1 day to delay tax by 12 months What is the issue? Dividends are generally taxable on the date they were received. This sounds simple, but if the tax rate changes this can be vital to avoid overpaying tax. For example, a dividend was received on the 5th April 2020, then the tax on it… Read more »
Posts Tagged: accountancy
5% VAT applies to more than you think
Find out about the Government’s temporary VAT cut and how you could potentially benefit. What is it? On the 8th July, the government announced that they would temporarily reduce VAT to 5% for certain supplies for hospitality, hotels, and holidays. This reduced rate started on the 15th July, and continues to the 12th January 2021…. Read more »
Green Homes Grant – Too Good to be True?
Find out about the Government’s new Green Homes Grant, and what it could mean for you! What is it? In July, the Chancellor, Rishi Sunak, accounced the Green Homes Grant. The Grant will provide £2 billion for people across England and Wales to improve their homes to reduce carbon emissions. The scheme will start in… Read more »
Amnesty for Furlough Breaches
Find out about the Government’s amnesty for Furlough rule breakers. What are the furlough rules? If an employee is furloughed then they cannot undertake remunerative work for the employer. This means that they cannot do any work for that employer, or a company linked to that employer. However, they can take part in training, they… Read more »
Tax relief on pension contributions
Following HMRC’s victory in court they could reclaim millions of pounds in tax. What contributions are there? If you are a UK taxpayer you can get tax relief on pension contributions of up to 100% of you earnings, or £40,000 whichever is lower. This means that some money that would otherwise go the tax man… Read more »
Self-Employment Grant Two
Find out about the next Self-employment Support Grant. What Is It? The Chancellor has announced a second grant for eligible self-employed people affected by Coronavirus. This will cover the period from June to August. The Chancellor also announced that this will be the LAST grant the government will give to people. Of the 3.5 million… Read more »
Coronavirus Business Aid
Find out what we know about how the Government plans to help your business through the Coronavirus Outbreak. Coronavirus Job Retention Scheme (CJRS) CJRS means all employers will be able to access support to pay part of employee’s salaries to avoid making them redundant during this crisis. This pay will be backdated to 1st March… Read more »
Avoiding the Pension Cap
Thousands of people may have unexpected tax bills, because they have contributed too much to there pension schemes. Most people are entitled to contribute up to £40,000 a year into a private pension tax-free. This cap applies across all of your pension schemes, and includes contributions made by employers, or on your behalf by someone… Read more »
Tax Expert Earns First Review on Clutch!
Accounting and financial paperwork for a company can be an additional hassle. However, with proper tax keeping and finance practices, companies can focus on maximizing their quantified sales and revenue in a highly efficient manner. We want our clients to reach their full potential, and for them to do that, we are here to help…. Read more »
Non staff entertainment: Claiming VAT on entertaining on Valentine’s Day
Claiming VAT on entertaining non-staff is usually not allowed, but there are certain times when you can do it. The input VAT is usually not claimable on the costs of entertaining non-staff. This rule also applies to staff whose role is to look after the guests and make sure they enjoy themselves. It is possible, however,… Read more »