The "news" items set out below are only intended to provide information on topics of currnet interest or significance. The information is only of value when considered in the light of individual circumstances which cannot be properly assessed on this website - and these items must only be used as a basis for decision making after taking full and detailed written advice.
Consequently, no liability will be accepted by the company, its officers or agents for loss however incurred by reliance on the information set out below.
Do you have children going back to school? Do they need to purchase equipment that will be subject of their tuition - eg musical instruments or laptops?
If you buy this equipment yourself, you will pay the cost plus VAT from the supplier. However, if you use the AIPS scheme and purchase it through the school, you might be able to save the VAT.
There are conditions of course - but contact us for more information as to how the scheme works. Ref TA22.05
Do you draw your income from your private limited company by means of dividends?
This area is under close investigation by HM Revenue & Customs and will challenge dividends paid where the paperwork is not correct.
The penalties for getting this wrong could be substantial - is your paperwork compliant? Ref TA21.07
You probably realise that if your customer does not pay your bill you can get back from HMRC the VAT that you have paid over.
But did you realise that if you do not pay a supplier for six months, you need to repay the input VAT to HMRC. Failure to do this can result in a penalty of up to 30% of the VAT!
If you own your own limited company, the chances are that from time to time there may be changes in the share capital - or the shareholders.
Did you or your advisers forget to file Form 42 with HMRC? There are penalties for not submitting this information within the required timescales.
Not all share transactions need to be notified - but it would be best to check. Ref TA19.05
The National Living and National Minimum Wage increased from April 2017. If you are earning the living / minimum wage, you need to check that your pay has been adjusted. If you are employers, you need to check that you are paying at the new rates. The rates are:
Apprentice rate (under 19 and in your first year) - £3.50 per hour
Under 18 - £4.05 per hour
18 to 20 - £5.60 per hour
21 to 24 - £7.05 per hour
25 and over - £7.50 (National Living Wage)
If you need more information follow this link - https://www.gov.uk/national-minimum-wage-rates