Monthly Archives: May 2017
Possible bonus when you register for VAT
Businesses are required to register for VAT purposes when their annual taxable turnover exceeds £85,000 (this limit applies from 1 April 2017). You will not have to account for VAT on your taxable sales up to the date you are … Continue reading
Do you use your car for business purposes
Many employees use their own cars to undertake journeys for their employers. In most cases, employers will pay for this. Generally, they will pay a rate per mile. HMRC consider this type of mileage payment as tax exempt as long … Continue reading
Changes to taxable benefits from April 2017
The good news, the way in which benefits in kind are taxed – company cars, mobile phones, etc. – is unchanged for the tax year just ended, to 5 April 2017. Consequently, you can expect your tax position regarding any … Continue reading
Damage limitation
The phrase “in-limbo” comes to mind when describing the present outlook for businesses in the UK. What will be the outcome of the June election? What will be the outcome of the withdrawal from the EU? We will all likely … Continue reading
What is the current tax position when dividends are taken
One of the most useful ways for owner directors of small companies to reduce their overall tax and NIC costs is to pay themselves a reduced salary – just enough to maintain their State benefits entitlements – and take any … Continue reading
