Considering Investing in Plant or Equipment?
Business owners may be considering their options for investment in new equipment especially if their trading year end is March, as is often the case. There are a number of considerations:
Director Disqualified for Seven Years
Directors have a responsibility to maintain, preserve and deliver up records that are adequate to explain the financial position of their company. If they fail to do so, they run the risk of being disqualified from acting as a director.
Storm Damage and Tax Effects
Costs that businesses incur to clean up after the recent storms, that affected the north and east coasts in particular, need to meet the usual qualifying criteria that they are incurred “wholly and exclusively” for business purposes in order to be a legitimate write-off for tax purposes.
Rental Properties and Mortgage Interest Relief
A Summary of the Rules/Issues and Planning Suggestions for BTL Landlords.
If you are married or in a civil partnership, you may be able to claim the 'marriage allowance'. This is not a separate allowance, but a reallocation of 10% of the personal allowance from the partner with lower income to the other partner.
Many employers allow employees to pick and choose from a range of benefits such as extra holiday, company car or health insurance. Each employee may be able to sacrifice a part of their salary to receive the benefit, which often results in NIC savings for both parties and a tax reduction for the employee.
Topping up your State Pension
To receive the full amount of the new state pension you need to pay national insurance contributions (NIC) for 35 complete tax years. If you were contracted out of the second state pension, or SERPS, for any part for your working life you may receive less pension than you were expecting.
How your Savings are Taxed
For many years banks have deducted tax from interest they paid to savers, un-less the particular account was designated as tax-free, such as an ISA. That default position has changed from 6 April 2016.
Quarterly Reporting for Agencies
Employment agencies are required to report to HMRC the payments they make to workers they place with third parties, if those workers are not paid under PAYE. This requirement covers any organisation who finds work for an individual, which can include many agencies or intermediaries. One-man companies who only find work for their sole director are, however, exempt.
Flat Rate VAT Scheme Skewered
Many small businesses use the VAT flat rate scheme (FRS) to simplify VAT reporting and some gain a cash advantage from using the scheme.
Anyone aged 55 or over can now access their pension savings built up in a money purchase (defined contribution) scheme. This access can be as a one-off lump sum payment, an annuity purchase or as flexi-access draw-down.