The increases in the personal allowance in recent years has come at the cost of reductions in the band of income being taxed at basic rate but, in the current year, an individual may have £43,000 of income before higher rate tax applies.
In recent years many companies have been preparing and filing ‘small company accounts’ under a Financial Reporting Standard for Small Entities (FRSSE).
A summary of important tax-related dates for your business from April 2017 to 2018. For further clarification on any dates please don't hesitate to contact us.
What it is From 1 April 2017 many businesses who use the VAT flat rate scheme (FRS) are going to see an increase in the Flat Rate % they apply to calculate amounts due to HMRC. Businesses subject to the new rate are those that have ‘limited costs’. The definition [...]
Final Spring Budget sets the stage for ‘Britain’s global future’ Chancellor Philip Hammond presented his first – and last – Spring Budget to the House of Commons in belligerent form. Despite revealing upgraded forecasts from the Office for Budget Responsibility, the Chancellor announced that he would adhere to the government’s [...]
Chancellor pledges post-Brexit economy ‘that works for everyone’ The new Chancellor of the Exchequer, Philip Hammond, acknowledged ‘sharp challenges ahead’ for the economy as he presented his first major fiscal statement, exactly five months after the UK’s historic vote to leave the European Union. The latest forecasts from the Office [...]
At the recent AGM for Chesil Theatre, Winchester’s leading amateur drama company, Vantage Accounting's accountants agreed to act as Independent Examiners for this year’s Trustees’ Report. Chesil Theatre’s Chairman, Martin Humphrey, said: "With the emphasis on fundraising for the proposed new annexe to our base in Chesil Street, we are [...]
Landlords have faced significant changes to the tax system in the last few years so it has never been more important to ensure that all expenses and reliefs available are utilised as far as possible. There are still a number of ways to legitimately reduce the tax liability but care [...]
The Office for Tax Simplification (OTS) have been looking at this topic and with further reviews proposed it looks like the government are keen to progress this issue. Differences between income tax and NICs have been identified, by the OTS, as one of the top causes of complexity for small [...]
Your business makes lots of deliveries by van to clients and quite often drivers have to park on double yellow lines as there is no available parking nearby. The result is quite a lot of Penalty Charge Notices (PCNs) issued by the local authority or the police. Your drivers are [...]
