We currently have a very unusual set of circumstances and the spread, inevitably, of this virus will mean times when people need to, at the very least, self isolate. We are conscious therefore we need to have in place systems which mean we can, as far as possible, continue to ensure your affairs are looked after.
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Recovery of VAT after deregistration
Last week we discussed in this blog, how to recover VAT paid prior to registering for VAT.
This week we are going to sketch out the reverse position: how to reclaim VAT after you have deregistered.
According to HMRC, you can make a claim for relief from VAT charged to you on certain services (not goods) supplied after your registration was cancelled and when you were no longer a registered person. You can only claim relief from VAT on those services which, although supplied to you after your registration was cancelled, related to your taxable activities prior to deregistration.
The most usual costs you could claim for are accountants’ and solicitors’ services where the supply could not be...
The hidden tax on car benefits for employers
Businesses that provide employees with taxable benefits: company cars, health insurance and so on, will be aware that a benefit in kind charge is added to the employee’s income and subjected to an income tax charge the same as their salary.
Employers will also be aware that the cumulative sum of all the taxable benefits of their employees are subjected to an employers’ National Insurance charge – at present, this Class 1A charge amounts to 13.8% of all taxable benefits provided.
Which means the true cash cost of providing £10,000 of taxable benefits is £11,380.
Unfortunately, some benefits are not based on an identifiable cost, but on a scale rate applied by HMRC. Of particular concern are car...
Tax Diary June/July 2017
1 June 2017 – Due date for Corporation Tax due for the year ended 31 August 2016.
19 June 2017 – PAYE and NIC deductions due for month ended 5 June 2017. (If you pay your tax electronically the due date is 22 June 2017.)
19 June 2017 – Filing deadline for the CIS300 monthly return for the month ended 5 June 2017.
19 June 2017 – CIS tax deducted for the month ended 5 June 2017 is payable by today.
1 July 2017 – Due date for Corporation Tax due for the year ended 30 September 2016.
6 July 2017 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs.
19 July...
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