News from your Accountants in Harrogate & Leeds

Keep yourself up-to-date on the latest accountancy news and information with our useful articles.

Tax diary for July and August 2017

May 23rd 2017

Important tax dates for July and August 2017

What happens if you cant pay your tax on time

May 23rd 2017

If you are facing cash-flow issues, and cannot see how you can afford to settle part, or all of your tax payment due 31 July 2017, what is the best strategy to avoid confrontation with HMRC and minimise any penalties and interest charges?

When does a hobby become a trade

May 23rd 2017

When does a hobby become a trade?

Claiming back pre registration VAT

May 23rd 2017

It is possible to reclaim VAT you have paid on any business purchases before you have subsequently registered for VAT. In fact, once you have registered your business for VAT the first thing you should consider is the possibility of reclaiming input tax on purchases of goods and services prior to registration.

Personal allowance for 2017/18

May 19th 2017

The 2017/18 tax year started on 6 April 2017. For 2017/18, the personal allowance is increased to £11,500. As in previous years, the allowance is reduced by £1 for every £2 by which income exceeds £100,000. This means that those with income of £123,000 or more will not receive a personal allowance for 2017/18.

Income tax rates and bands

May 19th 2017

For 2017/18 the basic rate of income tax remains at 20%, the higher rate at 40% and the additional rate at 45%.

Trading and property allowances

May 19th 2017

New tax-free allowances for trading and property income are available for 2017/18 and later tax years. The allowances, each set at £1,000, mean that trading and/or property income no longer needs to be reported to HMRC where the income is less than £1,000 in the tax year.

VAT flat rate scheme

May 19th 2017

The VAT flat rate scheme aims to simplify the tax affairs of smaller businesses by allowing them to work out the VAT that they pay over to HMRC by applying a flat rate percentage to their VAT-inclusive turnover, rather than working out the difference between the VAT that they have charged and the VAT that they have incurred.