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Spring 2017 Budget
10/03/2017 - More...
2017 Spring Budget: Although this is the last Spring budget it does provide some unexpected changes as well welcome relief for some: Income Tax and Corporation rates are as confirmed in the Autumn statement Dividend Taxes are widened by the reduction from April 2018 of the £5000 exemption being reduced to £2000, for a basic

Changes to the taxation of Dividends from April 2016
20/04/2016 - More...
We again write to alert you to the changes in the taxation of dividend payments to company shareholders from April 2016. From April 2016, the NIC status of dividends has not changed. Unfortunately, the income tax position of dividend income has changed and this may have a direct impact on the overall savings in NIC and income tax that

The Digital Tax Account – or Making tax Digital
20/04/2016 - More...
The Government and HMRC have confirmed the imposition of Digital Tax Accounts for tax payers by 2020. What does this actually mean for our clients, who are all affected by this? There will be no self assessment tax return to complete – that will be effectively prepared through the digital tax account. The digital tax account

What is the best way to extract funds from your company?
28/06/2017 - More...
Director shareholders are wont to ensure that they pay the lowest amount of tax and NIC consistent with their obligations under the relevant legislation. For many years, director shareholders have followed a high dividend, low salary extraction strategy. This tended to reduce Income Tax and NIC contributions. The dividend changes that

Implementing a Cycle to Work Scheme
28/06/2017 - More...
The Cycle to Work scheme was introduced in 1999 to help promote a healthy commute to work. The scheme allows employers to provide (technically loan) bicycles and cyclists’ safety equipment to employees as a tax-free benefit. Where the scheme conditions are satisfied, employees can benefit from a tax and National Insurance Contributions

Tax-free employee suggestion schemes
28/06/2017 - More...
Do you have an employee suggestion scheme in place? There are still commercial and tax advantages to setting up such a arrangement. HMRC offers two tax-free award schemes that can be made available to employees: Encouragement awards - for good suggestions, or to reward your employees for special effort. Encouragement awards are exempt

Swapping salary for pension benefits
28/06/2017 - More...
Employers and employees may have noticed that HMRC has clamped down on the tax and NIC benefits of some aspects of salary sacrifice schemes. The changes are being rolled out gradually from April 2017, and will affect a number of employees who have sacrificed part of their salary for benefits and are currently paying less tax and NIC as a

Are pension benefits received taxable?
28/06/2017 - More...
As our readers are most likely aware, there are special rules which allow individuals who set up private pension scheme(s) to benefit from significant tax reliefs when saving for their retirement. There is no overall limit to the amount of employer or employee contributions and no upper limit to the total amount of pension saving that can

What does the Queen’s Speech mean for employment law?
27/06/2017 - More...
With the General Election having returned a minority government and with the government’s priority being to legislate for Brexit, a rather more modest agenda for employment law reform was outlined in the Queen’s Speech 2017 than originally may have been envisaged. Parliament will also sit for two years instead of the ordinary one year, to

Are we seeing the end of tax-free benefits?
22/06/2017 - More...
There have been changes to the tax rules for certain Benefits in Kind which are provided as part of salary sacrifice schemes. These changes, which started coming into effect in April of this year, are beginning to have an impact on certain tax-free benefits provided to employees. The new rules effectively remove any Income Tax and NIC

Gifts to a charity or your spouse
22/06/2017 - More...
There is usually no Capital Gains Tax (CGT) to be paid on the gift of assets between married couples and civil partners. However, there is still a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the gain or loss will be calculated

How will your business be affected by Making Tax Digital?
22/06/2017 - More...
The introduction of Making Tax Digital (MTD) will fundamentally change the way companies, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information using a new online tax account. The new regime is due to start next April when the

Using your own car for business purposes
22/06/2017 - More...
Employees who use their own car at work for business purposes can, under certain circumstances, be paid a tax-free allowance by their employers. This includes the use of their own van, motorcycle or bike. It is important to note that this tax-free allowance does not include journeys to and from work but for other business related mileage.

Should you be using the VAT Cash Accounting Scheme?
22/06/2017 - More...
The VAT Cash Accounting Scheme (CAS) can offer important benefits to certain small businesses. Under the standard VAT accounting scheme, VAT is payable on sales whether or not the customer has paid and can lead to claims for Bad Debt Relief. With the CAS no VAT needs to be paid over to HMRC until the customer has paid for his goods /

Are you claiming the NIC employment allowance?
22/06/2017 - More...
For some time now, employers have been able to reduce their Class 1 NI contributions that relate to their employment of staff. The relevant relief, the employment allowance, is worth up to £3,000 per year and is available to most businesses and charities to be offset against their employer's Class 1 NIC bill. Claiming the allowance is

DVLA car scam
22/06/2017 - More...
The Driver & Vehicle Licensing Agency (DVLA) is warning the public of what appears to be a number of widespread scams targeting members of the public using emails, texts and telephone calls. These communications are supposedly sent from the DVLA and in some cases, include links to a lookalike DVLA online website. The BBC’s Watchdog

Using the trivial benefits exemption
15/06/2017 - More...
The trivial benefits in kind (BiK) regime came into effect in April 2016. This statutory exemption applies to small non-cash benefits like a bottle of wine or a bouquet of flowers given occasionally to employees or any other benefit in kind classed as 'trivial' that falls within the exemption. Although the benefit is defined as

Post-election comment
15/06/2017 - More...
The recent election result has certainly thrown the cat amongst the pigeons. Manifesto pledges that were removed from the Queen's speech include: cancelling plans to remove the triple lock on pensions the means testing of winter fuel payments the introduction of new grammar schools, and possibly a softening of the approach to

Benefits filing deadline approaching
15/06/2017 - More...
Employers are reminded that the deadline for submitting the 2016-17 forms P11D, P11D(b) and P9D is 6 July 2017. P11D forms are used to provide information to HMRC on certain benefits and expenses that employees and directors receive during the tax year: such as company cars, loans and private medical insurance. Employers making online

VAT Flat Rate Scheme – limited cost traders
15/06/2017 - More...
The VAT Flat Rate Scheme (FRS) was introduced to ease the process of calculating and submitting VAT returns for smaller businesses - the FRS is only available to businesses that expect their annual taxable turnover in the next 12 months to be no more than £150,000 (exc VAT). VAT due for each quarter is calculated as the VAT inclusive

Main Residence Nil Rate Band
15/06/2017 - More...
The impact of Inheritance Tax has been reduced recently for families that own their own home. HMRC has introduced a new relief, the Inheritance Tax main residence nil-rate band (RNRB), which came into effect on 6 April 2017. The RNRB is a transferable allowance, that is available to the estates of both parties in a marriage or civil

Marginal rate of Income Tax
08/06/2017 - More...
For high earning taxpayers the personal allowance is gradually reduced by £1 for every £2 of income over £100,000 irrespective of age. This creates an effective marginal rate of tax of around 60% for tax payers with annual income between £100,000 and £123,000 as the £11,500 tax-free personal allowance is gradually withdrawn. Taxpayers

EU Fourth Money Laundering Directive
08/06/2017 - More...
The EU Fourth Money Laundering Directive which makes sweeping changes to combatting money laundering and terrorist financing across the EU were integrated into UK regulations on 26 June 2017. As a result, Companies House has made changes to the current requirements about people with significant control (PSC) filings. Since the PSC rules

Welsh land transaction tax
08/06/2017 - More...
The new land transaction tax (LTT) which will replace the UK stamp duty land tax (SDLT) in Wales will be launched on 1 April 2018. The LTT legislation received Royal Assent on 24 May and is the first Act of this Assembly term. The LTT marks the first new Welsh tax in almost 800 years. The legislation is broadly based on the existing

 

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ASL Accountants is the trading name of Ashton’s Secretarial Limited.   Registered No. 05599396  

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