What to expect when the Revenue comes knocking. Anyone whose business comes under the Revenue’s microscope is usually in for a roller-coaster ride. HMRC has upped its game in recent years when it comes to probing businesses or sole traders who may be suspected of falsely reporting or underpaying tax. Nobody appears to be beyond… Continue reading What to expect if the Revenue comes knocking
How to include charitable donations in your tax planning strategy. Incorporating charitable giving into your tax planning strategy can be a useful way to reduce both your income tax and the inheritance tax (IHT) that will eventually become payable on your estate. As such, gifts may become an important component of both the estate planning… Continue reading Charitable donations and tax planning
Tax Card 2018/19 TAXABLE INCOME BANDS AND TAX RATES 2018/19 2017/18 Starting rate* of 0% on savings up to £5,000 £5,000 Basic rate band £34,500 £33,500 Higher rate band £34,501 – £150,000 £33,501 – £150,000 Additional rate band Over £150,000 Over £150,000 Basic rate 20% 20% Higher rate 40% 40% Additional rate 45% 45%… Continue reading Tax card 2018/19
The number of private sector businesses in the UK hit a record high of 5.7 million at the start of 2017, according to government figures. Annual statistics from the Department for Business, Industry, Energy and Strategy showed a year-on-year rise of 197,000, compared to the same time in 2016. The number of firms in 2017… Continue reading Self-employed and Sole trader numbers increase
HMRC is withdrawing the option to use a personal credit card to pay for tax returns, with the deadline for online submissions rapidly approaching. The Revenue is withdrawing this facility on 13 January 2018, just weeks before any money owed for 2016/17 is due by midnight on 31 January 2018. HMRC will continue to accept… Continue reading HMRC stops the use of personal credit cards for payments
Small businesses are experiencing skills shortages in both their workforce and their recruitment processes, causing concerns for future productivity. The Federation of Small Businesses (FSB) surveyed 1,203 small business owners and found that 46% lack a fully proficient workforce. Additionally, almost a third (30%) of business owners who have recruited in the last 12 months… Continue reading Are you facing a skills shortage?
Disincorporation relief will not be extended beyond its 31 March 2018 expiry date. The relief was introduced in April 2013 in a bid to remove the tax burdens when small business owners want to change from a limited company to a sole trader or partnership. It allows companies to transfer certain assets, such as land,… Continue reading Limited company to Sole trader status – act now.