Posts Categorised: News

Declared Your Credit Card Sales?

HMRC says tell us now or face the consequences HMRC’s Credit Card Sales Campaign is a voluntary disclosure facility for businesses who take credit card and debit card payments and who may not have reflected all of the transactions in a tax return. The campaign is an opportunity to come clean about both accidental and… Read more »

Personal Savings Allowance

A little bonus for your tax return? Back in April we highlighted that HMRC had introduced a tax-free allowance of £1,000 on savings interest. Since many of you will be busy preparing your tax returns (you are doing that aren’t you?) it is worth reiterating some of the details of the allowance. Basic rate taxpayers are… Read more »

Tax on Children’s Income

Children’s income is theirs, but… For taxation purposes a child’s income (where children refers to stepchildren, illegitimate and adopted children) is theirs regardless of their age. In addition they benefit from a full personal tax allowance and are subject to all of the normal tax bands and rates. Here comes the “but”. For unmarried children under the age… Read more »

Charity Quiz Success

And the winner is…The Friends of Alfie Johnson The Annual Quiz 2016 fundraiser for Black Country charity The Friends of Alfie Johnson passed in great style on Friday October 14th. With a record 50 teams entering there was an air of anticipation in the hall of Dudley College of Technology. Anticipation from participants about who… Read more »

Annual Quiz – Sold Out

Plenty of contenders for our Quiz Night crown The Friends of Alfie Johnson charity trustees have announced they have sold all of the tickets for their fundraising Annual Quiz 2016. This means means that over 50 tables have been booked with around 200 people taking part.  The charity is expecting the 2016 quiz to beat… Read more »

Making tax digital

HMRC wants you to be software savvy Although Lewis Smith & Co. supports a variety of accountancy software products (PC and Cloud-based) we understand many of you are perfectly happy using spreadsheets to do your accounts with. The taxman, however, isn’t so keen. HMRC has published a paper called “Making Tax Digital” (PDF download), which… Read more »

Advisory Fuel Rate for Company Cars

Changes on some engine/fuel bands The suggested reimbursement rates for employees’ private mileage using their company car have been changed by HMRC as of September 1st 2016. The previous rate is shown in brackets.  Engine Size  Petrol  Diesel  LPG  1400cc or less  10p  7p  1600cc or less  9p (8p)  1401cc to 2000cc  13p (12p)  9p… Read more »

HMRC targets salary sacrifice

Taxman goes after benefits in kind offered as part of salary sacrifice schemes. Salary sacrifice schemes are agreements between an employer and employee where salary is given up in return for a non-cash benefit. The reduction in pay means that people pay less tax and National Insurance (NI), while employers also see a reduction in… Read more »