Advance Accounting Archives | Advance Accounting

November222017

Autumn Budget 2017 – Highlights

posted in Advance Accounting

Today Philip Hammond delivered the first Autumn Budget reporting on an economy that “continues to grow, continues to create more jobs than ever before and continues to confound those who seek to talk it down”. It was light on tax content, but with some significant announcements. Some of the main headlines are detailed below. Research… [Read the full article »]

November242016

Autumn Statement 2016 – headlines

posted in Advance Accounting

The central theme of this years Autumn Statement was the announcement of a new National Productivity Investment Fund, set up to deliver £23bn of investment in housing, infrastructure, research and development and science and innovation over the next five years. Several taxation pledges were reaffirmed and further measures to address tax evasion and avoidance were… [Read the full article »]

September292015

Do I need to register for self assessment if I have rental income?

posted in Advance Accounting

If the rent received during the tax year was between £2,500 and £9,999 after expenses or £10,000 before expenses then yes, you do have to register for self assessment. Registration is simple. Complete for form SA1 online at HMRC within six months of year end. That means if you had rental income during the 2014/15… [Read the full article »]

March182015

Corporation Tax Returns Late Filing Penalties

posted in Advance Accounting

Penalties will apply should a Corporation Tax Return not be filed on or before the due date for the return (normally 12 months from the end of the CT accounting period). A range of penalties apply depending on how late the return is filed. If the return is one day late, then a penalty of… [Read the full article »]

March102015

Updated Fuel Advisory Rates

posted in Advance Accounting

HMRC has announced their updated fuel advisory rates for employees using company cars. The new rates apply from 1 March 2015 and cover all business journeys made by the employee from this date. For one month, the employer may continue to use either the previous or the new rates. They may, therefore, make additional payments… [Read the full article »]

February242015

Self assessment late payment charges

posted in Advance Accounting

As the Self Assessment deadline has now passed; HMRC will begin to start issuing penalty notices to those clients who did not meet the legal requirement to file their returns on time. A fixed penalty of £100 will be due for all returns which were outstanding at 31 January 2015. This penalty is no longer… [Read the full article »]

December152014

Christmas and the taxman

posted in Advance Accounting

We are often asked about which entertaining expenditure qualifies for tax relief and what better time than Christmas to provide a quick guide to what’s allowed and what’s not. Entertaining Client entertaining or hospitality of any kind is never an allowable deduction for business tax purposes and input VAT cannot be recovered on it. Business… [Read the full article »]

May292014

Should I incorporate my business?

posted in Advance Accounting

We are regularly asked by start-up clients if they should incorporate their business. The answer is not always straightforward as the best type of structure in your business is the one which best suits your business needs. To help guide those thinking about incorporating we have detailed below the main differences between a sole trader… [Read the full article »]