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Business Tax Planning – reduce your liability

24th February 2016
24th February 2016

In the business cycle, this is a key time for planning ahead – not just around how your business is faring, but also about how much tax you may be liable for, and looking at possible ways of reducing that tax liability.

Many tax bills will have recently been settled: self-employed will have paid their self-assessment personal tax bills, and limited companies with a March year-end will have paid their Corporation Tax liabilities.  As we’re now rapidly approaching the end of another tax year at the end of March, it’s a good time to turn attention to the current year. Read more

Tax issues affecting Pensioners

17th February 2016
17th February 2016

Whilst not everything about getting old may be good, at least the Government gives away a few tax goodies to pensioners.  One of the perks is the additional personal allowance that you are entitled to if you are born before 6 April 1938. Unfortunately the size of this perk isn’t that big!  Your tax free personal allowance is £10,660 (in the 2015/16 tax year), £60 more than if you’re a youngster. Read more

Statutory Maternity Pay & Related Issues

3rd February 2016
3rd February 2016

Firstly, if you are pregnant then Congratulations ! Secondly, make sure you are prepared financially and are aware of your rights and commitments as an employee, as well as those of your employer. Read more

5 Tips to Avoid Errors as we are getting very close to Self-Assessment Filing Deadline 31st January

20th January 2016
20th January 2016

 

  1. Please get your info to us ASAP as late filing incurs an immediate penalty of £100
  2. If we have sent your return to you please Sign it and send it back to us. We’re currently waiting for more than 60 of these back from people
  3. The last posting day to the HMRC is Wednesday 27th January
  4. Remember to quote your tax reference on any payments so that the HMRC can identify it’s yours
  5. Make separate payments if you are paying tax for more than one person.

Payment Methods  You should have a payslip for any tax due to pay – this could be blank or completed

  • We will ensure your tax is paid if you send us a cheque payable to HMRC but you must allow us enough time to send it out by Wednesday the 27th January
  • Due tax can be paid using a bank card online at the HMRC website
  • Due tax can also be paid using your own online banking

If you have sent us your income and other information, please be assured that we are getting your return complete.

31st January deadline is looming!

12th January 2016
12th January 2016

Happy New Year to all who read our Blog. January is a quiet time for many businesses, but not for us. The deadline for filing Self-Assessment Tax Returns for the year ended 5 April 2015 is 31st January 2016, so if you haven’t sent your records in to your accountant you need to act fast! Read more

Making the most of building your own house

5th January 2016
5th January 2016

Have you noticed just how many building sites are popping up around us?  It’s a sure sign of the economy getting back into a stronger position, helping to keep many local, smaller building firms and their contractors and suppliers busy. Read more

Income from Abroad

1st December 2015
1st December 2015

Nickie’s thoughts drift to foreign parts…

It’s a dark, drizzly early December morning here – so I thought I’d turn my thoughts to further afield, perhaps even sunnier climes… but that brought thoughts of Tax.  I can’t help it, I’m an accountant!

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Making the most of the Personal Allowance

16th November 2015
16th November 2015

The Personal Allowance is how much you can earn before you start paying tax – so it’s important you make the most efficient use of it!

The standard personal allowance is £10,600 for the current tax year and not everyone will be able to make full use of this. If you and your spouse are in the situation where one of you earns above the personal allowance and one just below you can make use of transferring the Marriage Allowance. Read more

Who needs R&R?

28th October 2015
28th October 2015

Many small businesses and their owners long for a bit of R&R – but I mean something different to rest and relaxation! In my mind, R&R means referral and recommendation, as the growth of our businesses and keeping current customers is crucial to our business survival, strength and growth.

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Redundancy: some things you need to know

15th October 2015
15th October 2015

Anything to do with redundancy is a worrying process, whether you’re making staff redundant or being let go yourself.  For the employer, some of the regulations and calculations can be difficult.  Here, we look at some of the important considerations which have to be taken in account.

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