HMRC has today announced significant changes to the roll-out of its Making Tax Digital (MTD) scheme, which was due to go live from April 2018. MTD is the biggest change to the tax environment that we have ever seen and is by far one of the greatest challenges facing businesses in the near future. Much to … Continue reading Making Tax Digital and how it affects you.
Some tenants treat your property with great care, but some don't, and as the landlord you may be entitled to receive dilapidation payments from the tenant. Given the recent changes to the way that property income and expenditure are treated in your tax return it is extremely important to establish whether this payment is treated as … Continue reading Dilapidation Receipts – Income or Capital?
This is the start of on ongoing series of posts that will address the most tax efficient ways of extracting value from your business. A salary is the reward for your effort as a director and as such does not have to be linked to profitability. As such, unlike dividends, it can be paid to … Continue reading Salary for directors, the do’s and don’ts.
Changes, that came in on 1st April 2017, to the VAT Flat Rate Scheme (FRS) and have supposedly been introduced to tackle "misuses" of the scheme by some small businesses. The changes mean that now businesses that operate the FRS will now need to determine whether they are a "limited cost trader" (LCT). Those that spend … Continue reading VAT changes that will effect small businesses.
The presentation given by Milestone Management Solutions Ltd.'s MD Tony Miles to address the recent changes to property taxation and what it means to you sole Trader and Partnership Property Investors. Personal Tax The current Personal Tax rates are: - Personal Allowance increased to £11,500 – 0% rate - Basic rate limit increased to £45,000 … Continue reading Presentation to Progressive Property Network – Derby on 9th May 2017
Source: HM Government | | 27/04/2017 Following the Prime Minister’s unexpected announcement that there will be a snap general election on 8 June 2017, Parliament will now be dissolved on 3 May 2017. After this date, no further legislation will be passed until Parliament opens again after the election. The scope of the Finance Bill … Continue reading Update on Finance Bill 2017
There a four company structures that a business owner can choose from, each are very different in their ability to protect your assets, generate cash inflows and create timing benefits. These can be explained as: Sole trader, this is defined as you run your own business as an individual and are self-employed. Being a sole … Continue reading Company structures – the pros and cons.
The good news is that there weren’t many tax changes announced in the Spring Budget 2017. Increase in Class 4 NI. The main rate of Class 4 NI is to increase from 9% to 10% with effect from 6 April 2018 and from 10% to 11% with effect from 6 April 2019. For a self-employed … Continue reading Assessment of the Spring Budget 2017.
I received this letter today from the FSB Policy Director and small business owner, Martin McTague and thought that you would find it interesting and may want to hav your say. As a small business owner and FSB Policy Director, I was extremely disappointed by the Chancellor's announcement on Wednesday to raise the class four national … Continue reading Have your say about the raise in national insurance charges on the self-employed.
Extra help for those worst affected by changes in business rates welcomed by the Federation of Small Businesses (FSB). But many hard-working self-employed people hit with a tax grab in today’s Budget. Mike Cherry, FSB National Chairman, gives his assessment on the main Budget announcements: “FSB welcomes the fact that the Chancellor has listened to … Continue reading Budget relief on rates but a tax grab on the self-employed