Changes in dividend tax after 5th April 2016 There are two significant changes in the way dividends will be taxed after 5th April 2016. 1) The 10% tax credit is being abolished. This means that from 6th April onwards, what your company declares is exactly what you will get in cash. No more grossing up…
Quantuma are partners with K&B Accountancy Group and offer a leading restructuring and insolvency practice, delivering partner led solutions to businesses and individuals facing financial distress. Please read their latest article below for information on the latest HMRC tax reforms. As you may already know, HMRC intend to fundamentally reform the manner in which dividends…
The likelihood is, you have either arranged your accountant to do your self-assessment tax return, or, you have decided to submit it yourself. If you have not completed your tax return yet, there is still time but we recommend getting a move on. If you have already completed it, sit back and enjoy some of…
The 2014/2015 self-assessment tax return deadline is fast approaching. Hopefully you are on top of your paperwork and it has already been submitted to HMRC. If you have not completed or are in the process of completing your self-assessment tax return, please get in contact with your accountant urgently. Missing the deadline on 31st January…
We were delighted to attend the IPSE Freelancer MoneyBox event last night, and present our thoughts on the recent tax changes. If you were unable to attend or have a conversation with our team, please do not worry. You can call us on 020 7078 0211 or get in contact with us here. We would…
Apart from take home pay and travel and subsistence claims, here are some of our top tips you should also take into account: IR35 status Umbrella: IR35 is actually not applicable to umbrella as you are classified as the employee of the umbrella, and your entire income will be taxed under PAYE. Limited Company: This is…
As we are now weeks away from Christmas, and the holiday season is in full swing, we cover the most common queries about festive and annual event deductible expenses. Annual Christmas party as deductible expenses Your limited company can claim its festive or annual party as deductible expenses for corporation tax purposes. The cost…
One of the most frequently asked questions from our clients on the VAT flat rate change for a limited cost business is: “what is counted as ‘goods’ when determining if they need to use the higher rate of 16.5%?” According to HMRC guidance, ‘goods’ are movable items or materials exclusively used in your limited cost…
Former BBC presenter, Christa Ackroyd has lost her legal battle with HMRC and is now facing a fine of £419,151 in outstanding income tax and national insurance contributions covering tax years: 2006/07 to 2012/13. This ruling made by the first tier tribunal (FTT) was based on the judgement that despite Ackroyd working through a PSC…
If you are affected by off-payroll reforms and are considering alternatives such as Umbrella employment, it’s helpful to understand AWR.
Across the UK, contractors and temporary staff are receiving notably higher pay rates. The REC disclosed that the steepest inflation in contractor pay rates recorded was in London. However, across the board, wages were continuing to rise, extending this trend to 62 months. Contractor pay rates accelerating at an exceptional rate REC director of…
‘Effective from 1 April 2017, The VAT flat rate scheme (FRS) for businesses with limited cost is set to increase to 16.5% from their current rate, based on defined criteria for a limited cost trader.’ What is a Limited Cost Traders? According to HMRC guidance, a limited cost trader will be defined as one whose…
Due to severe weather conditions, our offices are closing early at 4pm today to ensure our employees can get home safely. Our offices will be open on Monday as per the usual hours. We apologise for any inconvenience caused and thank you for your understanding.
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