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Filter: Mark Thomas

Below you'll find a collection of posts about accounting, business and how we're focussed on our clients success.

Author: Mark Thomas
Date: 26th September 2016
Tags: No tags

Goodbye to Matthew; hello to Jorden, Diane and Gerry

As some of you may already know, Matthew Whitlocke who joined the company from school in 2004 and has been a key and valued member of our team ever since, is leaving us on the 21st September.

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Author: Mark Thomas
Date: 22nd September 2016
Tags: HMRC

Can you trust that convincing call from ‘HMRC’?

Phone and online scams, attempting to elicit your personal information, are increasing.

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Author: Mark Thomas
Date: 19th September 2016
Tags: Tax

Are website costs tax deductible?

HMRC’s views have changed, says Mark Thomas.

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Author: Mark Thomas
Date: 12th September 2016
Tags: HMRCRecords

An interesting case of poor record keeping

Surveyor ignores more than one opportunity to supply records.

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Author: Mark Thomas
Date: 5th September 2016
Tags: EmployersApprenticeships

Are you ready for the apprenticeship levy?

The way the government funds apprenticeships in England is changing from 6 April 2017.

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Author: Mark Thomas
Date: 21st July 2016
Tags: Records

Digital records will soon be compulsory

The government will require unincorporated businesses with income of £10,000 per year or more that don’t currently use software to keep financial records, soon to do so. Companies will have to use digital record keeping no matter what the level of their income. For example, the new regime will include landlords who receive rents, etc. of more than £10,000 per year.

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Author: Mark Thomas
Date: 20th July 2016
Tags: Dividends

New rules on dividends has tax implications

In the year to 5th April 2017, if you intend to receive dividends from a company, then you will be aware that from April 2016 there have been some changes to the way dividends are taxed in that the Dividend Tax Credit has been replaced by a new tax-free Dividend Allowance. Mark Witt alerted you to this in the last issue, but it is worth reiterating in a bit more detail.

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Author: Mark Thomas
Date: 19th July 2016
Tags: HMRC

HMRC’s new guidance on business travel

Following changes in the rules on 6 April 2016, qualifying business expenses that you reimburse to your employees, or meet on their behalf, don’t count as their taxable income and don’t need to be reported to HMRC on Form P11D. Expenses qualify for this treatment if, had the employee borne the cost personally, they would be entitled to claim a tax deduction for it.

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Author: Mark Thomas
Date: 18th July 2016
Tags: P11D

Is a P11D needed for 2015/16?

If an employee puts in an expenses claim for the last three months, and most of it relates to 2015/16, but he was reimbursed in 2016/17, what should your bookkeeper enter, if anything, on the P11D for 2015/16?

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Author: Mark Thomas
Date: 15th March 2016
Tags: Companies House

Is your business at risk of false Companies House posting?

Charlton Athletic CEO’s fake resignation highlights the need for Companies House ‘PROOF’. A recent case of fraudulent posting on Companies House has emphasised the need for every organisation to protect its identity.

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Author: Mark Thomas
Date: 14th March 2016
Tags: CIS

Online filing of CIS returns is mandatory from April 2016

Not only is online filing of CIS returns mandatory from April 2016 but verifications must also be filed online from April 2017. Over 85% of contractors and their authorised agents are already sending HMRC their CIS returns online, but from April 2016 everyone will have to use the online service. HMRC will no longer be accepting any paper forms from that date.

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Author: Mark Thomas
Date: 10th March 2016
Tags: HMRC

HMRC says it’s one of the world’s most phished brands

Look out for email invitations to claim refunds, etc. Thousands of taxpayers are targeted by fraudulent companies or individuals, who use bogus emails and links to try and access tax records.

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Author: Mark Thomas
Date: 9th March 2016
Tags: HMRCTax

What is the worst HMRC can do if you pay late?

Tough penalties apply for both late returns AND late payment. Anyone who has been asked by HMRC to complete a self-assessment tax return for 2014/15 faces an automatic penalty of £100 if they didn’t submit it by midnight on 31 January 2016. They face further penalties if they didn’t pay what they owed by the same date.

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Author: Mark Thomas
Date: 23rd December 2015
Tags: TaxCompany Car Tax

Good news for VW drivers: No backdated tax bills due to erroneous data

You will remember that VW revealed that it had fitted around 11 million cars worldwide with a so-called defeat device, which tells the car’s computer how the engine is running and adjusts its performance to reduce emissions during official testing.

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Author: Mark Thomas
Date: 23rd December 2015
Tags: TaxCapital Gains Tax

The latest on Private Residence Relief: Recent judgment yields tips for qualifying

Richard Dutton-Forshaw v HMRC TC4644 (RDF v HMRC) involved a dispute over whether or not a property qualified for private residence relief (PRR) on capital gains tax (CGT).

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Author: Mark Thomas
Date: 6th October 2015
Tags: Employers

Employing illegal workers

You can be fined up to £20,000 per person for employing illegal workers. Illegal workers include students with expired visas, or students working more hours than they’re allowed to, or people who work on a visitor’s visa.

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Author: Mark Thomas
Date: 6th October 2015
Tags: HMRC

When does your hobby become a business?

Whatever the activity, if it makes you a financial profit, HMRC will be interested, says Mark Thomas. HMRC are using new powers to force online marketplaces such as eBay, Etsy, Amazon and Gumtree to hand over customer account details, including their sales activity. This information gathering has enabled the taxman to target at least 14,000 individuals it suspects of failing to declare profits on their self-assessment tax returns.

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Author: Mark Thomas
Date: 6th October 2015
Tags: VAT

The Flat Rate Scheme

It may not be simple, but it could save you VAT, says Mark Thomas. HMRC advertises its VAT flat rate scheme (FRS) as a means by which you can make your record keeping more straightforward (as well as simplifying its own administration). What it does not tell you is that there are quite a few complex rules to contend with. Is it worth signing up to or not?

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Author: Mark Thomas
Date: 22nd September 2014
Tags: Client Area

Instant, free of charge & totally secure

The relationship between a business and its accountant involves a lot of sharing of confidential documents. There is no getting round this – it is a legal requirement – but it can become a headache.

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Author: Mark Thomas
Date: 3rd August 2014
Tags: No tags

Tax Credits renewal 2014

If you haven't yet submitted your annual Tax Credits renewal then HMRC have offered a short extension to the submission deadline for some applicants but you need to act now.

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Author: Mark Thomas
Date: 14th April 2014
Tags: Employers

Employers PAYE due for M/E 05/04/14

Employers - due to the Easter bank holiday weekend, the payment date for the HMRC remittance due for the month ended 05/04/14 is earlier than usual.

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Author: Mark Thomas
Date: 2nd April 2014
Tags: NewsletterRTITax

Newsletter Spring 2014

Please have a look at our latest newsletter which covers issues such as the new employment allowance, high income child benefit charge, RTI, P11d's, HR and workplace pensions

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Author: Mark Thomas
Date: 1st April 2014
Tags: No tags

Employers and Auto Enrolment

If you are an employer then you need to be aware of auto enrolment and what it means to you.There has been a strong media campaign to try to educate everyone about this subject. With the catch line "We're all in", it is quite possible that you have heard about it but you are not entirely sure what it means. Hopefully this article with help you begin to understand.

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Author: Mark Thomas
Date: 1st April 2014
Tags: RTI

Real Time Information (RTI) penalty update

With RTI now approaching the end of the first full year in operation, HMRC have acknowledged again that it has not gone as smoothly as hoped for some employers and re-reviewed the penalty position.

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Author: Mark Thomas
Date: 7th March 2014
Tags: Tax

Directors Pre Tax Year End Review

As the end of the Tax year approaches, it is worth all Directors reviewing their Tax position before 5th April 2014 to ensure that they have maximised their allowances.

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Author: Mark Thomas
Date: 7th March 2014
Tags: RTI

Employers end of Tax year issues

With RTI now in operation, an employers end of year Return form P35 is no longer needed. However, the final RTI submission due to HMRC by 19th April 2014 will include additional information normally reported upon the form P35.

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Author: Mark Thomas
Date: 6th March 2014
Tags: No tags

£2000 NIC Employment Allowance

Further to our earlier article, HMRC have now confirmed the availability of this employment allowance.

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Author: Mark Thomas
Date: 29th December 2013
Tags: No tags

IR35 and the false self-employment test

Any contractors working via their own Limited Companies will be familiar with IR35. However, proposed legislation has the potential to change the situation quite dramatically.

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Author: Mark Thomas
Date: 29th December 2013
Tags: No tags

HMRC email scam

HMRC have recently issued a warning about the latest email scam in circulation.

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Author: Mark Thomas
Date: 18th October 2013
Tags: No tags

PAYE: £2000 NIC Employment Allowance

The employers NIC allowance has now moved a step closer to becoming law but what does this mean to employers?

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Author: Mark Thomas
Date: 23rd July 2013
Tags: No tags

HMRC: Fraudulent emails

It has come to our attention that fraudulent emails are in circulation relating to the online submission of VAT Returns but even if you are not VAT registered this could still affect you. Please see more below.

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Author: Mark Thomas
Date: 15th July 2013
Tags: No tags

Outstanding Tax Returns?  There is a new HMRC settlement deal available.

Have HMRC issued with a new Tax Return which is still outstanding? Well, HMRC have recently announced a new deal to encourage anyone to come forward to get their affairs in order.

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Author: Mark Thomas
Date: 1st July 2013
Tags: No tags

PAYE: P11d

Are you an employer that provides benefits to any of its employers? If you are then you need to make sure that forms P11d are submitted to HMRC by 6th July 2013. Read more ....

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Author: Mark Thomas
Date: 12th June 2013
Tags: RTI

PAYE: RTI latest

HMRCs light touch approach has been extended

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Author: Mark Thomas
Date: 3rd June 2013
Tags: No tags

Director Loan Accounts

HMRC are clamping down on overdrawn Director loan account balances.

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Author: Mark Thomas
Date: 24th May 2013
Tags: No tags

PAYE: RTI update

PAYE Real Time Information (RTI) is now with us but, if you are still a little unclear about it, here's a reminder.

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Author: Mark Thomas
Date: 5th November 2012
Tags: No tags

2012 Self Assessment Deadline

Now is the time to prepare your 2012 Tax Return. Failure to submit the form by 31st January 2013 will result in a financial penalty. Don’t risk a penalty; get your Return prepared now.

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Author: Mark Thomas
Date: 1st November 2012
Tags: RTI

PAYE: Real Time Information (RTI)

If you are an employer, you may have already received correspondence from HMRC regarding the changes to the way that PAYE is to be reported to them from April next year. Therefore you will need to look at the options in the very near future to make sure that you are ready to operate RTI by next April.

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