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[8 Apr 2016 | Comments Off on Director shareholder payments 2016/17 | ]
Director shareholder payments 2016/17

In the good old days there was an easy way to work out the optimum pattern of salary and dividends for directors of small UK companies. With the advent of the Finance Bill 2016 the situation has become hopelessly complex and that prompted AccountingWeb to publish a critical blogpost. Here’s the first bit with the all important table:

If you want to see the blogpost in full you’ll have to sign up for membership of AccountingWeb. It’s a free resouce for accountants!
And, as we said in our 30 Nov 2015 blogpost, …

annual »

[24 Feb 2015 | Comments Off on The New Marriage Allowance | ]
The New Marriage Allowance

The new Marriage Allowance is set to come into force on 6 Apr 2015 when the new tax year starts. It was announced in last year’s Budget when David Cameron and George Osborne made a big deal about it . . .

Prime Minister David Cameron: “I made a clear commitment to the British people that I would recognise marriage in the tax system.”
Chancellor of the Exchequer George Osborne: “Our new Marriage Allowance means saving £212 on your tax bill couldn’t be simpler or more straightforward.”

However, it is not as simple …

annual »

[8 May 2011 | No Comment | ]

Nobody wants their accounts to be late, and nobody wants to be fined as a result.
In that respect we are just the same as you, but there is one fundamental difference!
In law the responsibility remains with you, the taxpayer, to get things done. And unless you can show reasonable excuse, then if your accounts are late and you get a penalty notice, you are the one who is going to have to pay it. Saying that “my accountant didn’t remind me” is not a reasonable excuse, and in any case …

annual, routine »

[6 Apr 2010 | No Comment | ]

You can link directly to this article using the short URL http://bit.ly/aoPNsN

Approval of accounts

In the old days traditional paper accounts were sent out by post, for approval and signature. Nowadays, HM Revenue & Customs will accept authorisation electronically and that speeds things up. That means that we now prepare PDF files and email them to clients:

4xx600 report – full accounts
4xx610 report – abbreviated accounts (Limited Companies only)
4xx770 report – adjusted profit for tax purposes (businesses only)

Please check the PDF files which you receive, because they are based on the records …

annual »

[7 Oct 2009 | No Comment | ]

You can link directly to this article using the short URL http://bit.ly/kGTvI

This article is a sub set of the Annual Accounts Checklist
Please read this article in conjunction with the annual accounts checklist. If you are a Sage user, then the steps you need to follow on your Menu are set out below. This summary was originally prepared in 2006. If you have a later release of Sage and we need to update this advice please let us know.
We prefer Adobe files with a PDF suffix from Sage.
Ensure that you are …

annual »

[2 Sep 2009 | No Comment | ]
Payment Methods – Income Tax & Corporation Tax

There are four methods for paying a tax bill

We recommend making payments by bank transfer as this is the most assured way of proving the date and the amount of the tax you have actually paid.

Method 1 – Internet Banking
Make a payment to the Collector of Taxes for the amount required. Depending on the bank, they may already have HMRC Shipley or HMRC Cumbernauld as ready made options, and you should use the Shipley account unless told otherwise. If the bank does not have the precise account details already on …

annual »

[10 Jul 2009 | No Comment | ]

Apply for a reduction
You can pay less tax! The self employed normally have to pay their income tax in two 50% instalments on 31 January and 31 July every year. The system is not perfect and is based on information that’s almost two years old. If you’ve had worse results than normal over the past twelve months or so, your tax bill should be less. So, why pay more?
You can apply for a reduced payment on account. In the right circumstances, that can mean a reduction to NIL.
NIL tax!
Is that …

annual »

[6 Apr 2009 | No Comment | ]

These days, both personal tax returns and corporation tax returns are generated by us using software which has been approved by HMRC.  The process includes the creation of a unique IR Mark which is established by applying a formula to the data in the return. This means that every tax return has a totally unique IR Mark.
We ask clients to check tax returns carefully to ensure that all income has been declared and that all allowances have been claimed. When you are satisfied that the return is correct and complete, …