Tax Briefings & News - Page 45 of 49 - Potts & Co Accountants Ltd

Dec 07 2016

Potts & Co Accountants Ltd - Accountancy & Business Advice

VAT Flat Rate Scheme Skewered

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

Many small businesses use the VAT flat rate scheme (FRS) to simplify VAT reporting and some gain a cash advantage from using the scheme. When using the FRS you simply multiply your gross sales (including VAT charged at normal rates) by the FRS percentage for your trade sector. You ignore…

Dec 07 2016

Pension Recycling

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

Anyone aged 55 or over can now access their pension savings built up in a money purchase (defined contribution) scheme. This access can be as a one-off lump sum payment, an annuity purchase or as flexi-access draw-down. The downside is that once you start to access your pension in this…

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.…

Nov 04 2016

Potts & Co Goes Gold

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

We are pleased to announce that Potts&Co has been awarded Gold ProAdvisor certification for QuickBooks, By Intuit, the publishers of the world's number 1 online accounting software. QuickBooks has 1.5+ million online subscribers and it is estimated that QuickBooks can help businesses save 8 hours a month on accounting tasks, it…

Oct 16 2016

Pensions Lifetime Allowance Protection

By admin Pensions

The pensions lifetime allowance was reduced to £1m from £1.25m on 6 April 2016. This threshold is tested when you start to take your pension benefits. If your pension fund value exceeds the lifetime allowance at that point, you need to pay a tax charge on the excess at 55%…

Sep 26 2016

Issues With The CIS

By admin C.I.S., Potts & Co Accountancy & Business Advice News

As a contractor in the construction industry, you must submit online monthly reports of the payments you make to subcontractors (CIS reports). But before you pay a subbie you need to verify with HMRC whether they should be paid net or gross. This verification can be done by phone or…

Sep 24 2016

Funding Your SMP Payments

By admin Potts & Co Accountancy & Business Advice News

Statutory maternity pay (SMP) is payable at 90% of the employee's average weekly earnings for the first six weeks, and then at £139.58 per week for the remaining weeks. The SMP due is easy to work out if your employee receives the same pay every week or month; you can…

Sep 23 2016

Sign-In Online For Tax Refund

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

Every year HMRC conducts a tax reconciliation process for taxpayers who are mainly taxed under PAYE. If a refund is due, or more tax is payable, this is reported on Form P800. This year, refunds won't be automatically dispatched as a cheque. Instead, the P800 will ask you either to…

Sep 22 2016

Student Loan Deductions

By admin Potts & Co Accountancy & Business Advice News, Student Loans

It is now a bit more complicated to deal with student loan repayments through the payroll. You need to identify whether a new employee has a Plan 1 or Plan 2 loan to repay, as the repayments start at different annual thresholds: £17,495 and £21,000, respectively. If your employee presents…

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…