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September 1, 2016
VAT-registered businesses must: keep records of sales and purchases keep a separate summary of VAT; and issue correct VAT invoices. In the UK, VAT records must be kept for at least six years (or ten years the trader uses the HMRC VAT mini-one-stop-shop (VAT MOSS) service. VAT records may be kept on paper, electronically or…Read More
August 26, 2016
Newsletter issue – August 2016. Q. I have five employees who I recently took out for dinner to celebrate the success of the company. The total cost of the meal was £225. Do I have to report this as a benefit-in-kind to HMRC? A: Finance Bill 2016 legislates for a new tax exemption relating to trivial benefits,…Read More
Petrella Tifernina, Campobasso, Italy! August 2016 If you are a client of Cowley Holmes, and you don’t already have one of our Accounts For Life Bags, please just let us know and we’ll send you one in the post. You can use these to bring your records into us, go shopping, or anything else you…Read More
July 21, 2016
Los Boliches, Spain! July 2016 If you are a client of Cowley Holmes, and you don’t already have one of our Accounts For Life Bags, please just let us know and we’ll send you one in the post. You can use these to bring your records in to us, go shopping, or anything else you…Read More
Employees are no longer taxable on trivial benefits in kind, provided the cost to the employer is less than £50. This must not be cash or vouchers or a reward for past or future services but is intended to cover gifts of flowers on a birthday or a turkey at Christmas. For more information on…Read More
July 13, 2016
The VAT Flat Rate Scheme is intended to simplify VAT accounting and reporting for small businesses, and some may even find that they pay less VAT than using normal VAT accounting. To join the scheme your VAT turnover must be £150,000 or less (excluding VAT), and you must apply to HMRC to use the scheme.…Read More
July 6, 2016
Did you know that almost one in seven people in the UK are self-employed? Approximately 13,500 businesses employ 0 to 49 employees and accounted for nearly 98% of the total number of businesses in 2014. This is an increase of 35% in the number of small and micro businesses since 2009. So why start a…Read More
June 10, 2016
Question: I commenced trading as a service provider on 1 September 2015 and now wish to complete my 2015/16 tax return. I have not incurred any capital expenditure and my turnover is less than the current VAT threshold. Should I use 30 March (or 5 April) as my accounting year-end? Answer: If you make your business…Read More
June 8, 2016
Question: I am thinking of purchasing a new house that I will use as my main residence, but I will still own other properties. Will I be liable to the new 3% stamp duty land tax (SDLT) change? Answer: HMRC guidance on the new higher rates of SDLT for purchase of additional residential properties explains that…Read More
May 12, 2016
The Football Club received a £22,900 fine and was ordered to pay contributions of £13,619 into the employee’s pension scheme. This put the eligible employees in the same position as they would have been if the club had automatically enrolled them on their staging date. The Club failed to: put eligible employees into a pension…Read More
April 20, 2016
At Cowley Holmes Accountants, we’re proud to support the Bedford Blues especially in what’s been a very successful season.
March 11, 2016
The new rules on dividends April 2016 sees significant changes to the rules on the taxation of dividends, which could have a significant impact on the amount of tax you pay. This factsheet provides an overview of the new system, together with information and advice to help keep your tax bill to a minimum. Rules…Read More
If you’re married or in a civil partnership make sure you’re not missing out on an opportunity to save on your annual tax bill by using the Marriage Allowance available to you. Everyone has a tax-free personal allowance of £10,600 and no tax is due on income up to this amount. The Marriage Allowance allows…Read More
March 4, 2016
If you’re registered as a contractor for the purposes of HMRC’s Construction Industry Scheme (CIS), you must submit a report each month giving details of subcontractors you’ve paid and CIS deductions. You need to send a report even if you haven’t paid anyone, in which case a “nil” declaration should be made. If you don’t…Read More
You’re having your offices repainted and the decorator has asked to be paid in cash. You would prefer not to, but as he comes highly recommended and is cheap you’ve agreed to go along with it. Will this cause trouble with the Taxman? HMRC does have some power to say when you should keep documents…Read More
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