News from your Accountants in Harrogate & Leeds

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

Tour de Yorkshire Charity Challenge

May 2nd 2017

DSC Chartered Accountants were proud to be involved with the Berwins charity bike race last month.

Did You Know?...

May 2nd 2017

The DSC team are skilled at meeting the traditional accountancy requirements and deadlines that are required by law

Expenses and benefits for employees

May 2nd 2017

Until 2015-16, it was possible to apply for a dispensation to exclude certain expenses and benefits provided to employees from the year end returns to HMRC: primarily the submission of forms P11D.

Beneficial loans to employees

May 2nd 2017

In many cases, making loans to your employees or their relatives can create an obligation to report a beneficial loan to HMRC. The deemed benefit would be a taxable benefit in kind for the relevant employee, and would increase the employer’s Class 1A NIC bill at the end of the tax year.

All change for driving instructors and learner drivers

May 2nd 2017

Driving instructors will have a tough time this year. Many are sole traders and will need to start changing their record keeping to accommodate the challenges of Making Tax Digital, either April 2018 if their turnover is above the VAT registration limit (presently £85,000), or April 2019 if their turnover is below this limit.

What are approved mileage payments?

May 2nd 2017

Mileage Allowance Payments (MAPs) are the rates used by employers to reimburse employees when they use their own transport for business purposes. The current rates are well-known. They are:

A reminder about National Living Wage increases

April 7th 2017

The Government´s National Living Wage was introduced on 1 April 2016 for all working people aged 25 and over. On the 1st April 2017 it increased to £7.50. The current National Minimum Wage for those under the age of 25 still applies and the rates from April this year are as follows:

Dividend tax set-back

April 7th 2017

At present, shareholders with dividend income below £5,000 will pay no Income Tax on their dividend income. From April 2018, Mr Hammond looks set to reduce this to £2,000.