Uncategorised

Please find below all the articles that have been categorised as 'Uncategorised'.

October Key Tax Dates

Friday, October 2, 2015

1 – Due date for payment of Corporation Tax for the year ended 31 December 2014

5 – If a Tax Return has not been received, individuals and trustees must notify HMRC of new sources of income and chargeability in 2014/15

14 – Return and payment of CT61 tax due for quarter to 30 September 2015

19 – Tax and Class 1B national insurance due on PAYE settlements for 2014/15

19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/10/2015 or quarter 2 of 2015/16 for small employers

31 -…

New Job Vacancy

Thursday, October 1, 2015

Semi Senior Accountant PERMANENT – FULL TIME Swansea Area, Salary TBC

We are broadening our horizons. Do you want to do the same? Morgan Hemp, one of the most respected Chartered Certified Accountancy Firms in South West Wales, is looking for a semi-senior accountant to join its expanding team.

We are looking for a diligent practitioner with over three years experience for this role, which will be focused on preparing financial statements, management accounts, corporate and personal tax returns,…

September Question and Answer Section

Tuesday, September 1, 2015

Q. I have recently registered for VAT. What is the difference between ‘normal’ and ‘cash’ accounting?

A. Under the normal method of accounting for VAT, you account for the output tax on your sales as they take place or as soon as you issue a VAT invoice, even if your customer hasn’t paid you. Then you can reclaim input tax on purchases you make as soon as you receive a VAT invoice, even if you haven’t paid your supplier. This method can cause cash flow problems if you have…

Paying inheritance tax

Tuesday, September 1, 2015

Various rules exist for determining the time for payment of inheritance tax (IHT). In certain circumstances it will be possible to pay in instalments, and it is even possible to settle a liability by transferring ownership of assets to the Crown (for example, a valuable painting may be donated to a national museum in lieu of an inheritance tax bill).

Unless it can be paid in instalments, IHT is generally due for payment as follows:

– Chargeable lifetime transfers: Tax is due six months after the end of the month…

When tips are taxable

Tuesday, September 1, 2015

Confusion often arises regarding tips and gratuities as the tax and NIC treatment depends on how they are paid to the recipient.

Cash tips handed to an employee, or left on the table at a restaurant and retained by that employee, are not subject to tax and NICs under PAYE, but the employee will need to declare the income to HMRC – HMRC often make an adjustment to the employee’s PAYE tax code number to reflect the amount likely to be received during a tax year so any liability…

Rent a Room

Monday, August 3, 2015

In the Summer Budget 2015, the government announced that the level of rent-a-room relief will be increased from the current level of £4,250 to £7,500 from April 2016. This means that from 6 April 2016, an individual will be able to receive up to £7,500 tax-free income from renting out a room or rooms in their only or main residential property. The relief also covers bed and breakfast receipts as long as the rooms are in the landlord’s main residence.

To qualify under the rent-a-room scheme, the accommodation has…

Tax and Financial Strategies 2015-2016

Monday, August 3, 2015

If you have any questions or would like one-to-one advice tailored to your needs, please call us on 01792 466 428 or email [email protected].

The Second Budget July 2015

Thursday, July 9, 2015

In this analysis we have mainly concentrated on the tax measures that will directly affect individuals, employers and small businesses.

If you have any questions or would like one-to-one advice tailored to your needs, please call us on 01792 466 428 or email [email protected].

July Question and Answer Section

Wednesday, July 1, 2015

Q. I personally own a number of buy-to-let residential properties. My son will attend a new school from September and it would be convenient for the family to live in one of those let properties. Can the cost of repairs made to that property while we are living there be claimed as expenses against the rental income from the whole property portfolio?

A. Any expenditure on repairing the property will be incurred for the benefit of you and your family while you live there, so it can’t be deducted…

VAT on Pre-trading Expenses

Wednesday, July 1, 2015

When you register your business for VAT you can reclaim the VAT charge on goods you acquired within the previous four years, and on services provided to your business within the last six months. As long as the items were used for your business, and you still held the goods (as stock or business assets) at the date of the VAT registration, you can claim back the VAT on your first VAT return.

However, the VAT man has recently changed his view on exactly how much VAT you can…