Category: Accounting

Temporary VAT changes - Q & A

Covid-19 update 15. VAT changes

UK VAT – reduced rate for hospitality, holiday accommodation and attractions What’s changing? To help businesses in the hospitality, holiday accommodation and attractions sector, the reduced rate of VAT (5%) will apply to: Supplies of food and non-alcoholic drinks for consumption on premises from restaurants, pubs, bars, cafes and similar premises in the UK. Supplies […]

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Covid-19 update 12. SSP (Statutory Sick Pay)

HMRC has advised some more details of SSP (Statutory Sick Pay) as it relates to COVID-19 assistance. This information is current at at 13th May 2020 at 11:00am and will be updated. Government funding only covers up to 2 weeks’ SSP SPP will be repaid to employers from “day one”. That is, the employee does not […]

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Churches and trading

What activities do you church trustees consider a trade? What income types of trading are thereexemptions available? There are two key issues to be addressed; 1. whether the activity is an activity of the church or 2. some other organisation however informally established. A good rule of thumb is that if the activity is under […]

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Working throught the NIC maze

NIC’s – why pay it ? You pay National Insurance contributions to build up your entitlement to certain state benefits, including the State Pension. The contributions you pay depend on how much you earn and whether you’re employed or self-employed. You stop paying National Insurance contributions when you reach State Pension age. (If you are […]

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Are you ready for the increase in pension rates ?

From the 6th April 2018, auto enrolment pension rates are going to increase. It’s important that you’re ready for these contribution increases so that the correct amounts are deducted from your payroll at the right time if you are employer. If you are an employee, you will be paying higher contributions so you need to […]

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Declaration of dividends – what paperwork ?

When you pay yourself a dividend from your company, make sure you; 1. Prepare minutes. This must be completed at each dividend payment. It is the board declaring the dividend. You can pay yourself a dividend as many times as you like during the year. 2. Complete the “Tax voucher”. Don’t be put off by […]

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Do Company donations qualify for Gift Aid ?

Companies can make charitable donations under Gift Aid, but those gifts are made without deduction of tax, so the charity does not reclaim tax on the gift. The company’s gift is treated as an expense and deductible from its profits as long as the company has profits for the accounting year in which the gift […]

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Capital Allowances for dummies

Lets try to explain “Capital Allowances” simply… Capital equipment are items that are NOT “day to day” expenses. Capital Equipment are “one-off” purchases for equipment that you hope to keep for a while; usually 2 to 8 years. There are 4 main types of capital allowances. 1. Annual Investment Allowance. In this category, you can […]

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Gift Aid recommended wording

A common question I get is “what is the correct wording for Gift Aid envelopes”. Well here it is (for past and future gifts; not for one-off gifts)… “I confirm I have paid or will pay an amount of Income Tax and/or Capital Gains Tax for the current tax year (6 April to 5 April) […]

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Annual Payroll and RTI (real time information)

Under real time information (RTI) PAYE reporting, a Full Payment Submission (FPS) report is required to be made to HMRC every time an employee is paid, not just once after the end of the tax year as is currently the case. RTI will be compulsory for most employers from the first pay date following 6 […]

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