01234 355300
November 9, 2016
Barbados! October 2016 Thank you to Myra Jennings for these photos! 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,…Read More
November 1, 2016
New rates for the National Minimum Wage (NMW) took effect from 1 October 2016, and employers must ensure that they implement them accordingly. The rates are as follows: 25 and over – £7.20 per hour; 21- to 24-year-olds – £6.95 an hour; 18- to 20-year-olds – £5.55 an hour; 16- to 17-year-olds £4.00 an hour;…Read More
October 31, 2016
Albuferia’s beach, Portugal! October 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
October 28, 2016
Maria Alm nr Zell am See, Austria! July 2016 Spot the bag!… That’s more like it… 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…Read More
Children’s income is theirs in their own right, no matter how young they are. They are also entitled to the full personal allowance. However for a child under the age of 18 and unmarried, this does not apply to income that comes directly or indirectly from a parent. Where it has come from the parent it…Read More
October 27, 2016
From 6 April 2016 a basic rate taxpayer will be able to earn up to £1,000 in savings income tax free. Higher rate taxpayers will be able to earn up to £500. This is called the Personal Savings Allowance. This means that most people will no longer pay tax on savings interest and banks and…Read More
October 26, 2016
Question: I am a director of a limited company, which is registered for VAT. I have recently formed a limited partnership, with my limited company being the only general partner and another business being a limited partner. HMRC have written to me advising that I am unable to register the limited partnership for VAT as my…Read More
October 25, 2016
Question: I have recently started a new job and, for the first time in my career, I have been provided with a company car. I have to pay for fuel for private use but my employer says I can claim mileage for business journeys. Will I have to pay tax on fuel payments? Answer: In addition to…Read More
Cowley’s live it up in Benidorm! September 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…Read More
October 24, 2016
The Colosseum, Rome! September 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
Southernmost point buoy, Key West, Florida! September 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…Read More
HM Treasury has updated its factsheet on the new Lifetime Individual Savings Account (ISA), which are expected to launch in April 2017. Key features of the new ISA include: Accounts may be opened by investors aged between 18 and 40. Savings invested in the account before age 50 will attract a government bonus of 25%.…Read More
September 8, 2016
Q. I have recently changed jobs and need to use my car to make business journeys. Will I have to pay tax on the mileage expenses my employer reimburses me for these trips? A. Employers can pay employees a tax-free and national insurance-free amount for every mile they drive on business duties, currently: 45p per mile…Read More
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
Click here to see how easy it is to switch to Cowley Holmes
Claim your FREE Essential Guide to Understanding your accounts