Accounting, Business and Tax News Stories and Updates

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05-12-2018
Could you claim expenses and an early tax refund?
HMRC is reminding employees that they may be able to claim a tax rebate if they have incurred certain expenses related to their employment. HMRC’s press release on the matter specifically identifies Read more..

05-12-2018
X-factor VAT bonus
The Chancellor, Philip Hammond has announced that the government will waive the VAT equivalent on the sales of this year’s X-Factor Christmas Charity single. All proceeds from the sale of the single Read more..

05-12-2018
Employing someone to work in your home
When you employ someone to work in your home, it is your responsibility to ensure you meet the employee's rights and deduct the correct amount of tax from their salary. This can include employees such Read more..

05-12-2018
UK VAT claims by non-EU businesses
The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The amount of VAT that is refundable depends on the other Read more..

05-12-2018
HMRC writes to taxpayers in Wales
HRMC has written to two million taxpayers in Wales concerning the introduction of the Welsh rates of Income Tax (WRIT) from 6 April 2019. The WRIT will be payable on the non-savings and non-dividend Read more..

05-12-2018
Taxation of termination payments
In the 2016 Budget, the government announced that termination payments over £30,000 would be subject to employer National Insurance Contributions (NICs) from April 2018. In the 2017 Budget, the Read more..

05-12-2018
Who can or cannot claim the Employment Allowance
The Employment Allowance of £3,000 per year is available to most businesses and charities to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal Read more..

05-12-2018
When you can utilise overlap relief
The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which accounts are prepared annually, falls between 31 March and 5 April. Read more..

29-11-2018
Tax Diary December 2018/January 2019
1 December 2018 - Due date for Corporation Tax due for the year ended 29 February 2018. 19 December 2018 - PAYE and NIC deductions due for month ended 5 December 2018. (If you pay your tax Read more..

28-11-2018
When to report and pay Capital Gains Tax
The annual Capital Gains Tax (CGT) exemption for individuals is £11,700 for 2018-19. A husband and wife each benefit from a separate exemption. Same-sex couples who acquire a legal status as civil Read more..