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Is It Worthwhile Having A Company Car Anymore?

There are many advantages to running your own business, like the freedom of being your own boss, the greater control, and possibility of lucrative rewards. But there can often seem like thousands of things you need to know to run it successfully. Paying tax, and just the right amount of tax for your circumstances, is […]

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Dividend allowance down to £2,000

In 2017/18 the first £5,000 of dividends are chargeable to tax at 0% (the Dividend Allowance). From 6 April 2018 the Dividend Allowance is reduced to £2,000. Dividends received above the allowance are taxed at the following rates: 5% for basic rate taxpayers 5% for higher rate taxpayers 1% for additional rate taxpayers. Internet links: GOV.UK […]

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HMRC halts thousands of scam text messages

HMRC have announced that they have stopped thousands of taxpayers from receiving scam text messages ‘with 90 percent of the most convincing texts now halted before they reach their phones’. HMRC’s press release states: ‘Fraudsters alleging to be from HMRC send text messages to unsuspecting members of the public. In these messages they will make false […]

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VAT fuel scale charges

HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2018. VAT registered businesses use the fuel scale charges to account for VAT on private use of road fuel purchased by the business. Please do get […]

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Off-payroll rules for the private sector

The government has published the draft legislation for the next Finance Bill including the rules for off-payroll working in the private sector. The legislation is open for consultation until 5 September 2019. The new rules will apply from April 2020 and the effect of these rules, if they apply to intermediaries, typically Personal Service Companies […]

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VAT: reverse charge for building and construction services

The VAT reverse charge for building and construction services comes into effect from 1 October 2019. The reverse charge represents part of a government clamp-down on VAT fraud. A reverse charge means that a contractor receiving a supply of construction services must account for the output VAT due, rather than the sub-contractor who supplied the […]

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Government fast-tracks Spending Review to give ‘financial clarity’ on Brexit

Chancellor Sajid Javid has announced that a one-year Spending Review will be carried out in September, in order to provide government departments with ‘financial clarity’ ahead of Brexit. According to the Chancellor, a one-year budget allocation would allow civil servants to simultaneously press ahead with improvements to public services and prepare for Brexit, which is […]

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MPs call for review of HMRC loan charge

MPs are calling for an independent review of HMRC’s controversial loan charge, which came into effect earlier this year. In a letter to Chancellor Sajid Javid, MPs have called for a thorough review of the loan charge and a delay to the 31 October loan charge payment deadline. The loan charge, which came into effect […]

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