News from Baxter & Co, Chartered Certified Accountants in Orpington, Kent

Update on RTI penalties

May 26, 2016
Baxter & Co

The penalty regime for the late filing of full payment submissions (FPS) under RTI has been in place for some time and was intended to apply to all employers from March 2015. In practice few employers have been charged penalties…

Read More

When is business travel not business travel?

May 19, 2016
Baxter & Co

The rules for determining whether travel qualifies as business travel for tax purposes can become complex in a number of cases, for example, where employees work at multiple sites. But for employees who have one fixed place of work, a…

Read More
Certified Chartered Accountants in Orpington (2)

New travel and subsistence restrictions

May 12, 2016
Baxter & Co

From 6 April 2016, there are restrictions on the allowability for tax of travel and subsistence expenses where individuals provide services through an employment intermediary. The new rules apply where personal services are provided either via a personal service company…

Read More
Certified Chartered Accountants in Orpington

National Insurance Employment Allowance

April 29, 2016
Baxter & Co

The employment allowance increased on 6 April 2016 from £2,000 to £3,000 per employer per year, which is great news for small businesses who can set the allowance against employer’s class 1 NIC payable on their employees’ and directors’ pay….

Read More
Baxter & Co, Orpington

Expense and Benefit Reporting

April 25, 2016
Baxter & Co

Now that we have finished the 2015/16 tax year, and are past the final RTI submission deadline (19 April), it is once again time to think about the reporting of expenses and benefits. Director and employee benefits and expenses need…

Read More
Certified Chartered Accountants in Orpington

Who controls your company?

April 13, 2016
Baxter & Co

With all the recent talk in the news of transparency in the tax affairs of the Prime Minister, one measure to increase transparency which came into effect this month has perhaps not received all the attention it deserves. From 6…

Read More

Maximising the Main Residence Relief

April 5, 2016
Baxter & Co

With many people realising significant gains on the sale of their home, it is important to understand how capital gains tax relief, known as the ‘Principal Private Residence’ or ‘PPR’, relief, works.  Whilst most people are aware of the existence…

Read More
Certified Chartered Accountants in Orpington

Budget Summary 2016/17

March 17, 2016
Baxter & Co

Rich in detail, short on vision The Chancellor again lived up to his reputation with an adept performance appeasing small business which felt alienated by the new dividend tax, showing the government’s intent to take on multi-national corporations and shifting…

Read More
Certified Chartered Accountants in Orpington

Dispensing with dispensations

February 19, 2016
Baxter & Co

The P11D dispensation will be no more as from 6 April 2016.   It is replaced by a new automatic statutory exemption for paid and reimbursed business expenses.  This applies to all employers.  If you have a dispensation in place you…

Read More
Certified Chartered Accountants in Orpington

All change – the new dividend tax rules

February 4, 2016
Baxter & Co

The way in which dividends are taxed is changing from 6 April 2016.  For basic rate taxpayers and many business owners, the new rules are far less generous than the current rules.  Taking an additional dividend prior to 5 April…

Read More