Tax Briefings & News - Page 47 of 48 - Potts & Co Accountants Ltd

Jun 09 2016

Potts & Co Accountants Ltd - Accountancy & Business Advice

Employee Expenses

By admin Potts & Co Accountancy & Business Advice News

The tax system has been simplified from 6 April 2016. Now if you reimburse your employees for valid business expenses those amounts don't have to be reported after the year end on a form P11D. This simplification also applies to allowances paid to employees for the cost of meals taken…

Jun 08 2016

P11D Or No P11D – Reporting

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

Employee benefits and expenses need to be reported for the 2015-16 tax year on forms P11D or P9D, by 6 July 2016. A P11D(b) must be submitted to report the Class 1A NIC due on the benefits provided. If there is no Class 1A NIC to pay and you have…

Jun 07 2016

Letting Holiday Cottages

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

Many farms and landed estates include cottages which are let as furnished holiday accommodation. In the unpredictable British summer, such lettings can frequently turn a loss rather than a profit. If you make a loss from your farm, that loss can be set against your other income in the same…

Jun 07 2016

Maximising Your State Pension

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

To receive the full state pension you need to build up 35 qualifying years of national insurance contributions (NIC) or to receive NI credits. If you have at least 10 qualifying years but less than 35 you will receive some state pension, but not the full amount (currently £155.65 per…

Apr 14 2016

Property

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

SDLT – Commercial Stamp duty land tax (SDLT) was reformed for residential property purchases from 4 December 2014, this month it was the turn of SDLT on commercial properties to be shaken up. For property deals completed be-fore 17 March 2016, SDLT is charged at a single rate on the…

Apr 13 2016

Capital Gains

By admin Potts & Co Accountancy & Business Advice News

Rates Capital gains tax is to be cut from 28% to 20% for higher rate taxpayers and from 18% to 10% for basic rate taxpayers with effect from 6 April 2016. However, gains made on buy-to-let properties and second homes will still be subject to CGT at 28% or 18%.…

Apr 12 2016

VAT News

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

Thresholds The compulsory VAT registration threshold will rise to £83,000 on 1 April 2016, and the deregistration threshold will increase from £80,000 to £81,000. VAT Evasion The Government is taking action to tackle unfair competition from traders based overseas who sell their goods through online marketplaces in the UK. Such…

Apr 11 2016

Directors’ Loans

By admin Corporation Tax

When a company which is controlled by its directors, or by five or fewer shareholders, makes a loan to a director or shareholder, it must pay an extra corporation tax charge set at 25% of the loan. That corporation tax charge is only payable if the loan is outstanding nine…

Apr 10 2016

Corporation Tax – Rates

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

All sizes of company in the UK pay corporation tax at the main rate of 20% (except in the oil and gas sectors). The main rate will drop to 19% on 1 April 2017 and to 17% on 1 April 2020, making it the lowest rate of corporation tax amongst…

Apr 09 2016

Employment Allowance

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

The employment allowance reduces the amount of employer's NIC which is payable to HMRC. On 6 April 2016 the employment allowance increases from £2,000 to £3,000 per employer, but one-person companies who have no employees other than the single director will no longer be eligible to claim the allowance. From…