Accounting News

MTD Software – What Do You Need?

MTD Software – What Do You Need?

Making Tax Digital (MTD) for VAT went live on 1 April 2019. VAT registered businesses with VATable turnover above the VAT registration threshold of £85,000 are required to comply with the requirements of MTD for VAT from the start of...

Read more

Personal Service Company Changes From April 2020

Personal Service Company Changes From April 2020

In the Autumn Budget the Chancellor announced that the "off payroll" workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government have now issued a consultation paper that sets...

Read more

Capital Allowances – Write Off Small Pools

Capital Allowances – Write Off Small Pools

Businesses which are not using the cash basis can claim capital allowances for capital items that are used in the business, such as plant and machinery, tools and equipment, and so on. Where the annual investment allowance, which gives an immediate...

Read more

Keeping Records Of Rental Income And Expenses

Keeping Records Of Rental Income And Expenses

Unless rental income is less than £1,000, landlords must declare it to HMRC and pay tax on any profit made by the property rental business. The profit can be calculated by deducting allowable expenses from rental and other income of the...

Read more

Tax-Free Savings Income Of £18,500

Tax-Free Savings Income Of £18,500

Where income is mainly derived from savings, it is possible to enjoy tax-free savings income of up to £18,500 tax-free in 2019/20 in addition to that held in tax-free wrappers, such as individual savings accounts (ISAs). The ability to enjoy savings...

Read more

SDLT And First-Time Buyers

SDLT And First-Time Buyers

Stamp duty land tax (SDLT) is payable where you buy a property in England or Northern Ireland and the amount paid is more than a certain amount. SDLT does not apply in Scotland, where Land and Buildings Transaction Tax (LBTT)...

Read more

Employer Childcare Vouchers v Government Scheme

Employer Childcare Vouchers v Government Scheme

Employees who joined their employer’s childcare voucher or employer-supported childcare scheme before 4 October 2018 can remain in that scheme and benefit from the associated tax relief for as long as the employer continues to offer it. However, this may...

Read more

Employees: Tax-Free Benefits To Keep Them Healthy

Employees: Tax-Free Benefits To Keep Them Healthy

More than 25 million working days are lost annually due to work-related ill health matters, including the two leading causes of workplace absence, namely back injuries and stress, depression or anxiety. There are however, several areas where employers can use...

Read more

Buy New Equipment Before 6 April!

Buy New Equipment Before 6 April!

Your business year end, not 5 April, is relevant for capital allowances purposes. If however you are running a business and making up accounts to 31 March or 5 April, you should consider buying plant and machinery to take advantage...

Read more