Category: Tax

Charities and trading...not as easy it looks!

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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New Scottish tax & marriage allowance.

By 67 votes to 50, Holyrood (Scottish Parliament) has a new income tax regime. It is more complicated than the rest of the UK in that it has four extra rates and three new thresholds. (SRIT = “Scottish Rate of Income Tax”) On closer examination, there is one of the minor unintended consequences. Marriage Allowance. […]

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HMRC vs BBC in IR35 case…ouch ! (this is about contractors with companies)

HMRC has defeated Christa Ackroyd, a BBC presenter in the first IR35 ruling since 2011. The tribunal ruled the TV personality’s contract was caught by IR35 and landed her company with a £420,000 bill! This judgment is the first of a number of IR35 appeals involving television presenters who operated through personal service companies, following […]

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What is “Making Tax Digital”?

What is “Making Tax Digital”? Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system, with the aim of making the whole process of administrating tax simpler and more efficient. All of your tax information will be in one place (your digital account) and you will be able to pay tax based […]

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Film investment – not bad for middle income earners

Did you know that if you invest in a film, you get a 30% tax deduction ?. If you are in the 20% band, that’s a good investment; especially if you get a dividend from the film. The film company accountant will issue you with an “EIS3” form (Enterprise Investment Scheme). They fill it in […]

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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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It’s Christmas time…are parties deductible ?

It’s Christmas time…so what is deductible ?, and what isn’t ?. I am glad you asked !. HMRC are not keen on people claiming food and drink as a deduction. Here are some exceptions; – ‘Annual’ and recurring Christmas parties: you can spend up to £150 per year per employee (inclusive of VAT) – Meeting refreshments: Drinks, […]

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MTD update (“Making Tax Digital”)

“Making Tax Digital” – what is it ?… Making Tax Digital is a UK Government initiative that sets out a vision for ‘a transformed tax system and the end of the tax return’ by 2020″.   Here is an updated timetable; How will the initiative be implemented ?. As MTD is rolled out, a number of changes will be implemented. Here […]

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3 quick items of interest

Just a three quick items of interest if you are self-employed, or are self-assessed taxpayer…. Class 2 NIC’s It was announced in the recent 2016 budget, that Class 2 National Insurance Contributions would be scrapped from April 2018. Yes…you read that correctly !. Currently you are paying £2.80 per week if you earn a PROFIT […]

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