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Distributions made in excess of distributable reserves are not lawful as they are not compliant with Part 23 of Companies Act 2006 (CA 2006). S847(2) of CA 2006 governs consequences of unlawful distributions. Where the participator “knows or has reasonable grounds for believing” all or part of the distribution was unlawful they are liable to
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If your business is registered for VAT and has a taxable turnover of over £85,000, from 1 April 2019 businesses will have to comply with new Making Tax Digital VAT rules or face fines of up to 15% of their annual VAT bill As yet, HMRC hasn’t announced any further penalties for non-compliance. The main
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Review of working practices The scope of the Taylor review (Good work: the Taylor review of modern working practices) was indeed a wide one: its breadth or ambition is perhaps demonstrated by the title of its concluding section, Seven steps towards fair and decent work with realistic scope for development and fulfilment. Two principles identified
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Critical business information in real time Every successful business has its finger on the pulse. You need to know the key numbers. Not the numbers in last year’s accounts; they’re out of date. Redundant. You need today’s numbers. And that’s where your cloud accounting system comes in. If you don’t have a cloud accounting system
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The basic rate (BR) of tax remains at 20% for 2017/18, higher rate (HR) a 40% and the additional rate (AR) is 45%. Basic rate applies to the first £33,500 of taxable income, higher rate applies to the next £116.500 Everything over £150,000 is then taxed at 45% (AR) BR can be increased by your charitable
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Auto enrolment continues with pace, are you ready to meet to responsibilities? Emjay Associates are pleased to announce they have partnered with Smart Pensions to offer a cost effective package for both employer and employee. Cal use now for more information.
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The personal allowance increases to £11,500 for 2017/18 tax year. As for 16/17 the allowance is reduced by £1 for every £2 by which adjusted net income exceeds £100,000. This means anyone with net income in excess of £123,000 for 17/18 will not receive the personal allowance
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Sole Trader v Incorporation With the advent of changes in the way dividends are taxed, the big questions is, “Is it worthwhile to incorporate or should I stay self employed?” For the tax year 2016/17 savings can be made on tax as soon as profits go above £6425 (see below). However taking into consideration extra accounts
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With the changes that came into effect from April 2016, it is time to consider the benefits / costs of being an incorporated entity. Key Points 1. There will be no distinction between net and gross sums. What you receive is what you will be taxed on. 2. Dividend income will be added to non-dividend income in
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The end of tax motivated incorporation? The Summer Budget 2015 contained some key measures that were a thinly veiled attack on small business owners. What do you need to be aware of? Dividends. Perhaps the most controversial announcement was the overhaul of tax on dividends. From April 2016 the notional credit system (which sees basic