Month: March 2017

Personal Tax Personal Tax allowance The personal allowances for 2017-18 is £11,500 (2016-17: £11,000). Transferrable allowances The maximum amount of free personal allowance that can be transferred between spouses is increased to £1,150 in 2017-18. Couples can only make a claim if one partner has spare personal tax allowance and the other is a basic…

Today’s Spring Budget Announced by Philip Hammond is bad news for small business owners. Already, in the Autumn statement, it was announced that not only will VAT-registered businesses who operate under the Flat Rate Scheme be subjected to additional conditions to identify whether they are ‘Limited Cost Traders’ (upon which their VAT rate will increase…

Obviously. Although perspective clients may initially baulk at committing to additional costs, accountants can save businesses significant amounts of time and money by managing their financial affairs and alleviate the stress associated with paying tax bills. We can also take away the hassle of dealing with HMRC and being on hold which I know is…

Many of business owners I have spoken to recently forget to claim for expenses either because they haven’t been given receipts, they have misfiled them as the receipts were emailed or the receipts have been lost. That’s potentially hundreds or even thousands of pounds of legitimate business expenses which could have reduced your business tax…

Most bank statements are online these days – there will almost always be a download function where you can download each month’s/ quarter’s bank statement to save onto a “bank statement 2017” folder ready for you or your accountant at the end of the year. If you save it as an Excel (.xls) file then your…

To encourage 400,000 people to sign up for the “public beta” testing programme starting next month HMRC is offering a “special treat” for participants by excusing them from having to complete an SA return Theresa Middleton – the lead on the MTD project for HMRC stated “It is not a question of opting out of…