Tax Briefings & News - Page 36 of 47

Jun 13 2018

When Is SMP Due?

By admin HMRC, Potts & Co Accountancy & Business Advice News, Statutory Maternity Pay (SMP)

Statutory Maternity Pay (SMP) must be paid to a pregnant employee who has been continuously employed by the employer for at least 26 weeks, up to the week before the 14th week before the week in which the birth is expected. There is no rule to say that the employee…

Jun 12 2018

IR35 Can Still Bite

By admin IR35, Potts & Co Accountancy & Business Advice News

If you work on projects for larger businesses through your own personal service company (PSC), you may pay less tax and NIC than would be paid overall if you were an employee of those businesses. The IR35 tax avoidance rules came into effect in April 2000, to prevent individuals from…

Jun 11 2018

Last Chance To Pay Class 2 NIC

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

The two classes of national insurance (NIC) payable by the self-employed will be merged into one class from 6 April 2019. The flat rate Class 2 NIC will disappear and all NIC will be payable based on the profits made in the year. However, it is currently Class 2, payable…

Jun 08 2018

Time to choose childcare support

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

Parents are faced with a bewildering choice of how to fund childcare costs. Employers can help by giving employees tax- and NIC-free childcare vouchers; by directly contracting with a childcare provider to provide places for employees' children; or by running a workplace nursery. The schemes to provide childcare vouchers or…

Mar 18 2018

NMW & Directors

By admin HMRC, National Minimum Wage (NMW), Personal Tax, Potts & Co Accountancy & Business Advice News

The national minimum wage (NMW) rates rise on 1 April 2018. Are you certain you know what pay rise you must give to employees and whether the directors should be included in those calculations? The five NMW rates depend on each employee's age and whether they are on an approved…

Mar 16 2018

VAT On Rewards For Crowdfunding

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

As an entrepreneur, you may look to a crowdfunding site to raise money for a new product. Prospective investors are asked to commit to a set level of funding; in return, they earn a package of rewards which expands with the level of funding. The VAT implications, however, can vary…

Mar 15 2018

Avoid VAT Penalties

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

As a VAT registered business, you have to do two things to avoid being charged a VAT penalty: pay your VAT on time and submit your VAT return on time. If you fail on either of those requirements twice in twelve months, you are put on the VAT equivalent of…

Mar 14 2018

Gifts Liable To IHT

By admin HMRC, Inheritance Tax (IHT), Personal Tax, Potts & Co Accountancy & Business Advice News

It's not true that inheritance tax (IHT) is only due when you die. Capital gifts during your lifetime can be subject to IHT at the rate of 20%, unless the recipient is exempt or the gift is covered by a separate exemption. There are exemptions for gifts made to political…

Mar 13 2018

Check Your PAYE Code For Interest

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

When you receive your PAYE code or tax computation, carefully check any amount of interest shown as received. HMRC regularly receives details of interest paid by banks and building societies to individuals. In the past, it has used this information to check the amounts on tax returns. However, it is…

Mar 12 2018

Annual Tax On Enveloped Dwellings

By admin Annual Tax On Enveloped Dwellings (ATED), HMRC, Potts & Co Accountancy & Business Advice News, Property

This tax, known as ATED, applies to residential properties owned by companies. It only came into effect on 1 April 2013 and was extended to properties worth over £500,000 from 1 April 2016. Landlords who have transferred their residential property portfolios into companies need to be aware of the ATED.…