Accounting blogs
Entertainment
Entertainment is not allowable for VAT purposes. However, some entertaining maybe claimed for tax purposes.
Losses and Tax relief
Losses and Tax relief. Remember that you can offset trade losses against any other income, including rentals, in the same tax year to reduce your tax liability.
IR35
IR 35 – be careful. HMRC are again checking if you should be employed by your contractor or not.
Self employed Versus Limited company
We are asked many times, with tax free dividends now at just £2,000 whether it is best to be self employed or Limited.
HMRC Anti Money Laundering Scheme (AMLR)
If you receive any large cash deposits into your business remember you have a duty to check the ID of the person in question as well as the origin of their money and if you have any doubts about your findings to report this to either PMC or HMRC.
2019 ISA allowance
Remember to use your annual £20,000 ISA allowance by the 5th April 2019 or you will lose it for the year!
Cars and Benefits in Kind
If you have personal use of a Limited company car you should declare the benefit in kind received to HMRC.
April 2019 New Tax Allowances
From April 2019 the individual tax free personal allowance will be rising to £12,500 with the basic rate of tax allowance rising to £37,500.
Making Tax Digital for VAT, April 2019
From April 2019 you can no longer use the HMRC portal to file your VAT return and it must be filed through approved HMRC software.