How much tax do you pay on your dividends?


September 19th, 2019

If you own a small limited company your shares entitle you to draw a return on your shareholding – in common parlance these returns are called dividends. A company can only pay dividends if it has current or accumulated tax-paid reserves. For most smaller companies this will be described as reserves or retained profits on […]

Does your employer pay for your private petrol?


September 17th, 2019

A reminder that you can avoid the hefty car fuel benefit charge if you drive a company car and your employer pays for your private fuel. One way to achieve this is to repay your company for the private petrol provided. Many employers have an arrangement with their company car drivers to obtain reimbursement of […]

Unclaimed estates


September 16th, 2019

There is nothing more intriguing that the notion we may be due untold riches from undisclosed sources. For example, do you have any premium bonds, and did you notify the registrar the last time you moved to a new house? And did you know that the estates of deceased persons whose beneficiaries or family cannot […]

Do you have a December year end?


September 10th, 2019

December is probably the second most popular trading year end for businesses; the most popular being the 31 March. Your end of year planning should include a review of your results – prior to your year end – so that there is an opportunity to make any advantageous changes. From our perspective, there is nothing […]

Construction industry VAT changes 1 October 2019


September 5th, 2019

Just one month to go until the so-called “Domestic Reverse Charge” will apply to VAT registered traders who are also registered to use the Construction Industry Scheme. There has been an awful lot of commentary in the press claiming that from 1 October, building contractors will be lumbered with paying their sub-contractors’ VAT. Perhaps a […]

Tax-free annual party


September 3rd, 2019

If you are starting to look forward to the forthcoming end-of-year and Christmas celebrations, and we could all do with a bit of festive cheer, you may find the following article useful: it sets out the rules and regulations that qualify such events for a tax-free status: no benefits in kind, tax or NIC consequences. […]

Are you making the most of Trivial Benefits


September 2nd, 2019

Earlier this year we highlighted the tax concession afforded by the so-called Trivial Benefit rules. We said: It is possible to make small tax-free payments to employees, including directors… Employers and employees don’t have to pay tax on such a benefit if all of the following apply: it cost you £50 or less to provide, […]

Autumn Budget 2019


September 2nd, 2019

If there was a measure of stability in UK politics, we would be expecting the usual dispatch-box presentation by the Chancellor before Christmas. The annual budget is usually presented November each year. This may still happen this year, but present uncertainties regarding the Brexit outcome, and the present government’s slim majority may scupper that timetable […]

Why you may need an EORI number


September 2nd, 2019

The end of next month, 31 October 2019, is the latest deadline for our exit from the EU and the recent hiatus seems to be pushing the UK ever closer to a no-deal outcome. Accordingly, if you are involved in buying or selling goods to EU countries, you should apply now for an Economic Operator […]

Changes to contractor VAT from 1 October 2019


September 2nd, 2019

We have alerted building contractors and sub-contractors in previous newsletters of changes to the VAT rules from 1 October 2019. In a nut-shell, if you are subject to the Construction Industry Scheme and if you are registered for VAT, from the 1 October 2019 you may need to change the way you account for VAT […]