by Alastair Wood | Feb 1, 2017 | Tax Advice
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...
by Alastair Wood | Nov 23, 2016 | Tax Advice
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...
by Alastair Wood | Mar 16, 2016 | Tax Advice
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...
by Alastair Wood | Mar 1, 2016 | Tax Advice
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...
by Alastair Wood | Mar 1, 2016 | Tax Advice
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...
by Alastair Wood | Mar 1, 2016 | Tax Advice
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...
