Quarterly Reporting

In the 2015 Budget statement George Osbourne announced the introduction of digital tax accounts. The idea behind this is that taxpayers have instant digital access to their tax affairs. As part of this ‘Making Tax Digital’ the proposal ...

Budget 2015

Well, where do I start? The Chancellor has certainly created an interesting budget! The most significant change to affect my clients is the change in the tax on dividends. If you have a limited company, and you draw dividends, then ...

Class 2 National Insurance changes from April 2015

If you are self employed you will be used to receiving a letter from HM Revenue and Customs every few months requesting payment of your class 2 National Insurance contributions. From April 2015 the contributions will be payable through ...

Director’s Loan Accounts- update

Back in July 2013 I wrote about proposed new rules for the treatment of overdrawn director’s loan accounts in an incorporated company. There were various options that the government were considering, as follows: Maintain the ...

High Income Child Benefit Charge

As you all know, High Income Child Benefit Charge (HICBC) came into force on 7th January 2013. The tax charge was imposed to withdraw child benefit from families where the higher earner has income exceeding £50,000. However, there is ...

Happy New Year

Happy New Year to all my clients, old and new. Just for your interest I have found some facts about the New Year. – New Year is the oldest of all holidays, first observed in Babylon around 4,000 years ago. – Celebrating New ...

Property Income

If you receive an income of up to £4,250 for the letting of a room in your home, then no tax is due. This is called Rent a Room Relief. If the income you receive is greater than £4,250 only the excess above the £4,250 is subject to ...

The importance of obtaining professional advice

Completing your own accounts for a small business isn’t rocket science. Quite often businesses try to complete their own accounts, and in these times of self assessment it is perfectly acceptable to do so. However, you need to ...

Ways to avoid a tax investigation

Currently a compliance visit is the first stage of a tax investigation. A compliance check may involve VAT, Company Tax, PAYE or personal tax, or it may involve several of these taxes. If you are selected for a compliance visit and ...

10 questions to ask yourself

Here are 10 questions which you may like to ask yourself about your accountant: 1) Does your accountant charge every time you pick up the phone to them? It’s usually best to agree an all inclusive fixed fee. Watch out for the ...