transactions completed on or after 1…

Mar 09 2019

Pension Health Check

By admin MPAA, Pensions, Potts & Co Accountancy & Business Advice News

The month of March is a good time to review whether you have made sufficient pension contributions in the tax year, and to check whether you are in danger of exceeding your annual pension contributions allowance which would lead to a pension contributions tax charge. Your annual allowance is normally…

Mar 08 2019

MTD Facts & Fiction

By admin Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, VAT

Your VAT software does not have to be cloud based and you do not need to keep your entire VAT accounting system on one software program. All VAT registered businesses with annual taxable turnover exceeding £85,000 must comply with the making tax digital (MTD) rules for VAT periods beginning on…

Mar 07 2019

VAT: Brexit Realities

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

Businesses which import or export goods will be aware of the didficulties that leaving the EU with no withdrawal agreement in place will cause them. However, other businesses will also be affected by immediate changes to the VAT system. EU VAT Refunds If you paid VAT on business expenses in…

Mar 06 2019

Employee Benefits

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

Happy employees are productive employees, but different individuals require varying benefits with their remuneration package. For example, Fred values a parking space close to work, but Mary prefers to have a bicycle, while Sid is attracted by a generous employer pension contribution. If you offer Fred, Mary and Sid the…

Dec 15 2018

Earlier Year Underpayments

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

Tax calculations are now largely automated. When your tax return is submitted the HMRC computer calculates how much tax you owe, or whether a tax repayment is due, and issues a tax statement. If HMRC's result agrees with the tax figure the software came to, everyone is happy and your…

Dec 14 2018

Interest From PPI Claims

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

Thousands of people have claimed and received refunds of payment protection insurance (PPI). Most people believe that the entire payment is tax free and hence does not have to be declared on their tax return. This is not the case. Each PPI settlement includes interest calculated at eight percent on…

Dec 13 2018

Check Your State Pension Forecast

By admin National Insurance, Pensions, Potts & Co Accountancy & Business Advice News

Do you know how much state pension you will receive when you retire? You can find this figure though your online personal tax account; click on 'view state pension forecast'. People who reach state retirement age after 5 April 2016 need 35 full years of national insurance contributions (NIC) to…

Dec 12 2018

Travel Expenses For Self-Employed Taxpayers

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

As a self-employed trader, do you diligently record the mileage for every business journey you take? This attention to detail is necessary to convince HMRC that the cost of the journey is tax deductible. There are several apps which can help you with this. The question is: where does your…

Dec 11 2018

Claw-Back of Child Benefit

By admin Child Benefit, High Income Child Benefit Charge (HICBC), HMRC, Potts & Co Accountancy & Business Advice News

The high income child benefit charge (HICBC) was introduced in January 2013 to claw back child benefit where the highest earner in the family has total net income of £50,000 or more. The full amount of the benefit is clawed back if one of the parents has income of £60,000…