What options are left to pay your tax

As we have previously reported on this blog, HMRC will no longer accept payment of tax using a personal credit card. Also, payments cannot be made at the Post Office. The remaining options are to make payment by: A personal debit card, A business credit card, Bank transfer/online banking, Taking Read more…

VAT – what is disaggregation

There are many businesses that benefit from not being VAT registered. In the UK, there is no obligation to register until your taxable turnover exceeds £85,000. For many smaller businesses, especially those that buy and sell goods and services in competition with larger concerns, charging their customers without the 20% Read more…

Timing is everything – part two

The week before Christmas we posted an article stressing the value of checking out the tax consequences of investing in new plant and equipment. We stressed the importance of timing. But this is just one issue that should be considered before the end of the current tax year. Every business Read more…

Tax Diary January/February 2018

1 January 2018 – Due date for corporation tax due for the year ended 31 March 2017. 19 January 2018 – PAYE and NIC deductions due for month ended 5 January 2018. (If you pay your tax electronically the due date is 22 January 2018) 19 January 2018 – Filing Read more…

CGT opportunities

This is also an appropriate time of the year to consider your capital gains tax position if you have already disposed (or are considering a disposal) of an asset subject to CGT before 6 April 2018. Most of our readers will be aware that they can make chargeable gains of Read more…

Sole trader or incorporated

From April 2018, the £5,000 tax-free dividend allowance is reducing from £5,000 to £2,000. Does this mean that converting from self-employed to a limited company arrangement to save tax and NIC is no longer a viable option? Readers who have adopted this strategy will have likely seen a reduction in Read more…

Happy New Year

Let us hope that 2018 presents opportunities to build our business interests and improve the financial position of our families. Certainly, there were many changes last year, not least the ongoing implications of the Brexit vote, that have proved to be challenging and not only for the politicians. A reminder, Read more…