HMRC has released the best excuses for late tax return and expense claims ahead of the 31 January deadline, and they are brilliant...
Auto-Enrolment, pension contributions since 2012 have been calculated at a rate of 1% employee and 1% employer contribution of the employees qualifying earnings. As from 6 April 2018 these rates will be increasing to 3% employee contribution and 2% employer contribution.
You will hopefully have completed your self-assessment tax return form for 2017…
In the current year (2018) the changes start in respect of restricting interest relief, 75% of your allowable finance costs will be deducted as an expense of the business and the remaining 25% will be treated as a tax reduction at 20%.
This may perhaps be considered a little controversial but as tax advisers we can often be the last professional adviser to be informed that a client has disposed of a UK residential property. This sometimes occurs only at the point the client provides us with their tax return information.
Many of us have woken up to the news this morning that construction giant, Carillion, has gone into compulsory Liquidation. The writing may have been on the cards for some time; the Company’s shares have lost 90% of their value since 2017; the Company has been issuing profit warnings over the past year; and costs have significantly overrun on some large public sector contracts. The knock on effect could be dramatic for many:
Over the last twelve months two of my clients involved in the construction industry have suffered joint visits by the HMRC VAT and Construction Industry Team.
With the demise of local HMRC offices, this approach represents a change from previous HMRC practice.
Scammers don’t care whether you’re an experienced investor or have never put your money anywhere other than a bank. They will try to anything to pressure you into handing over your hard-earned cash, leaving you with nothing but a hefty tax bill.
The festive break and Christmas shut down is often a period when business owners have time to reflect on the future of their business and their own personal objectives- these reflections may lead to thinking about retirement and planning for the ultimate sale of the business.
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