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Archive for March, 2016

Tax and Dividends

The new rules on dividends April 2016 sees significant changes to the rules on the taxation of dividends, which could have a significant impact on the amount of tax you pay. This factsheet provides an overview of the new system, together with information and advice to help keep your tax bill to a minimum. Rules[…] Read more »

Marriage Allowance for You and Family and Friends

If you’re married or in a civil partnership make sure you’re not missing out on an opportunity to save on your annual tax bill by using the Marriage Allowance available to you. Everyone has a tax-free personal allowance of £10,600 and no tax is due on income up to this amount. The Marriage Allowance allows[…] Read more »

CIS returns – nothing to report here!

If you’re registered as a contractor for the purposes of HMRC’s Construction Industry Scheme (CIS), you must submit a report each month giving details of subcontractors you’ve paid and CIS deductions. You need to send a report even if you haven’t paid anyone, in which case a “nil” declaration should be made. If you don’t[…] Read more »

When can HMRC refuse a deduction?

You’re having your offices repainted and the decorator has asked to be paid in cash. You would prefer not to, but as he comes highly recommended and is cheap you’ve agreed to go along with it. Will this cause trouble with the Taxman? HMRC does have some power to say when you should keep documents[…] Read more »

Correcting VAT errors – what’s HMRC’s view?

If you discover an error you can put it right by adjusting your next VAT return. You don’t have to tell HMRC about it as long as the net amount is less than £10,000 or, if greater, 1% of the figure in Box 6 of the VAT return for the period in which you discover[…] Read more »

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