Tax Diary June/July 2017

Jun 02, 2017

1 June 2017 - Due date for Corporation Tax due for the year ended 31 August 2016.

19 June 2017 - PAYE and NIC deductions due for month ended 5 June 2017. (If you pay your tax electronically…

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Are you missing out on a �662 tax rebate

Jun 01, 2017

Apparently, over 4 million tax payers are eligible to claim the new marriage allowance, but only 2 million have done so. If our math is correct, this add up to £1.3bn in unclaimed tax refunds.

The…

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Possible bonus when you register for VAT

May 31, 2017

Businesses are required to register for VAT purposes when their annual taxable turnover exceeds £85,000 (this limit applies from 1 April 2017). You will not have to account for VAT on your taxable sales…

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Do you use your car for business purposes

May 25, 2017

Many employees use their own cars to undertake journeys for their employers. In most cases, employers will pay for this. Generally, they will pay a rate per mile.

HMRC consider this type of…

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Changes to taxable benefits from April 2017

May 23, 2017

The good news, the way in which benefits in kind are taxed – company cars, mobile phones, etc. – is unchanged for the tax year just ended, to 5 April 2017. Consequently, you can expect your tax position…

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Damage limitation

May 17, 2017

The phrase “in-limbo” comes to mind when describing the present outlook for businesses in the UK. What will be the outcome of the June election? What will be the outcome of the withdrawal from the EU?

We…

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What is the current tax position when dividends are taken

May 15, 2017

One of the most useful ways for owner directors of small companies to reduce their overall tax and NIC costs is to pay themselves a reduced salary – just enough to maintain their State benefits entitlements…

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The new Criminal Finances Bill

May 11, 2017

New legislation to increase the powers of law enforcement received Royal Assent 27 April 2017.

The Criminal Finances Act 2017 will give law enforcement agencies and partners, further capabilities…

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Change in accounts filing for small companies

May 10, 2017

Small companies are required to file a copy of their end of year accounts with Companies House. In the past, it has been possible to file abbreviated accounts – basically, a few notes and a Balance…

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