So, the 6th of April brings in the new tax year with new rules, but what are the changes? Personal Allowance - increases to £11,000. Personal Savings Allowance - if you are in the 20% band for income tax, you will pay no tax on the first £1,000 of interest you get from savings. If … Continue reading New Tax Year – New Rules!
Many businesses choose to incorporate for several reasons, including liability protection and tax planning. But what should you do next, once you have gone through the initial effort of setting up your new limited company? Within a few weeks of incorporating you will receive an introductory letter from Her Majesty's Revenue and Customs. You should … Continue reading So I’ve Set Up A New Limited Company – What Next?
Flat rate VAT is a scheme introduced by HMRC to help businesses simplify their VAT accounting, in turn reducing the amount of time spent on calculating their liabilities. Many business love the sound of a reduced rate in VAT...but is it worth it? The flat rate VAT scheme allows businesses with a VAT inclusive turnover … Continue reading It’s As Easy As That With Flat Rate VAT!
Spring is here, the clocks have gone forward, lambing is under way, and the new tax year is upon us! Here are some of the changes to expect upon the start of the new tax year 2014/15: 1) Basic personal allowance tax band increase to £10,000. 2) The basic rate tax band has reduced to £31,865 … Continue reading New Beginnings