News from your Accountants in Harrogate & Leeds

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

Common misconceptions about tax and letting property

September 8th 2017

HMRC has published a list of popular misconceptions that taxpayers have about letting property. We have listed below a summary of situations where you will need to declare rental earnings to HMRC

VAT bad debt relief

September 8th 2017

If you use standard VAT accounting - pay VAT on sales when invoiced and claim back VAT on purchases when invoiced - you may have availed yourself of the six months claim for bad debt relief on unpaid invoices. This would have allowed you to claw back VAT paid to HMRC on invoices that are more than six months old and still unpaid.

Uniforms, work clothing and tools

August 4th 2017

It is possible to claim for the cost of repairing or replacing small tools you need to do your job as an employee (for example, scissors or an electric drill), or cleaning, repairing or replacing specialist clothing (for example, a uniform or safety boots).

Possible changes to tax rules for companies

August 4th 2017

There is a government department, the Office for Tax Simplification (OTS), that has been charged with investigating ways that the UK’s tax rules can be changed to make them easier to understand and easier to use.

Making Tax Digital, common sense prevails

August 4th 2017

Making Tax Digital (MTD) is the government’s latest attempt to fully digitise the process of collecting data from taxpayers so they can speed up the process of calculating how much tax you owe.

Director minimum salary levels 2017-18

August 4th 2017

Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce NIC, and, in some cases, Income Tax.

Rangers tax scheme kicked into touch

August 4th 2017

There has been a long running tax case rumbling through the lower courts on the use of a device called an Employee Benefit Trust (EBT) by Glasgow Rangers. HMRC have considered the use of the EBT a scheme to avoid PAYE and NIC.

Congratulations

August 2nd 2017

Congratulations to our director, John Garbutt, who became a fellow of the ICAEW this month.