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Trivial Benefits – What can you give your employees Tax Free?

Receiving a gift from your employer is great but not so great if you’re then taxed on receiving the ‘benefit’.  The employer needs to be aware of whether or not they need to pay tax on the present. HMRC has published guidance allowing employers to provide trivial benefits without reporting them. So.. What is a trivial benefit? HMRC have some …

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Top Bookkeeping Tips

When running a business of any size it’s incredibly important to get your bookkeeping right.  That said it seems to be the one thing that business owners dread the most. So here are our top tips for taking the hassle out of your bookkeeping   GET ORGANSIED – I know it sounds easy..  But you really don’t want to be …

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Why does the tax year start on 6th April?

You might think, logically, that the beginning of the tax year would coincide with the calendar year – and in some countries it does.  In the UK however this seemingly random date goes back to medieval times and of course it comes down to ensuring that there was no loss of tax revenues! In England and Ireland the New Year …

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Week 53 Payments

The 2018/19 tax year started on a Friday — Friday 6 April 2018; it also ends on a Friday – Friday 5 April 2019. Where employees are paid in multiples of a week, their payday often falls on a Friday. As a result, where the last pay day in the 2018/19 tax year is Friday 5 April 2019, depending on …

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MISSING THE DEADLINE FOR TAX RETURNS

What happens if I haven’t submitted my tax return on time? If you haven’t submitted a tax return on time then you will be automatically charged £100 on 1st Feb – regardless of whether you owe any tax or not. The impact of ‘Making Tax Digital‘ is becoming real HMRC can then issue a ‘determination’, this is an estimated bill …

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TOP TIPS FOR LAST MINUTE TAX RETURNS

1 – Make sure that you are registered to submit online with HMRC This is a BIG one, every year we see people despair because they fail at the final hurdle. If this is your first year for filing, if you’ve done paper returns in the past or if someone has previously submitted on your behalf then you need to …

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Staff Entertaining can be Tax Free

The general rule is that ‘entertaining’ isn’t tax deductible however staff entertaining is, always.  All costs of a staff function from food, drink, entertainment, venue hire and even accommodation are allowable.  And VAT registered businesses can recover the VAT incurred. There is no limit to the amount a business can claim in respect of staff entertaining providing there is no …

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IR35 and the Budget

Possibly the most debated measure contained in the budget for our freelancer and contractor clients. IR35 is a tax legislation designed to combat tax avoidance by workers supplying their services to clients via a third party (such as a limited company); but who in reality, are performing services in the same way as an employee. If you are classified as …

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Personal Tax and the Budget

Personal Tax  For 2019/20, the personal allowance is increased from £11,850 to £12,500 and the basic rate limit from £34,500 to £37,500, so that the level of income at which an individual comes within the change to income tax is extended from £46,350 in 2018/19 to £50,000 in 2019/20. The 2019/20 figures will remain the same for 2020/21. After that …

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