How To Know What It Costs To Create One Widget
Cost accounting is about calculating the total cost involved in the process of production. In a nutshell: “What it costs to create one widget!”
Sole Trader or Incorporated?
From April 2018, the £5,000 tax-free dividend allowance is reducing from £5,000 to £2,000.
Does your Employer Still Pay for your Private Fuel?
As we are approaching the end of yet another tax year, it is worth repeating our suggestion that highlights the cash benefit to company car drivers and their employers, of reimbursing the cost of fuel provided for private motoring. The rates have been updated for 2017-18.
This is also an appropriate time of the year to consider your capital gains tax position if you have already disposed (or are considering a disposal) of an asset subject to CGT before 6 April 2018.
Getting Ready for Making Tax Digital (MTD)
As our regular readers of our newsletter will be aware, the government has back-tracked on their original proposal to digitise taxpayers’ affairs.
Biker Club Wins VAT Case
Many clubs offer members a range of services for their membership fee. For example, membership may include a members’ magazine. Ordinarily, a magazine subscription should be zero rated for VAT purposes, but when the magazine element is bundled into a general club subscription - that is standard rated for VAT - problems can arise.
Unexpected VAT Charge for UK Importers
With no agreement on tariffs, the UK will be treated as any other non-EU trading nation post Brexit. Consequently, UK importers would be required to make an up-front VAT payment in addition to any customs duties. This VAT payment will rank as input VAT that can be reclaimed from HMRC.
What's in a Name?
A company, Casio Services Ltd (CSL), had been registered with Companies House since June 2016, and after that confirmation by Companies House the directors would no doubt have felt that they could trade with the registered name with no restriction.
Tax Diary February/March 2018
1 February 2018 - Due date for corporation tax payable for the year ended 30 April 2017.
The Budget - Personal Tax Considerations
Notable changes are listed below:
What is the Criminal Finances Act 2017?
In the past, the directors of larger organisations have been able to wriggle out of personal responsibility for the tax evasion acts of their employees and other associates if they can plead ignorance of the act.