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.
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 …
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 …
The National Minimum Wage will increase from 1 October 2016. The increase is following the Government’s decision to accept recommendations from the Low Pay Commission (LPC) earlier in the year.
Chancellor George Osborne delivered an interesting Budget speech earlier today which contained some real surprises.
To celebrate the end of a successful January (Tax Return filing season) we are giving you the chance to win a “Crunchie Friday” for you and your work colleagues! To enter please like our Facebook page, share and comment “Crunchie Friday @ “YOUR WORK PLACE.” Your name will then be entered into a draw on …
The national minimum wage increases from 1 October 2015. This is great news for employees however substantially increased costs for employers! The national minimum wage amounts that employers must pay their staff have increased substantially. The Government has increased the Minimum Wage by 20p – from £6.50 to £6.70. The increase for Apprentices has also …
Chancellor George Osborne delivered the first fully Conservative Budget since 1996 earlier today. How will the measures affect you or your business?
Form P11Ds for 2014/15 should be submitted to HM Revenue & Customs (HMRC) on or before 6 July and any liability to class 1A National Insurance should be paid by 19 July, or 22 July if payment is made electronically.
Xero will shortly be releasing Xero Performance Dashboards giving business owners a further tool to assist improve their business. The performance dashboard highlights key business ratios and how these change overtime. This will give businesses a fantastic opportunity to set goals which can be focused on and give structure to the direction of the business.
The Chartered Institute of Taxation
The Association of Taxation Technicians
