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Spring Budget 2017

The Spring Budget 2017 delivered the expected attacks on the self employed and company business owners who give the economy so much of it’s competitiveness and flexibilty which were reflected in the positive forecasts presented by the Chancellor Philip Hammond.... read more

Leaving the VAT Flat Rate Scheme

Leaving the VAT Flat Rate Scheme is now likely for 100k businesses in the UK with the introduction of new rules for Limited Cost Businesses.  The scheme was introduced to simplify reporting for smaller businesses but as a result of alleged abuse the door is now being... read more

HMRC response to Making Tax Digital

We are finally getting some more information on the HMRC response to Making Tax Digital proposal.  This aims to enforce quarterly reporting on businesses and landlords, but still with the annual tax return due by 31 January. A pilot scheme is starting in April 2017... read more

Autumn Statement 2016

The Autumn statement 2016 was to be Philip Hammond’s first and last as it is being abolished.  In future there will be just a Budget in the autumn, leaving plenty of time for implementation and a Spring statement which will be a Government response to the 6... read more

Companies House Confirmation Statement

The replacement for the Annual Return was made on 1 July 2016 and the new Companies House Confirmation Statement must now be used.  This incorporates the People with Significant Control (PSC) statement.  Most of our clients will continue to complete this online using... read more

Balance sheet and dividends

The balance sheet shows the limit of what dividends can be drawn: This is made up of the following sections: Fixed assets Current assets Current liabilities Net current assets (or liabilities) Long term liabilities Which is made up by the reserves (a limited company... read more

Profit and loss explained

This time we look at the profit and loss account: The format of a profit and loss account is pretty standard and of particular interets this time is how much can be drawn as a dividend.  From the top Sales – this is the value of goods or services sold Cost of... read more

Dividend tax planning options

There are dividend tax planning options which can be taken before 5 April 2016 to extract as much as possible before the changes take effect: I am advising clients who have profit and loss reserves as follows: If they are basic rate taxpayers to draw as much as... read more