- April 18, 2024
- admin
Class 4 NICs who is liable?
Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more a year. Class 4 NIC…
- April 18, 2024
- admin
Post Transaction Valuation Checks
A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a capital gains tax liability or for companies…
- April 18, 2024
- admin
View and prove your immigration status
A UK Visas and Immigration (UKVI) account can be used by eligible users to view and prove their immigration status online. This may be required…
- April 18, 2024
- admin
Taxable employment benefits from April 2026
From April 2026, the government will mandate the reporting and paying of Income Tax and Class 1A National Insurance Contributions on benefits in kind via…
- April 18, 2024
- admin
Changes to Scottish Income Tax rates 2024-25
A reminder of the changes to Scottish Income Tax rates for the 2024-25 tax year. It was announced as part of the Scottish Budget measures…
- April 18, 2024
- admin
Payrolling employee expenses and benefits
Employers can register on a voluntary basis (before the start of the tax year) to report and account for tax on certain benefits and expenses…
- April 18, 2024
- admin
Tax Diary May/June 2024
1 May 2024 - Due date for corporation tax due for the year ended 30 July 2023. 19 May 2024 - PAYE and NIC deductions…
- April 16, 2024
- admin
Settling energy disputes
Business owners that are in dispute with their energy suppliers will be interested in the free support on offer from the Energy Ombudsman. In a…
- April 16, 2024
- admin
COVID Bounce Back abuse
The Insolvency Service has recently published information confirming that a total of 831 company directors were banned in 2023-24 for Covid support scheme abuse, up…
- April 11, 2024
- admin
Paying VAT on goods from EU to Northern Ireland
There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland Protocol, all Northern Ireland businesses continue to have…
- April 11, 2024
- admin
VAT retail schemes
VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are used by businesses that sell…
- April 11, 2024
- admin
Termination payment clearance process
The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions
- April 16, 2024
- admin
COVID Bounce Back abuse
The Insolvency Service has recently published information confirming that a total of 831 company directors were banned in 2023-24 for Covid support scheme abuse, up…
- April 16, 2024
- admin
Settling energy disputes
Business owners that are in dispute with their energy suppliers will be interested in the free support on offer from the Energy Ombudsman. In a…
- April 9, 2024
- admin
What do we mean by profit?
When most business owners refer to business profits, they are likely to mean the difference between sales and costs, and more concisely, that sales exceed…
- April 5, 2024
- admin
To register or not to register
In the recent Spring Budget, the VAT registration threshold was raised to £90,000 (previously £85,000) which means that smaller businesses that did not want to…
- March 26, 2024
- admin
We are unpaid tax collectors
Clients often refer to the VAT added to supplier invoices as if it were a cost to their business regardless of their VAT position. This…
- March 26, 2024
- admin
Time to rethink the credit you offer your customers
Most business owners are driven by sales targets and to meet these targets they may be tempted to offer extended payment terms. For example, if…
- March 12, 2024
- admin
Public sector productivity
In a recent announcement by the Treasury, it was announced that plans are afoot to deliver up to £1.8bn of productivity benefits by 2029. The…
- March 4, 2024
- admin
Companies House rolls-out new powers
The first measures under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on Monday 4 March 2024. Changes introduced include:…
- February 28, 2024
- admin
A new champion for small businesses appointed
An experienced entrepreneur has taken up a key role to promote the needs of small businesses to government and ensure suppliers seize the benefits of…
- February 28, 2024
- admin
Crack down on ‘fire and rehire’ practices
The Government has announced action to tackle the use of controversial 'fire and rehire' practices. In a press release issued 19 February 2024 they said:…
- February 20, 2024
- admin
Top-line, bottom-line?
Most small business owners are happy, from a financial point of view, if sales are in line with expectations. And there are obvious grounds for…
- February 20, 2024
- admin
Importing or exporting for the first time?
If you are considering selling or buying to or from companies based outside the UK, you may well be overawed by the plethora of regulation…
- April 4, 2024
- admin
Restarting a dormant or non-trading company
HMRC must be informed when a non-trading or dormant company starts trading and becomes active for Corporation Tax purposes. Companies can use HMRC Online Services…
- January 18, 2024
- admin
Full expensing of capital purchases
A reminder to readers that the full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into effect last April. To qualify…
- January 11, 2024
- admin
New tax credits for film, TV and game makers
A number of reforms to tax reliefs for the creative sectors came into effect from 1 January 2024. Under the reformed system, a children’s TV…
- December 7, 2023
- admin
More time to file company accounts
The normal filing deadline for filing the accounts of a private limited company is nine months after the company’s financial year end. Known as the…
- November 30, 2023
- admin
Corporation Tax marginal rate
The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023. A Small Profits Rate (SPR)…
- November 30, 2023
- admin
Tax relief for R&D intensive SMEs
In the Autumn Statement it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme will be merged from April 2024.…
- November 9, 2023
- admin
Company tax return obligations
After the end of its financial year, a private limited company must prepare full annual accounts and a company tax return. In most cases a…
- November 9, 2023
- admin
What is a business repair?
HMRC’s internal manuals provide some useful information on the definition of a business repair. This is important because it is required to identify the asset…
- October 19, 2023
- admin
Accounting periods for Corporation Tax
Companies often have two different company accounting periods. This is because there are different rules for Companies House filings and for returns sent to HMRC.…
- September 21, 2023
- admin
Utilising Capital Gains Tax losses
Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule, if the…
- September 21, 2023
- admin
No gain – no loss transfers in groups of companies
There are special rules concerning the transfer of assets in groups of companies. In most cases, this means that where assets are moved around group…
- August 3, 2023
- admin
Corporation Tax Group Payment Arrangements
A Corporation Tax Group Payment Arrangement (GPA) is a special arrangement that allows groups of companies to make joint payments of Corporation Tax. This type…
- April 18, 2024
- admin
Payrolling employee expenses and benefits
Employers can register on a voluntary basis (before the start of the tax year) to report and account for tax on certain benefits and expenses…
- April 4, 2024
- admin
Restarting a dormant or non-trading company
HMRC must be informed when a non-trading or dormant company starts trading and becomes active for Corporation Tax purposes. Companies can use HMRC Online Services…
- April 4, 2024
- admin
Tax-free mileage expenses
If you use your own vehicle for business journeys you may be able to claim a tax-free allowance from your employer known as a Mileage…
- January 25, 2024
- admin
Reporting company car changes
There is a requirement to notify HMRC if you make any company cars available for private use by company directors or employees. The definition of…
- January 18, 2024
- admin
Full expensing of capital purchases
A reminder to readers that the full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into effect last April. To qualify…
- January 11, 2024
- admin
New tax credits for film, TV and game makers
A number of reforms to tax reliefs for the creative sectors came into effect from 1 January 2024. Under the reformed system, a children’s TV…
- January 9, 2024
- admin
Using your vehicle for work related journeys
If you use your car or other vehicle to undertake business journeys on behalf of your employer, and your employer does not: Fully reimburse you…
- December 20, 2023
- admin
Tax consequences of loans to employees
An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee…
- December 14, 2023
- admin
Tax exempt accommodation costs
There are special rules for the provision of living accommodation for employees. In most cases, employees will pay tax on any living accommodation provided by…
- December 7, 2023
- admin
More time to file company accounts
The normal filing deadline for filing the accounts of a private limited company is nine months after the company’s financial year end. Known as the…
- November 30, 2023
- admin
Corporation Tax marginal rate
The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023. A Small Profits Rate (SPR)…
- November 30, 2023
- admin
Tax relief for R&D intensive SMEs
In the Autumn Statement it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme will be merged from April 2024.…
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