We are proud to announce that Martax Accountants has achieved Gold partner status with the leading cloud-based accounting software, Xero. We are one of the few businesses in Surrey that have reached this status. We are Xero Certified Advisor since …Read More

HMRC has provided a list of how to prepare for the changes of the off-payroll working rules starting from 6 April 2020 that will help to guide medium sized and large business within the private sector. The changes will make …Read More

In simple terms, expense is the money spent by an organisation for the purpose of business. In accounting, an expense is an outflow of cash or other asset of value incurred during a particular accounting period. As a limited company …Read More

A business is a limited cost trader if its VAT inclusive expenditures on relevant goods is either: Less than 2% of your VAT Flat rate turnover Greater than 2% of your VAT flat rate turnover but less than £1,000 per …Read More

Income tax The personal allowance for the tax year 2017/18 has been increased to £11,500. Class 2 and Class 4 National Insurance contributions (NICs) The government will abolish Class 2 NICs on self-employed from April 2018. The rate of Class …Read More

The hourly rate for the minimum wages depends on your age and whether you’re an apprentice. The National Minimum Wage (NMW) is the minimum pay per hour almost all workers are entitled to by law. The National Living Wage (NLW) …Read More

The autumn statement included the decision to introduce a new flat rate of 16.5% for ‘Limited Cost Traders’ (LCTs) from 1 April 2017. These are defined as people who incur costs on goods in a return period of: Less than …Read More

As per the HM Revenue and Customs (HMRC) guidelines, you must submit a tax return if any of the following applies: You are self-employed You have untaxed income of £2,500 or more You have saving income of £10,000 or more …Read More

There are tax consequences on the gift of property which have been summarized as below: Capital Gains Tax If the property is gifted to your Son, it will be considered as disposal for capital gains tax (CGT) purposes. Therefore, the …Read More

The move will not have immediate legal and tax consequences for multinationals with UK operations. In longer term however, the landscape may change significantly for the UK, in terms of trade, tax and investment, both with regards to its relationship …Read More

April saw the highest level of stamp duty land tax (SDLT) recorded for a single month, according to statistics released by HMRC. Nearly £1.2bn was raised from 173,430 property transactions in March.Read More

If you are an employer you are now legally required to enroll your eligible employees into a qualifying pension scheme. This reform is staged over a six-year period, and is phased depending on the size of the employer. Minimum contributions …Read More