In this edition….’Will Making Tax Digital ever happen?’
‘We announce a wider range of tax help’
‘Landlords beware of more tax changes’
‘The VAT Flat Rate Scheme – An update’
Do you use your car for business purposes ?
Are you using a personal car for business? Many employees use their own cars to undertake journeys for their employers. In most cases, employers will pay for this. Generally, they will pay a rate per mile.
Changes to taxable benefits from 6th April 2017
Changes to taxable benefits – The good news, the way in which benefits in kind are taxed – company cars, mobile phones, etc. – is unchanged for the tax year just ended, to 5 April 2017. Consequently, you can expect your tax position regarding any benefits you enjoy to be unchanged for 2016-17. This is as long as the benefits themselves have not changed.
BREXIT and Business – Damage limitation
The phrase “in-limbo” comes to mind when describing the present outlook for businesses in the UK. What will be the outcome of the withdrawal from the EU? What will be the real impact of BREXIT and business, in the UK?
Dividends and tax – What is the current position?
What is the current position regarding dividends and tax? You probably know that one of the most useful ways for owner directors of small companies to reduce their overall tax bill is to pay themselves a reduced salary. Paying just enough to maintain their State benefits entitlements. Then take any balance of remuneration in the form of tax efficient benefits and dividends.