Usually all business expenditure relating to a partnership is recorded in their books and records and therefore in their accounts and self-assessment tax return. If partners have incurred business expenditure paid for privately, there is an option to record this as an additional tax deduction within the partnership tax return. Note that it is not […]
Nice recent article in the Guardian suggesting we should all get outdoors regularly. For those that don’t know our back story, Green Accountancy was indeed founded to bring environmental matters to small businesses, which in turn was inspired by outdoor hobbies.
From 1 October 2019 new VAT rules will require certain business to business supplies within the construction industry to have reverse charge VAT applied. This means the supplier will not charge VAT but instead the recipient of the supply will charge themselves VAT. This already happens in many business-to-business supplies of services from the UK […]
Have you incurred VAT in another EU country? Any VAT incurred during the calendar year 2018 can be reclaimed via HMRC by 30 September 2019. Note that older EU VAT cannot now be reclaimed. If Brexit goes ahead any such VAT would have to be reclaimed from the relevant EU country in future. As with […]
Pension Planning For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers contributions by both the individual and their employer. Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief […]
Wedding gifts to the happy couple from friends and family can be tax effective. Parents can each gift up to £5,000, and grandparents up to £2,500, without facing any tax implications (normally inheritance tax can apply to gifts if the donor doesn’t survive the gift by 7 years). The newly-married pair may also be able […]
Both the National Minimum and National Living Wage increased on 1 April 2019. The hourly rate for the minimum wage depends on the employee’s age and whether they are an apprentice. As the minimum wage increases more employers than ever will be directly affected, including some of those who currently pay above the minimum. The […]
The government is to introduce a new criminal offence of ‘wilful or reckless behaviour’ in relation to pensions which would see directors facing up to seven years in jail. In its response to a consultation on protecting defined benefit contribution pension schemes, which ran from June to August last year, the government said it will […]
You risk a hefty fine if you’re not in line with National Minimum Wage laws. From 1st April 2019, the following rates will apply: Workers aged 25 and over: £8.21 per hour Workers aged 21-24: £7.70 per hour Workers aged 18-20: £6.15 per hour Workers over compulsory school age, but not yet 18: £4.35 per […]
Minimum contribution rates under automatic enrolment are due to rise from 3% to 5% for employees and 2% to 3% for employers from 6 April 2019. The Department for Work and Pensions (DWP) says its research suggests saving behaviour is sticking: the first increase in minimum contributions which took place last year has not prompted […]