The Government has launched a consultation on changes to research and development (R&D) tax credits which are intended to prevent businesses from abusing the scheme for small or medium-sized enterprises (SME).Read More

Barclays bank has announced plans for a major lending fund worth £14 billion pounds, which will help small and medium enterprises (SMEs) to flourish once the UK has left the European Union (EU).Read More

HM Revenue & Customs (HMRC) has warned that registration for Making Tax Digital (MTD) for VAT will take up to seven days to complete and will not be a real-time service.Read More

Currently, in the UK, late payments are a serious issue, especially for small medium-sized enterprises (SMEs) who have to chase invoices from large suppliers, thus causing a disruption in the channel with resellers.Read More

The Government has announced details of the first public consultation on its plans to make HM Revenue & Customs (HMRC) a secondary preferential creditor for certain tax debts which are paid by employees and customers after the insolvency of a …Read More

Business owners in the UK are being reminded to take sufficient measures to prepare their businesses for the upcoming changes to legislation regarding payroll, which will come into force on the 6 April 2019.Read More

A newly proposed traffic light system could be used to put a spotlight on businesses with track records of late payments.Read More

The Government is urging SMEs make use of a scheme that can earn them a £2,500 voucher towards the installation of fibre optic broadband.Read More

Important Deadlines for individuals, self-employed and CIS subcontractors Individuals, sole traders and CIS subcontractors Filing deadline Second payment on account for 2019/20 tax year 31 July 2020 Deadline to advise HMRC that you need to register for self-assessment for the …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

National Insurance Contribution Thresholds 2017/18 £ per week 2016/17 £ per week Weekly lower earnings limit (LEL) 113 112 Weekly primary threshold (PT) 157 155 Weekly secondary threshold (ST) 157 156 Upper earnings limit (UEL) 866 827 Upper profits limit …Read More

Taxable Income bands and corresponding rates 2017/18 2016/17 Basic rate 20% 20% Higher rate 40% 40% Additional rate 45% 45% Starting rate of saving income 0% 0% Dividend ordinary rate (effective rate with tax credit) 7.5% 0% Dividend higher rate …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

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

Taxable Income bands and corresponding rates 2015/16 2016/17 Basic rate 20% 20% Higher rate 40% 40% Additional rate 45% 45% Starting rate of saving income 0% 0% Dividend ordinary rate (effective rate with tax credit) 0% 0% Dividend higher rate …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