Q. Did my extended leave constitute a cessation of trade? I have been the sole director of a trading limited company for many years. Last year, I decided to take a long holiday and travelled around the world with my wife – indeed, we got on so well that we stayed away for around 12 months! Whilst I was away the company continued to collect outstanding payments, but it received no other income. I have now taken on another director/shareholder (50%) and company trading has resumed. Should I…Read More
Please find below all the articles from February 2016.
The Chartered Institute of Taxation (CIOT) has recently warned that Government plans to exclude one-person businesses from claiming the national insurance Employment Allowance (EA) from April 2016 will be too easy to dodge.
The Institute says that the planned curbs are easily avoided, either by appointing another director, such as a spouse, civil partner, other family member or friend, and paying that person a token wage; or by arranging payments of earnings so that the worker is not a director when at least one of the payments is made….Read More
HMRC Brief 4/2016 entitled VAT MOSS – simplifications for businesses trading below the VAT registration threshold, outlines simplifications available to businesses trading below the UK’s VAT registration threshold (currently £l;82,000) that make supplies of digital services (telecommunications, broadcasting or electronically supplied services) to consumers in other EU member states. Some simplifications are already in place and Brief 4/2016 announces two new areas of help for the smallest businesses.
Businesses need to determine where their customer is located. There are specific rules in place for certain types of transactions (see…Read More
The government has recently launched its campaign to promote the introduction of the new national living wage (NLW), which will take effect from 1 April 2016. From that date workers in the UK aged over 25 earning the minimum rate of £l;6.70 per hour will see a 50p increase in their minimum hourly rate, which is set to rise to £l;7.20 per hour.
The NLW will be enforced by HMRC alongside the national minimum wage (NMW), which they have enforced since its introduction in 1999.
The NMW is the minimum…Read More
Proposals to bring in higher rates of stamp duty land tax (SDLT) on purchases of additional residential properties are expected to be finalised in time for the forthcoming Spring Budget on 16 March 2016.
SDLT is paid on the purchase of residential property in increasing portions of the property price above £l;125,000. Current rates are as follows:
– SDLT for a property with Purchase price of up to £l;125,000 is currently 0% with a proposed additional charge of 3%.
– SDLT on the next £l;125,000 of the Purchase price is currently…
Leading South Wales Chartered Certified Accountancy firm Morgan Hemp is expanding its team, with two more recruits joining the fold.
Alice Bowen and Hayley Jones, both Semi-Senior Accountants, have been recruited as part of ongoing expansion at the Swansea company.
The Swansea-based firm has seen a steady influx of new employees over the past few month, along with another one of its Senior Accounts Clerks gaining full ACCA (The Association of Chartered Certified Accountants) membership.
Morgan Hemp Director Martin Hudson said: “We are delighted that Alice and Hayley have joined us…Read More