Tax Briefings & News - Page 44 of 49 - Potts & Co Accountants Ltd

Mar 12 2017

Potts & Co Accountants Ltd - Accountancy & Business Advice

Long-term implications of child benefit

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

Child benefit is paid to parents of young children in the UK, if they claim it. Some higher earning parents don't claim the benefit, as they know it will be clawed-back as a tax charge. However, not claiming child benefit can disadvantage both the parent and the child in the…

Mar 11 2017

Property businesses

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

Individual landlords will be expected to use a special form of the cash basis from 6 April 2017, where their annual rental income does not exceed £150,000. If you don't want to use this cash basis for your property business, you will have to opt out by checking a box…

Mar 10 2017

Revised cash basis

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

Reporting income and expenses under MTD will be easier for businesses who draw up their accounts using the cash basis. This is a basic form of accounting which suits certain small unincorporated businesses. Currently, in order to use the cash basis you must be a trading business, not a limited…

Mar 09 2017

What we know about MTD

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

The government is determined to push ahead with Making Tax Digital (MTD), which will require businesses and landlords to use accounting software to make quarterly reports of income and expenses to HMRC. This reporting will apply for accounting periods starting on and after: - 6 April 2018 for businesses &…

Dec 14 2016

Marriage Allowance

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

If you are married or in a civil partnership, you may be able to claim the 'marriage allowance'. This is not a separate allowance, but a reallocation of 10% of the personal allowance from the partner with lower income to the other partner. The marriage allowance can't be claimed if…

Dec 12 2016

Salary Sacrifice

By admin Potts & Co Accountancy & Business Advice News

Many employers allow employees to pick and choose from a range of benefits such as extra holiday, company car or health insurance. Each employee may be able to sacrifice a part of their salary to receive the benefit, which often results in NIC savings for both parties and a tax…

Dec 11 2016

Topping-Up Your State Pension

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

To receive the full amount of the new state pension you need to pay national insurance contributions (NIC) for 35 complete tax years. If you were contracted out of the second state pension, or SERPS, for any part for your working life you may receive less pension than you were…

Dec 11 2016

Trivial Benefits

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

A trivial benefit is a non-cash gift to an employee, not exchangeable for cash and worth no more than £50. Employers can give as many trivial benefits to their employees as they wish. Each gift is tax-free and exempt from NIC, as long as it is not a reward for…

Dec 09 2016

How Your Savings Are Taxed

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

For many years banks have deducted tax from interest they paid to savers, unless the particular account was designated as tax-free, such as an ISA. That default position has changed from 6 April 2016. Now all bank and building society interest is paid without tax deducted, but the individual saver…

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…