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NIC for self-employed to rise

by | Apr 7, 2017 | ACCA, budget, business taxation

Changes aim to align national insurance contributions and income tax. One of the significant features of the Budget is the changes for the self-employed. The nod to national assurance alignment and increases in national insurance contributions (NIC) will be...

More on Making Tax Digital

by | Apr 5, 2017 | ACCA, HMRC, personal taxatation

Finance Bill 2017 will outline provisions of the new system. The Budget gave one small concession on Making Tax Digital (MTD) for those below the VAT threshold for quarterly accounting, but we now await further detail. Legislation will be introduced in Finance Bill...

Cash basis increase for all

by | Apr 4, 2017 | ACCA, business taxation

The threshold for unincorporated businesses will be £150,000. Legislation will come into force on 6 April, with effect for the tax year 2017/18, which will increase the threshold for the cash basis from £83,000 (cash basis threshold for 2015/16) to £150,000. The exit...

Its Year End Time

by | Apr 3, 2017 | administration, business issues

The end of the tax year, 5th April, is a day or two away, so time to think about taxes for 16/17 Self Assessment – if we prepare a Self Assessment return for you, then we need a Self Assessment Questionnaire please.  By end of September, but sooner is good. P11D...

VAT thresholds – and other changes

by | Mar 28, 2017 | ACCA, budget, VAT

Increases could delay VAT registration for 4,000 small business. From 1 April 2017 the VAT registration threshold will increase from £83,000 to £85,000 and the deregistration threshold from £81,000 to £83,000, in line with inflation. Also, the registration and...

Non-dom IHT changes come into force

by | Mar 27, 2017 | ACCA, capital taxation

Changes bring tax treatment into line with UK-domiciled residents. We are on the verge of the implementation of the changes to the non-domicile (‘non-dom’) regime announced in the summer 2015 Budget. Until now, offshore companies, whose shares have been classed as...

Pros and cons for cash basis

by | Mar 22, 2017 | ACCA, business taxation

The arguments for and against cash basis. The cash basis Self-employed individuals or partnerships carrying on a small trading business will be able to choose to be taxed on the cash basis rather then being asked to do accounting adjustments designed for more complex...
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