Chancellor Philip Hammond delivered his Budget speech and amongst disagreeing with Jeremy Clarkson that electric cars and then driverless cars are the future (so Jeremy being snubbed by May and Hammond) the Chancellor aimed to deliver his vision of a prosperous, modern outlooking Britain.
Tax Tips
Top Tips for maximising your CIS tax refund
If you are self-employed or a contractor working in the construction industry it is very likely you are well aware of the Construction Industry Scheme or CIS.
Under this scheme contractors deduct CIS from subcontractors and pay it to HM Revenue & Customs (HMRC) on the subcontractor’s behalf. This tax is paid in advance towards the subcontractor’s income tax and national insurance.
VAT Flat Rate Scheme changes from 1 April 2017
Many small businesses choose to use the VAT Flat Rate scheme to keep things simple. Rather than adding up the VAT you pay on all your purchases and deducting it from the VAT you collect on sales to work out how much you owe, you simply take a flat percentage of your VAT inclusive turnover …
Spring Newsletter 2017 including a summary of the Spring Budget announcements
Following the chancellor’s Spring Budget announcements yesterday we have included a summary of the key changes which may affect you on pages 3-4 of our Spring Newsletter. You can download a digital copy of the Spring Newsletter here. The newsletter also includes articles on topical tax changes including: Making Tax Digital National Minimum wage increases …
Late Tax Return Reasonable excuse
Do you have a late Tax Return? Have you been issued with a late filing penalty? With a ‘reasonable excuse’, HM Revenue & Customs (HMRC) will waive your penalty.
A Budget 2015 Summary for Individuals
Chancellor George Osborne described in his final Budget how thanks to the hardworking people of Britain, Britain is “walking tall again” and urged people not to return to the “chaos of the past”! He emphasised his commitment to helping those who “work hard and want to get on”. So how will George Osborne’s measures impact on our personal finances?
Here’s our Budget 2015 summary for individuals of the key announcements:
Minimum Wage
- for 21+ year old workers, the rate will rise by 20p to £6.70p per hour from October 2015.
- for workers aged 18-20, the rate will rise by 17p to £5.30p per hour from October 2015.
- for workers aged under 18, the rate will rise by 8p to £3.87p per hour from October 2015.
- people on minimum wage will be paid £8 an hour by 2020.
A Budget 2015 Summary for Business
The business community will welcome today’s Budget announcements with the continuing theme of growth, consistency and stability.
Here’s our Budget 2015 summary for business outlining the key announcements:
Corporation Tax
- for small businesses, the rate of Corporation Tax remains at 20%.
- the main rate will be cut to 20% from April 2015. The rules will be amended to prevent contrived loss arrangements.
Tax Return Deadline – 31 January 2015
The Tax Return deadline is fast approaching but do not panic as SeavorChartered are ready to help you prepare and submit your Tax Return in time.
Tax Credits Deadline Extended
HMRC has announced an extension to the Tax Credits deadline which will give claimants extra time to renew their Tax Credits.
Claimants who missed the statutory deadline of 31 July must ensure that their claim is renewed by 10pm on Wednesday 6 August 2014 otherwise their claim could stop and Tax Credits may have been overpaid.
PAYE Penalties To Be Re-Introduced
HM Revenue & Customs (HMRC) is to re-introduce PAYE penalties for late submissions of monthly payroll information from 6 October 2014.
The penalties will apply where a Full Payment Submissions (FPS) has not been filed on or before the date a business pays its employees.
