2 – Last day for car change notifications in the quarter to 5 April – Use P46 Car
19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/5/2017
31 – Deadline for copies of P60 to be issued to employees for 2016/17
Read MoreAlthough interest rates for savings generally remain low, there are still a few tax-efficient savings opportunities on offer, with increased savings thresholds taking effect from 6 April 2018.
Individual Savings Accounts
Broadly, cash ISAs are available to investors aged 16 and over, who are resident in the UK, and stocks and shares ISAs are available to UK-resident individuals aged 18 and over. The maximum annual investment limit has been raised to £20,000 from April 2017, which means that a couple can now invest up to a sizeable £40,000 for 2017/18….
Read MoreAs confirmed the Spring Budget 2017, HMRC have launched a consultation on the use of the income tax relief for employees’ business expenses, including those that are not reimbursed by their employer. The main objectives of the consultation, which will run until 12 June 2017, are to understand:
– if the current rules or their administration can be clearer and simpler;
– whether the tax rules for expenses are fit for purpose in the modern economy; and
– why the cost to the exchequer of the tax relief for expenses which are…
Q. My company owns a car which is used during the day by various employees for business travel only. However, since there is no overnight parking facility at our business premises, one of my employees takes the car home each night and parks it outside his house. He does not use the car privately. Am I correct in assuming that no taxable benefit arises?
A. Unfortunately not. To qualify for exemption under the pool car rules, the vehicle must not normally be kept overnight on or near the residence of…
Read MoreThe much-scrutinised Making Tax Digital (MTD) programme has been dropped from the Government’s Finance Bill 2017 in the run-up to the General Election, in a move that is likely to please some small business owners. However, nobody doubts that MTD will return in the next Parliament.
In some ways this action is simply a political technicality being played out. These are the last few days of Parliament before dissolution, prior to the imminent General Election, so Public Bills must be passed or scrapped – they cannot simply be…
Read MoreWhile there have been a few bumps in the road on the way to Making Tax Digital (MTD) its introduction is proceeding apace and it is something all businesses need to take on board.
The new system shouldn’t hold too many fears for business owners. However, all accountants have those clients who arrive at the door once a year with a carrier bag full of receipts and a sheepish look on their face. These business owners will need to adjust their approach to accounting, since MTD will compel…
Read More5 – End of 2016/17 tax year. Last day to use up your annual exemptions for capital gains tax, inheritance tax and ISA’s
6 – Start of the 207/18 tax year
14 – Return and payment of CT61 tax due for quarter to 31 March 2017
19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/4/2017 or quarter 4 of 2016/17 for small employers. Interest will run on any unpaid PAYE/NIC for the tax year 2016/17
30 – Additional daily penalties of £10 per day up to a maximum of £900 for failing to…
Read MoreQ. I have recently become aware that one of my employees has been selling my stock and pocketing the cash. As the money has never gone in the till, do I have to account for VAT on it?
A. The VAT treatment depends on whether or not you’ve actually supplied the goods, what happened to them, who was responsible for them at the time and if you’ve issued a VAT invoice.
Generally, where goods are stolen, no supply is made by the business, and so no output tax is due. However,…
Read MoreInitially announced at the time of the 2016 Budget and following a period of consultation, Finance Bill 2017 contains provisions to reform the tax treatment of certain types of carried-forward loss for corporation tax purposes with effect from 1 April 2017.
Losses arising from 1 April 2017, when carried forward, will have increased flexibility and can be set against the total taxable profits of a company and its group members (referred to as the ‘loss relaxation’).
For all carried-forward losses, whenever they arose, companies will be able only to use the losses…
Read MoreAs announced at the 2017 Spring Budget, the threshold for traders using the cash basis for accounting purposes is increasing from 6 April 2017. This change forms part of the Government’s initiative for simplifying tax paid by unincorporated businesses and runs alongside the Making Tax Digital project.
Under the cash basis, small businesses are taxed on the basis of the cash that passes through their books, rather than being asked to spend their time doing calculations designed for big businesses. General partnerships may use the cash basis – as long…
Read More