Call: 01491 411077
Call: 01491 411077
To encourage pension savings, tax relief is available on contributions made to registered pension schemes. However, there are limits on the contributions that can qualify for relief, and punishing tax charges can apply if these limits are exceeded. Limit 1 – 100% of relevant earnings Tax relief on private pension contributions is capped at 100%…Read More
The Chancellor’s recent mini-Budget and subsequent U – turns threw a number of spanners into the works as far as profit extraction strategies are concerned. Initial revisions to profit extraction strategies in the light of the mini-Budget announcements now need to be revised. Rates For 2022/23, the dividend allowance is £2,000. Where dividends are not…Read More
Inheritance tax is often described as a voluntary tax. While most of us do not know in advance when we are going to die, there are steps that you can take to reduce the amount of inheritance tax on your estate. Here are five suggestions. Leave everything to your spouse or civil partner The inter-spouse…Read More
If you operate your business as a personal or family company, you will need to extract some or all of the profits if you wish to use them personally. When it comes to tax, not all profit extraction methods are equal. While personal circumstances will dictate the most efficient way for you to extract profits,…Read More
How much will probate cost? We provide a full non-contentious probate service to our clients. This can include acting as an executor, extracting probate, managing the estate and dealing with HM Revenue and Customs as necessary. The probate services we provide include a wide range of services and so providing an exact quote can be…Read More
Background Company law dictates a company can only pay dividends out of available undistributed profits. The Companies Act 2006 details the correct administrative procedures which need to be followed which is beyond the scope of this article. Where dividend payments are made which are not backed by sufficient undistributed profits there can be significant tax…Read More
The number of HMRC investigations into tax returns is on the rise with over 100,000 investigations undertaken during the first quarter of 2021. As digital technology and data science develop HMRC are able to better focus their resources on those individuals who are more likely to be defrauding the exchequer. This has led to recent…Read More
Landlords running a property business through a limited company are likely to need to use their own car for business purposes. Where this is the case, what can you claim by way of expenses? Two options Tax rules state costs can be deducted from income where they are incurred wholly and exclusively for business purposes.…Read More
The Governments Bounce Back Loan Scheme (BBLS) allowed businesses to apply for a loan to support them during the Coronavirus pandemic. The loans Bounceback loans were available to businesses until 31 March 2021. A business could apply for a loan of between £2,000 and £50,000, or if lower 25% of the business turnover. These loans…Read More
When a director winds up a company it is often the case that money has accumulated in the business which is rightfully owed to the company’s shareholders. This money needs to be distributed effectively prior to closure of the company. In certain situations dividends paid to shareholders may have run down the distributable reserves to…Read More
From 1 January 2021, businesses which move goods between Great Britain and the EU will need an Economic Operators Registration and Identification (EORI) number. This number will also be required for the movement of goods from Northern Ireland and other Non-EU countries. Prior to 1 January 2021, you only needed an EORI number if you…Read More
From 1 January VAT registered business importing goods into the UK will need to apply postponed VAT accounting rules. This change has come about as a result of the Brexit transitional period coming to an end on 31 December 2020. From 1 January 2021 these new provisions kick in. Nature of postponed VAT accounting Under…Read More
The Covid-19 pandemic has led to squeezed incomes and reduced earnings for many self-employed individuals. If you expect your tax liability for the 2020/21 tax year to be lower than your 2019/20 liability it may be beneficial to reduce your payments on account early rather than wait for a refund later in the year. The…Read More
Villars Hayward Chartered accountants are delighted to announce the appointment of John Preston as a Partner of the firm. “By bringing in John as a Partner, we are looking to utilise his knowledge, initiative and drive to enhance the services we offer.” Commented Nick Smith, Partner. “John has worked with the firm for a number…Read More
At the start of the pandemic, HMRC allowed VAT registered businesses to defer payment of any VAT that fell due in the period from 20 March 2020 to 30 June 2020. In his Winter Economy Plan, the Chancellor extended the deadlines by which the deferred VAT must be paid, relieving some cashflow pressure on those…Read More