Capital Gains Tax planning
A guide to capital gains tax and the reliefs available for 2017 When you buy an item with the intention of selling it for a profit, that transaction is treated as a trade and you should pay income tax on…
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House Prices Fall Three months in a row…
Since 2009 it is the first time house prices have fallen three months in a row. Nationwide Building Society said that the prices dropped 0.2% in may, while the annual rate of price growth slowed to 2.1%- the slowest pace…
Xero Updates
See below some of the fantastic new updates Xero released during the month of June and so far in July. 7 June 2017 In the new reports, new summarise group options can now be added. 13 June 2017 Check printing…
Lifetime ISAs
The Lifetime ISA will launch on 6th April 2017. The state will add a 25% bonus on top of what you save. This could mean up to £32,000 free cash! Definitely a no-brainer for first time buyers? Facts about the…
Quoting fees to new clients
There are many frustrations with business owners when trying to figure out what to quote clients. Here are the five classic mistakes made when quoting fees to new clients; 1) The value of the client is obviously at the forefront…
Making Tax Digital Update
Last month we introduced you to the HMRC project Making Tax Digital being the proposed system for quarterly reporting of business activity being introduced from 6th April 2018. The legislation to introduce MTD was due to be passed in the…
Deadlines & Dates
Here are some important deadlines and dates as from September 2017. 8th September 2017 – Finance Bill- This has now been published and can be found by clicking here 30th September 2017-CTSA- any company returns for accounting periods ended 30th…
Rising national living wage hits SME profits
64% of small businesses are seeing profits fall as a result of the national living wage (NLW) rise, according to research. The NLW increased from £7.20 to £7.50 per hour on 1 April 2017. Out of 835 businesses surveyed by…
Important changes to PSC reporting
Important changes to PSC reporting. Changes to the people with significant control (PSC) register have come into force. All companies and limited liability partnerships (LLPs) are required to identify and record the people with significant control over their company. Previously,…
Credit card charges to be banned!
The Government has said that from January next year, consumers are no longer to be charged for paying by debit or credit card; charges to be banned. The greatest spent in charges was in 2010. Consumers spent £473m alone on…
Salary or dividend?
What combination of salary and dividend should you take in 2017/18? As the owner and director of your own company, you can choose how and when to extract funds from your company. As almost all the funds you take out…
HMRC Credit Card payments
Credit card payments will no longer be accepted by HMRC. As from the 13th January 2018 HM Revenue and Customs will no longer accept payment from a personal credit card. You must have an alternative method of payment. If you…