Posts Categorised: News

Happy New Year

How Are You (Tax) Planning The Year Ahead? All good things come to an end don’t they.  No more champagne breakfasts, tinsel on the Christmas tree or tables groaning with food. 2017 has started and no doubt you will be getting down to some serious work…on your tax return. Online forms for the 2015-2016 tax… Read more »

Ready to Make Tax Digital?

It could start as soon as 2018! We first mentioned this process back in September 2016 (“HMRC wants you to be software savvy“) after HMRC announced it’s intention to shift as much of the tax system as it can online. Fundamentally businesses will be required to: Keep digital records Update HMRC with quarterly reports Provide… Read more »

Pre-registration of VAT

VAT is deductible on assets used prior to registration The fact that HMRC allows businesses to recover VAT on goods and services used before registration isn’t new (if you didn’t realise then now is your opportunity). What’s different now is that HMRC has clarified the rules because of inconsistencies in the way businesses have been… Read more »

Fundraising Regulator for Charities

New body to maintain standards for charitable fundraising Our charity clients will be interested in the introduction of the Fundraising Regulator, a body established following concern about the way in which charities contact potential donors. The regulator is tasked with developing a register of organisations who have signed up to its code of practice, investigating poor practice,… Read more »

Self-Assessment Return Documentation

What documentation do you need? Filling in the tax return forms might be straightforward. Having the right information is the challenge. The deadline for online submission of your self assessment returns is coming up fast.  If you haven’t completed your return (and there are some clear benefits for submitting your tax return early) then remember… Read more »

Autumn Statement 2016

Small Business Highlights New Chancellor, Phillip Hammond, has made his first formal statement of intent for the country’s finances after the EU referendum. At a strategic level the government has promised greater investment in both infrastructure (e.g. £1.1bn extra investment in local transport networks in England and £220m to reduce traffic pinch points) and housing (e.g…. Read more »

Tax Free Christmas Gifts

HMRC spreads some Xmas cheer As of 6th April 2016 employers can provide staff with some “trivial” benefits in kind, tax free.  The rules were designed to allow companies to give small gifts at Christmas or for birthdays.  They save employees from having to report the benefit on their P11D, or employers dealing with tax and… Read more »

Payroll News November 2016

There have been some important changes recently in payroll-related subjects that you need to know about.   Auto Enrolment Pension You are probably aware that Auto Enrolment applies to all employers however large or small. If you haven’t started the process of setting up a workplace pension yet, remember that Lewis Smith & Co. can help…. Read more »