The NMW and family members
As a general rule, all workers must receive the minimum wage rate that’s appropriate for their age. But what happens if your business employs family members – is there any … Read more
Steve McGregor
How to account for VAT on deposits
When your business receives a deposit, it can create a tax point and VAT may be due. When is this relevant, and how do you make sure you account for … Read more
What proof do you really need to reclaim VAT?
In December 2016 the Court of Appeal criticised HMRC for not allowing a claim for VAT because the business didn’t have the normal documents required. What precisely is needed if … Read more
Rental losses and the new restriction on finance costs
From 6 April 2017 the tax relief for loan interest and other finance expenses relating to let residential property will be restricted. How will this affect current and future losses … Read more
Are benchmark subsistence payments still tax efficient?
The rules for benchmark subsistence rates changed in April 2016, and they can no longer be used in a salary sacrifice arrangement. What are the changes and is there still … Read more
TAX – PROFIT EXTRACTION
How much tax will you pay on your income in 2017/18? A new tax year starts in April and the good news is that you’ll be able to receive significantly … Read more
Seven-year ban for Mr Perfect
A sole director has been disqualified for seven years because he failed to maintain proper accounting records on behalf of the company. What financial information are you required to keep? … Read more
FLAT RATE SCHEME – New rules on the way in 2017
The flat rate scheme simplifies VAT reporting and reduces your administrative burden. It can also save you money. How could changes announced in the Autumn Statement 2016 affect this? Flat … Read more
MINIMUM WAGE – NMW, NLW and NI changes
In his Autumn Statement 2016 the Chancellor announced changes to the national living wage (NLW), the national minimum wage (NMW) and employers’ NI contributions. What do you need to know? … Read more
Reverse charge challenges
The reverse charge has been around since the start of VAT but we’re hearing that it’s being used increasingly to combat VAT evasion. What exactly is it and how does … Read more