What are your responsibilities to pay the National Minimum Wage

Apr 20, 2017

The current state defined wage rates are divided between the National Living Wage (NLW) – this is currently set at £7.50 per hour and only applies to workers aged 25 years and over – and the NMW for…

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Tax free capital gains

Apr 19, 2017

Is there such a thing as a tax-free capital gain? In fact, there is… Every UK resident tax payer is allowed to make tax-free gains of up to £11,300 during the current tax year, 2017-18.

Additionally,…

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Is the State Pension taxable

Apr 17, 2017

Short answer, yes it is…

The State Pension is worth between £6,359.60 (the old version), and £8,296.60 (the new version), and many pensioners may receive additional payments based on additional…

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Utilising tax losses

Apr 11, 2017

We have listed below a few of the ways you can make best use of tax losses. Generally speaking, a tax loss arises when a claim for expenses and other allowances (for example capital allowances for equipment…

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Will the new one pound coin affect your business

Apr 06, 2017

The new, 12 sided coin became legal tender from 27 March 2017. Businesses that deal in cash transactions, or use equipment that accepts the £1 coin should take note of the following:

The 28…

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Simplified cash basis

Apr 06, 2017

For some time now, unincorporated businesses have been able to submit simplified accounts in order to settle their tax liabilities. The main advantage of using this system is that income and expenditure…

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Class 4 NICs

Apr 06, 2017

The Chancellor announced two increases in Class 4 NI contributions for the self-employed in his budget and in the following week withdrew the increases for the term of the current parliament.

His…

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Dividend tax set-back

Apr 06, 2017

The final matter we want to showcase for this month is the proposed reduction in the dividend allowance from April 2018. At present, shareholders with dividend income below £5,000 will pay no Income…

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Tax Diary April/May 2017

Apr 06, 2017

1 April 2017 - Due date for Corporation Tax due for the year ended 30 June 2016.

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

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