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NIC and the self-employed

Change is on the horizon – from April next year, the self-employed will only pay one Class of National Insurance rather than the two currently payable. Change is on the horizon – from April next year, the self-employed will only pay one Class of National Insurance rather than the two currently payable. Current position Depending […]

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Annual investment allowance

The annual investment allowance (AIA) is a capital allowance that enables a business to write off the cost of most items of plant and machinery in full against profits in the year in which the expenditure is incurred. The annual investment allowance (AIA) is a capital allowance that enables a business to write off the […]

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Corporation tax and trading losses

Relief may be available where you operate your business through a company and you make a loss. The loss may be set against total profits of the current or previous accounting periods or may be carried forward and set against future trading income from the same trade. Relief may be available where you operate your […]

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Making Tax Digital (MTD) – Voluntary pay as you go

As well as the requirement to make a digital return and keep digital tax records, the Making Tax Digital (MTD) reforms introduce other changes to the way in which taxpayers interact with HMRC. As well as the requirement to make a digital return and keep digital tax records, the Making Tax Digital (MTD) reforms introduce […]

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What proof do you really need to reclaim VAT?

What proof do you need to reclaim VAT? When it comes to reclaiming VAT on purchases HMRC’s guidance says you must have the appropriate documentary evidence. This is what you will need if you want to successfully reclaim VAT on purchases In December 2016 the Court of Appeal criticised HMRC for not allowing a claim […]

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The new Flat Rate VAT Scheme 2017– HMRC announce more guidance for ‘Limited Cost Traders’

HMRC have helpfully updated their guidance on the new Flat Rate VAT regime a month before the changes take effect. Find listed the most important changes and information on the ”Limited Cost Trader rules” for small businesses. HMRC have helpfully updated their guidance on the new Flat Rate VAT regime – a month before the […]

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Latest HMRC telephone scams

The two new HMRC telephone scams you should be aware of: There are two new HMRC telephone scams to be aware of: Scam 1. HMRC has become aware of a telephone scam where a recorded message is left, allegedly from HMRC, that starts: “This is Her Majesty’s Revenue & Customs. We have been trying to […]

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HMRC interest rate cut

​Following the Bank of England’s cut in its base rate from 0.5% to 0.25% on 4 August, HMRC has decided to cut some of its rates. Following the Bank of England’s cut in its base rate from 0.5% to 0.25% on 4 August, HMRC has decided to cut some of its rates. Good news. With […]

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What is a ‘trivial’ benefit?

A new statutory exemption applies for trivial benefits from 6 April 2016. Trivial benefits are tax-free to employees and do not need to be notified to HMRC on form P11D. A new statutory exemption applies for trivial benefits from 6 April 2016. Trivial benefits are tax-free to employees and do not need to be notified […]

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Reclaiming Tax Once Director’s Loan Repaid

One Accounting’s guide on Reclaiming Tax Once Director’s Loan Repaid In family companies, many directors and shareholders maintain loan accounts with the company. As long as any loans are cleared within nine months and a day of the year end (i.e. by the date by which corporation tax for the period is due), the only […]