How to understand Tax codes?
INTRODUCTION 6th April 2016 was the beginning of the tax year with the new tax code 1100L (tax code for tax year 2015-16 was 1060L). This change in the tax code meant that the take-home pay was [...]
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What are the benefits of holding commercial property in a SSAS?
A Small Self Administered Scheme (SSAS) is a pension scheme that is set up as a trust with twelve or fewer members. The SSAS trust can be run by an accountant as scheme administrator, or by another [...]
Issues in the Spring Budget 2017 - Tax Issues
Issues in the Spring Budget 2017: Tax avoidance and Tax evasion, Salary Sacrifice, Termination Payments, Changes to the VAT threshold The Finance Bill 2016 announced that government was seeking [...]
UK SPRING BUDGET 2017
SPRING BUDGET 2017 HIGHLIGHTS Business rates - £435.00mn of additional support for organisations affected by increase in business rates Growth – The growth [...]
CAR TAX REFUND
A car tax refund is the amount an individual gets back on any Road Tax that has been already paid. An individual can only get a refund on the entire month and not partial months; hence it is [...]
VAT Flat Rate Changes 2017
From 1st April 2017, the benefits of Flat Rate savings will virtually disappear for the majority of Contractors. HMRC has proposed a new flat rate percentage of 16.5% for any business of any industry [...]
MATERNITY ALLOWANCE
INTRODUCTION Maternity Allowance is a benefit paid to a pregnant woman who doesn't qualify for Statutory Maternity Pay. If a woman is self-employed, or an employee with an organisation but hasn't [...]
What If I Have Lost HMRC PAYE Form P45, P60 or P11D?
What Are HMRC PAYE Form P45, P60 & P11D? All the three - P45, P60 and P11D are Pay-as-You-Earn (PAYE) forms. Two forms, P45 and P60, are given by employers to their employees. These two forms contain [...]
Tell HMRC When you Change Company Name and Address
When a company changes its address, it becomes imperative to inform about the change to vital authorities and agencies related to the business. The two prime authorities are: HM Revenue and Customs [...]
Reduced Rate National Insurance Contributions for Married Women
NATIONAL INSURANCE Through the National insurance (NI) scheme employed people make payments towards benefits. These payments are referred to as national insurance contributions and certain [...]