Tax, accountancy and business support for the small and medium sized business
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Looking for friendly tax advice and assistance from a local accountant? Call us now
Your accounts and the financial information they contain need unlocking to help you understand them. We take the time to explain these complicated matters using plain English so you can make informed decisions for your business.
We promise never to bombard you with jargon you don’t understand.
We pride ourselves in our personal service. We are not a call centre: when you call you will always be able to speak to the same person. We know all our clients by name and we’re pleased to supply a quality service which is specifically tailored to their requirements.
After all, who wants to be just another number?
Tax rates and allowances change each year. Click here to see the current rates.
A very popular question! Click here for an overview of the points to consider when deciding whether to trade as a sole trade or a limited company.
A major update to the PAYE system will go live for all employers by October 2017. Find out what you need to know.
Getting customers to pay on time can be difficult. Here are our tips to help you manage late payment.
What is involved in paying employees and how much holiday pay are they entitled to?
Every business should keep accurate records so how is it done? Follow our guidance to keep it simple.
What problems may arise if you pay cash for business expenses? Find out how to keep track.
NIC Employment Allowance changes affect one-person limited companies
In order to qualify for NIC employment allowance in the 2016/17 tax year a company must incur employer’s NIC liability for the director plus at least one additional employee during the year. The company’s liability for the additional employee does not need to last for the full tax year.
For businesses that have fluctuating numbers of employees, provided that at least one employee (in addition to the director) is paid over the secondary threshold of £156 for at least one week, the company will be eligible for employment allowance.
Changes to property taxation from April 2017
From April 2017 the tax deductions available for mortgage interest costs on buy-to-let properties will be gradually reduced. The effect will be to reduce the tax saving on interest from the marginal tax rate (which could be as high as 40% or 45%) to just 20%. The rules will be in full force by April 2021.
In addition, Stamp Duty Land Tax will be charged at an additional rate of 3% above the existing rates where the purchase is of a second home.
These restrictions will not apply to commercial property acquisitions.
The new ‘people with significant control’ register for companies
With effect from 6 April 2016 a new law requires all companies to keep a register of the people who can influence or control a company, that is the ‘People with Significant Control’ (PSC). The new ruling requires that companies hold a PSC Register. The new PSC register includes details such as the names, dates of birth and nationalities of the PSC. The company must confirm with the PSC that the information is correct.
Failure to comply with the rules is a criminal offence punishable by a fine and/or up to two years’ imprisonment.
Marriage Allowance and 2015-16 Tax Returns
The new Marriage Allowance allows couples to transfer £1100 of their personal allowance between husband and wife or civil partner. This will reduce the higher earner’s tax by up to a maximum of £220.
For a couple to benefit:
Couples can apply for Marriage Allowance online or through their individual Self Assessment Tax Returns as appropriate.
Contact us for help or more information
Deadline for filing paper 2016 Tax Returns. Electronic Returns filed online have untiil January 2017.
31 October 2016
Deadline for filing 2016 Tax Returns online. Returns dated after 31 October 2016 may be filed later.
31 January 2017
Deadline for filing 2016 Tax Returns if less than £3000 tax due which is to be collected through 2017-18 PAYE.
31 December 2016
Register for Self Assessment if you are newly self-employed or have to file a Tax Return for another reason.
5 October 2016
|Tax Rates and Allowances|