Accounting and tax news | Baxter & Co.

NEWS FROM BAXTER & CO
ACCOUNTANTS IN ORPINGTON, KENT

Changes to Dividend Tax
From 6 April 2018, the tax-free dividend allowance has reduced from £5,000 to £2,000. This change will impact investors and...
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6 Top Tips for communicating more effectively with your employees
It’s well recognised that effective communication and employee involvement are huge motivators in the workplace. So, if you haven’t yet...
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Urgent News on Issuing EMI Share Options: Why You Should Delay
On 4th April, HMRC published its Employment-related Securities Bulletin No 27 (April 2018) advising that EU State Aid approval for...
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Changes to Company Car Benefits in Kind – April 2018
From April 2018, it is now mandatory for employers who have opted to payroll some or all of their employees’...
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Academy deadline dates
Important Reminder of Key Reporting Dates and Deadlines for Academies
The financial reporting requirements of Academies differ from those of schools. If you are in charge of financial reporting for...
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Academies – Reporting on Payment Practices and Performance
A new reporting requirement is being introduced meaning large companies and large limited liability partnerships (regardless of whether they are...
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New Rules for Termination Payments
On 6 April 2018, the tax treatment of termination payments is changing. Some previously exempt payments and benefits made on...
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GDPR – an overview
The looming GDPR deadline has sent many organisations into a frenzy as they scramble to meet the regulations. But what...
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Filing your self-assessment tax return on time: what you need to know
It’s that time of year again when the clock is rapidly moving to 31st January. Yesterday HMRC reported that a...
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How to run an effective interview process
You’ve advertised the job and shortlisted your candidates – now it’s time to interview them. Here are 10 tips for...
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5 Tips for shortlisting candidates effectively
Someone told me a joke the other day… Q: How do you make sure you only employ lucky people? A:...
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People priorities in well-established SME’s
You’ve enjoyed business success and your organisation is well-established and growing. You’ve taken pride in the way you manage your...
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What HR does my business need?
Getting the people and human resources aspects of your business right is an investment in making your business as successful...
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The New Flat-Rate Scheme
The New Flat-Rate Scheme
In April this year, significant changes were brought in which affects the amount of VAT that many small business owners...
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Increase in Auto-Enrolment contributions
Increase in Auto-Enrolment contributions
According to figures released by the Office for National Statistics (ONS), auto-enrolment figures reached 39.2 million in 2016, which is...
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People with Significant Control (PSC) Register Changes from June 2017
People with Significant Control (PSC) Register Changes from June 2017
The new requirement for registered companies to keep a PSC register came into force from April 2016. From that date...
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The Government confirms a new timetable for Making Tax Digital
The Government confirms a new timetable for Making Tax Digital
As widely predicted following the outcome of the election, the timetable for Making Tax Digital has been pushed back.  In...
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What you need to know about the Employment Allowance
What you need to know about the Employment Allowance
The Employment Allowance is a great tax saving opportunity for most employers. The allowance helps to reduce the amount of...
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Off Payroll Working – the new rules for the public sector
Off Payroll Working – the new rules for the public sector
What it means for Academy Trusts The government confirmed in the Budget on 8 March 2017 that the new rules...
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NIC U TURN
NIC U TURN
The budget last week contained two headline tax raising measures, the reduction in the dividend allowance and an increase in...
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BUDGET MARCH 2017 – highlights
BUDGET MARCH 2017 – highlights
From April 2017: new announcements Package of measures to give some relief to those small businesses particularly badly affected by...
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Goodbye Autumn, Hello Spring?
Goodbye Autumn, Hello Spring?
Going back to 1982, we have had Autumn Statements, which for a few years under Kenneth Clarke became Summer Statements,...
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Autumn Statement 2016 – key points
Autumn Statement 2016 – key points
Effective immediately From 23 November 2016 to 31 March/5 April 2019, businesses will be entitled to a 100% First Year...
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Work-related training
Work-related training
We sometimes get asked by employers about the tax rules on training. Most employers know that if they pay for...
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Termination payments – what is changing?
Termination payments – what is changing?
During the summer the Government has been consulting on draft legislation to change some aspects of the tax and National...
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Reclaiming Stamp Duty Land Tax when replacing your main residence
Reclaiming Stamp Duty Land Tax when replacing your main residence
The new higher rates of stamp duty land tax (‘SDLT’) have now been in force for over four months.  They...
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Corporation Tax Loss Relief
Corporation Tax Loss Relief
It has long baffled many business owners as to how their company can have tax to pay on bank interest...
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Spare room?
Spare room?
In contrast to the tax attack on the buy to let market, the government is keen for us to let...
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Claiming back overpaid tax
Claiming back overpaid tax
The 2015/16 tax year ended on 5 April 2016.   And many people will have overpaid tax for the year. A...
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Confirmation Statements – the new Annual Return from 30 June 2016
Confirmation Statements – the new Annual Return from 30 June 2016
From 30th June 2016, the requirement to file an Annual Return at Companies House will be replaced by a new...
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New Regulations: People with Significant Control (“PSC”) – An overview for Academies
New Regulations: People with Significant Control (“PSC”) – An overview for Academies
With effect from 6 April 2016 UK companies are required to hold a register of People with Significant Control (‘PSC’)....
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Watch out for the reduction in the Pension Annual Allowance for high earners
Watch out for the reduction in the Pension Annual Allowance for high earners
Individuals are able to make tax-relieved contributions to registered pension schemes to the higher of 100% of earnings and the...
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Update on RTI penalties
Update on RTI penalties
The penalty regime for the late filing of full payment submissions (FPS) under RTI has been in place for some...
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When is business travel not business travel?
When is business travel not business travel?
The rules for determining whether travel qualifies as business travel for tax purposes can become complex in a number of...
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New travel and subsistence restrictions
New travel and subsistence restrictions
From 6 April 2016, there are restrictions on the allowability for tax of travel and subsistence expenses where individuals provide...
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National Insurance Employment Allowance
National Insurance Employment Allowance
The employment allowance increased on 6 April 2016 from £2,000 to £3,000 per employer per year, which is great news...
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Expense and Benefit Reporting
Expense and Benefit Reporting
Now that we have finished the 2015/16 tax year, and are past the final RTI submission deadline (19 April), it...
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Who controls your company?
Who controls your company?
With all the recent talk in the news of transparency in the tax affairs of the Prime Minister, one measure...
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Maximising the Main Residence Relief
Maximising the Main Residence Relief
With many people realising significant gains on the sale of their home, it is important to understand how capital gains...
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Budget Summary 2016/17
Budget Summary 2016/17
Rich in detail, short on vision The Chancellor again lived up to his reputation with an adept performance appeasing small...
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Dispensing with dispensations
Dispensing with dispensations
The P11D dispensation will be no more as from 6 April 2016.   It is replaced by a new automatic statutory...
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All change – the new dividend tax rules
All change – the new dividend tax rules
The way in which dividends are taxed is changing from 6 April 2016.  For basic rate taxpayers and many business...
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Are you about to buy a house or flat?
Are you about to buy a house or flat?
If you are in the process of, or thinking about, buying a house or flat, then you need to know...
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The end of capital gains treatment on winding up?
The end of capital gains treatment on winding up?
Following the Autumn Statement the government has published a consultation on company distributions rules, along with proposed draft legislation. The...
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Autumn Statement 2015 Summary
Autumn Statement 2015 Summary
Introduction The headlines, and much of the talk, in the popular press is of the ‘U turn’ on tax credits....
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Autumn Statement 2015 Key Tax Points
Autumn Statement 2015 Key Tax Points
Key points Effective immediately These measures come into effect for transactions on and after 25 November 2015: Relieving measure for...
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Buy to Let – The End of Wear And Tear Allowance
Buy to Let – The End of Wear And Tear Allowance
In our last blog we looked at the changing tax environment for buy to let landlords. One of those changes...
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The tax raid on buy to let properties
The tax raid on buy to let properties
Our last blog looked at the implications of the new dividend tax whose principal target is owner managed businesses. The...
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Eroding the benefit – Changes to the taxation of dividends
Eroding the benefit – Changes to the taxation of dividends
The surprise announcement in the summer budget last month was the introduction of a new tax regime for dividend income...
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I have a small company, does auto enrolment apply to me?
I have a small company, does auto enrolment apply to me?
You may recently have received a letter from the Pension Regulator asking you to nominate a contact for auto enrolment. ...
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Budget opportunities – sharing out the family wealth
Budget opportunities – sharing out the family wealth
The summer budget a couple of weeks ago included a number of interesting measures.  From a taxation perspective the most...
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The recurring problem of duality: Deductions for business expenses
The recurring problem of duality: Deductions for business expenses
Trading expenditure whether in a company, sole trader or partnership is only allowed as a deduction if it is incurred...
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Year end planning for Businesses – 2014/15
Year end planning for Businesses – 2014/15
In this second blog looking at year end tax planning we consider a few ideas for those in business. These...
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Year end planning for Individuals – 2014/15
Year end planning for Individuals – 2014/15
With your tax return filed for 2013/14, it is time before the end of the tax year on 5 April,...
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Women are more likely than men to send in their tax return on time
Women are more likely than men to send in their tax return on time
Women are more likely than men to send in their tax return on time, an HM Revenue and Customs (HMRC)...
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The removal, from April 2016, of contracted-out status for defined benefit scheme.
The removal, from April 2016, of contracted-out status for defined benefit scheme
One of the less well publicised provisions of the Pensions Act 2014 was the removal from April 2016 of contracted-out...
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IN YEAR PAYE TAX PENALTIES
IN YEAR PAYE TAX PENALTIES
HMRC have confirmed that in-year penalties for late filing of the PAYE full payment submissions (FPS) will start from October...
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Late filing excuses
Late filing excuses
If come 1st February you are looking for an excuse to avoid a penalty for not filing your tax return,...
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The drive to digitise at HMRC
The drive to digitise at HMRC
In the next few years we will be seeing some big changes in the way that HMRC delivers its services....
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Recreation vs Education
Recreation vs Education
Mistaking a recreational activity for an educational one can be costly.  In a recent VAT case, the tribunal found that...
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The inequalities of tax
The inequalities of tax
The widening income gap between the very top earners and the rest of the population is increasingly reflected in the...
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