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In our earlier post, we looked at the changes that FRS 105 and FRS 102 will have on our end of year reporting formats. See: New UK GAAP: FRS 102 and FRS 105 Reporting Changes In this article, we will look at the differences in accounting treatment between the old...
New rules are coming into force on 6 April 2018. The tax treatment of termination payments can be complex, not least because a termination package typically comprises several different elements, which may be treated differently for tax and national insurance purposes....
The rules and accounting standards under which limited company accounts are prepared have changed. This article looks at what this means to you and how it could affect your end of year reporting. Before we dive into the detail, let us take a moment to remind ourselves...
Disincorporation relief to end in March 2018
Small businesses face skills gaps
HMRC stops use of personal credit cards to pay tax bills
Number of businesses soars to 5.7m
What to expect when HMRC comes knocking. Anyone whose business comes under the microscope of HMRC 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...
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...
Disincorporation relief to end in March 2018
Small businesses face skills gaps
HMRC stops use of personal credit cards to pay tax bills
Number of businesses soars to 5.7m
Personal allowances and reliefs – The personal allowance for the current tax year is £11,500. Non-savings income above the personal allowance is taxed at rates from 20% to 45%.
Audits may be a thing of the past, but certain annual reports still apply. If you’re a business owner, you may be familiar with the process of submitting your accounts for official inspection by an independent body. This is known as an audit. You may also breathe a...
How to complete your self-assessment tax return online. For self-employed people, company directors and those receiving other sources of income, it’s the time of the year to send your self-assessment tax return. Self-assessment is the process used by HMRC to collect...