Making Tax Digital

Making Tax Digital (MTD) is being implemented by HM Revenue & Customs from 1st April 2019.  However, for many businesses the real switch over date is much sooner.  This brief article explains why you should be thinking about MTD now and how Rawlinson Pryde & Partners can assist you. Who has to comply with Making Tax Digital? Any VAT registered business …

Summer 2018 Newsletter

Summer 2018 Money Matters For our Summer 2018 Money Matters edition, which include topical information on: Pension contributions VAT and Import Duties due to Brexit Why you should not put off your inheritance tax planning EIS and VCT updates Closing the gap on equal pay 2018/19 tax year allowance changes To view a copy please click here

When to contact an Accountant?

The timing on when to contact an Accountant or Tax Adviser is often overlooked.  However it can be a vitally important issue in order to keep as many tax savings options available as possible. When should you contact an Accountant? For an Accountant or Tax Adviser to best advise you, you should always contact them prior to making a decision that …

2018/19 Tax Efficient Profit Extraction for Owner Managed Companies

The new tax year means it is time for owner managed companies to consider tax efficient profit extraction. For many years accountants and tax advisors have suggested that director/shareholders should extract profit by paying themselves a low salary with the remainder of their income being extracted in the form of dividends. Dividends are not deductible in arriving at the company’s …

Trivial Benefits

Employees and Office holders can be provided with trivial benefits. These are not subject to Income Tax or National Insurance on the employee, whilst the employer can also obtain tax relief and reclaim (if registered) any VAT on the items purchased. In order for an expense to be able to be classed as a trivial benefit it must meet the …

How to get a Tax Rebate from your 2017 Tax Return

DID YOU GET A BIG TAX BILL AND NOW WANT SOME BACK? Many of you will have just paid your 2016/17 tax bill before the 31 January 2018 deadline, and some of you will also have paid 50% of next year’s tax on account. Here are a couple of tax planning ideas that can help you obtain a tax rebate. …

The Budget – small business update

Notable changes for small businesses are listed below: Although there is no change to the rate of corporation tax, maintained at 19%, HMRC is to freeze indexation allowance on corporate capital gains for disposals after 1 January 2018. From April 2018, business rate rates will rise by any increase in the Consumer Price Index (CPI) rather than the Retail Prices Index …

The Budget – personal tax considerations

Notable changes are listed below: First-time buyers will pay no stamp duty on homes costing no more than £300,000. First-time buyers of homes worth between £300,000 and £500,000 will not pay stamp duty on the first £300,000. They will pay the normal rates of stamp duty on the price above that. This will save £1,660‎ on the average first-time buyer …

What is the Criminal Finances Act 2017?

In the past, the directors of larger organisations have been able to avoid personal responsibility for the tax evasion acts of their employees and other associates if they can plead ignorance of the act. This “turning a blind eye” excuse has irritated legislators and as a result we now have the Criminal Finances Act 2017 (CFA). From 30 September 2017, …

What is the General Data Protection Regulation (GDPR)?

The GDPR is the new data protection regulation that becomes a legal obligation from 25 May 2018. Every business will have its own specific challenges regarding implementation of changes to internal systems to ensure compliance with the GDPR. Theory is fine, but business owners, particularly smaller concerns, will no doubt want clear advice – what needs to be done to …