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Pension money purchase allowance reduction 2017-18
21/09/2017 - More...
One of the measures announced in the March 2017 Budget was the reduction in the annual Money Purchase Allowance (MPAA) from £10,000 to £4,000. This measure was subsequently dropped from the pre-election Finance Bill, but as expected, has now been included in the second Finance Bill of 2017 published earlier this month. Once the second

Tax relief for electric vehicle charging points
21/09/2017 - More...
In last year’s Autumn Statement, the Chancellor announced a new capital allowance for electric vehicle charging points. Capital allowances is the term used to describe the allowances which allow businesses to secure tax relief for certain capital expenditure. Most 'capital' items, such as computer equipment, vehicles, machinery etc, last

When is a car a van for VAT reclaim purposes?
21/09/2017 - More...
In most cases a business is unable to reclaim the VAT charged when they purchase a car. However, there are different rules for other types of commercial vehicles and in most cases VAT can be reclaimed when a business purchases a commercial vehicle. For example, vans usually have no rear seats, metal side panels to the rear of the front

Reimbursing employer for benefits in kind
21/09/2017 - More...
It has been confirmed that the promised legislation to allow employees to reimburse their employers for benefits provided, and thereby avoiding a tax charge, will be included in the second Finance Bill 2017. These changes will align the dates for reimbursing an employer for benefits-in-kind (referred to in the legislation as ‘making

Changing your company’s year end
21/09/2017 - More...
There are special rules which limit the ability to change a company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated. Under certain circumstances it is possible to make a change to the year end. As a general rule, you

Closing down a limited company
21/09/2017 - More...
There are a number of reasons why a limited company may no longer be required and can be shut down. The limited company structure is no longer suitable as: being incorporated is not the best option the business is no longer trading or the company is insolvent. It will usually be necessary to have the agreement of all the company’s

Date announced for Autumn Budget 2017
13/09/2017 - More...
The Chancellor has announced that the Autumn Budget 2017 will be held on Wednesday, 22 November 2017. The announcement was made on the GOV.UK website and included a video message from the Chancellor, Philip Hammond. In the video, the Chancellor said that the budget will 'set out our thinking on how to keep the economy strong and resilient

Reduction in dividend allowance confirmed
13/09/2017 - More...
Now that the second Finance Bill of 2017 has been published, we finally have confirmation that a number of measures announced earlier this year are to be included on the statute books. These measures were cut from the first Finance Bill of 2017 due to the snap election. These measures includes confirmation that the reduction in the

Making Tax Digital
13/09/2017 - More...
The new timetable for the introduction of Making Tax Digital (MTD) has been confirmed with the publication of the second Finance Bill. The MTD regime was originally due to start from April 2018. However, there were significant concerns that the roll-out of the MTD was moving too fast and a new timetable for the introduction of MTD was

Card transaction disclosures
13/09/2017 - More...
HMRC’s Card Transaction Programme is a disclosure opportunity for businesses that accept card payments and have not paid the right amount of tax due. The disclosure opportunity has been widened to also allow businesses that accept cash payments to also use the scheme. The campaign offers the opportunity for affected businesses to bring

VAT Annual Accounting scheme
13/09/2017 - More...
The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year. The main benefits of the scheme include the requirement to file only one VAT return per year. This can significantly reduce the amount of administration time and the associated cost of preparing and submitting quarterly VAT returns.

Paying wages for the first time?
13/09/2017 - More...
There are a myriad of rules that new businesses must follow when they start employing staff for the first time. A full examination of the rules is beyond the scope of this article however we wanted to point out some important issues to be aware of when taking on staff. This includes ensuring that you register as an employer with HMRC.