New tax allowances for micro-entrepreneurs

Chris Bale

From April 2017 taxpayers will be able to take advantage of two new allowances, aimed at reducing the burden (of both tax and administration) for those making small amounts of money. HM Revenue & Customs (HMRC) refer to this group of taxpayers as ‘micro-entrepreneurs’.
The allowances will allow an individual to receive income of up to £1,000 from trade plus a further £1,000 from property without having to declare this income to HMRC.

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Helping new businesses to network

Glenn Matthews

At Larking Gowen we help new businesses start up and flourish by being there to support them and by providing practical business advice. We also help to arrange networking events for new businesses so that they get to meet with likeminded entrepreneurs and other businesses at the start of their journey in order to share experiences and advice.

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How effective is finance reporting to your charity board?

Chris Yeates

With MHA, we have created Keeping Your Charity on the Right Track, a 12 month programme to help you improve your organisational governance in a stepped and measured way.  Each month’s article covers an area of charity governance for review and leads you through good practice.

Often as board members rotate, the new trustees simply accept what has gone before and receive the same financial reports without question.

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Why should you stress test your business?

Peter Glading

We often hear that the banks are being stress tested to determine their ongoing viability. Do you just assume that this is ‘economics’ that goes way over our heads? Actually, we can apply similar principles to all types of business. It involves applying systems to identify potential problems, however extreme or unlikely, and then devising strategies to minimise or alleviate their effect.

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How effective is your charity board?

Giles Kerkham

With MHA, we have created Keeping Your Charity on the Right Track, a 12 month programme to help you improve your organisational governance in a stepped and measured way. Each month’s article covers an area of charity governance for review.

To be effective, charity board members must fully understand their role.

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Employment FAQs

Tessa Brown

With the end of the tax year on the horizon, employers are starting to think about the year-end reporting requirements (and if not, perhaps should be) so I thought this the ideal time to share some FAQs.

I have been subject to Construction Industry Scheme (CIS) deductions as a company. How do I get this money back from HM Revenue & Customs (HMRC)?

Your CIS deductions can be claimed as a credit against the company’s monthly PAYE/NIC bill.

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HMRC’s database increases risk of tax investigation

Richard Proctor

HMRC’s growing reliance on Connect database could mean an increasing number of innocent taxpayers face investigation.

Over 80% of all tax investigations undertaken by HMRC now follow potential leads generated by its £45 million database system, Connect, according to recent reports. The new reliance on automated systems to identify targets means that taxpayers could face an increased risk of investigation, simply for having their name thrown up by HMRC algorithms.

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VAT on search fees

Tim Duffield

When acting for a potential buyer in respect of a property purchase, it is normal for a solicitor to engage with a third party to conduct searches. These will determine whether any restrictions apply over the property, and provide other relevant information of interest to the buyer.

Local councils are often instructed to carry out these searches, and in the past there has been no requirement for them to add VAT to their fees.

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Making Tax Digital for motor dealers

Daniel Turner

As we enter another new year, thoughts turn to what the future will hold. For HM Revenue & Customs (HMRC) the future is a digital revolution to fundamentally change the way that tax information is collected. These changes are being referred to ‘Making Tax Digital’ (MTD).

The requirements will start in April 2018 for some businesses, with the aim for the roll-out to be completed with a fully digital system by 2020.

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How does the Autumn Statement affect you?

Peter Glading

The Autumn Statement was not the most exciting from a tax perspective, but it was interesting for a number of reasons.

The Chancellor finished his first statement with an unexpected announcement; since the days of Gordon Brown there have been two showpiece performances, the March Budget, concentrating on tax, and the Autumn Statement, concentrating on spending.

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