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....

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...

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...

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...

Budget 2016 putting the next generation first

The Budget 2016 was full of soundbites: putting the next generation first; act now so we don’t have to pay later; helping working people keep more of the money they earn a key; fix our plans to fit the figures, not fix the figures to fit our plans.  While...

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...