The National Living Wage (NLW) and National Minimum Wage (NMW) increased from 1 April 2019. From that date, the NLW, payable to workers aged 25 and over, is set at £8.21 per hour. Workers under the age of 25 and over school leaving age must be paid the NMW appropriate for their age. From 1 […]
Read MoreUnder the self-assessment system, a taxpayer is required to make payments on account – advance payments towards the eventual tax and National Insurance liability – where the previous year’s self-assessment bill was £1,000 or more, unless more than 80% of the tax liability is deducted at source, for example, under PAYE. The self-assessment return for […]
Read MoreIf an employee is able to use a work’s van for private use, which generally includes home-to-work travel, there will be a taxable benefit and a subsequent tax charge. From 6 April 2019, the flat-rate van benefit charge has risen from £3,350 to £3,430, representing a small increase in real terms to a basic rate […]
Read MoreThe payment of National Insurance contributions provides the mechanism by which an individual builds up their entitlement to the state pension and certain contributory benefits. Different classes of contribution provide different benefit entitlements. Employed earners pay Class 1 contributions where their earnings exceed the lower earnings limit – set at £118 per week (£512 per month, […]
Read MoreThere may be occasions on which an employer provides an employee with a taxi either to or from work. As a general rule, where an employer pays for a taxi for an employee’s journey between home and work, there is a taxable benefit as journeys between home and work are regarded as private, rather than […]
Read MoreWhere income is mainly derived from savings, it is possible to enjoy tax-free savings income of up to £18,500 tax-free in 2019/20 in addition to that held in tax-free wrappers, such as individual savings accounts (ISAs). The ability to enjoy savings income tax-free is made up of three components: the personal allowance; the zero-starting rate […]
Read MoreMaking Tax Digital (MTD) for VAT went live on 1 April 2019. VAT registered businesses with VATable turnover above the VAT registration threshold of £85,000 are required to comply with the requirements of MTD for VAT from the start of their first VAT accounting period beginning on or after 1 April 2019. For certain businesses, […]
Read MoreThe car benefit tax charge does not cover fuel provided for a company vehicle. Where the company pays for all fuel (business and private), the fuel benefit will be charged, which is based on the cash equivalent of the benefit each tax year (£24,100 for 2019/20 multiplied by a percentage depending on the car’s CO2 […]
Read MoreWe understand how important it is for small businesses to keep overheads down, but paying bookkeeping fees for simple tasks like raising invoices is one area where it may be possible to make some substantial savings. We work with some great cloud-based accounting software packages that make it easy to create professional invoices yourself while still […]
Read MoreI’m excited to be providing consultancy services and accountancy support to the leading South Coast fluid power business Hyphose Ltd, whose head office is in Ringwood. Hyphose has been established for nearly 40 years, and the sale of the company this week makes them part of one of the UK’s strongest fluid power groups, R&G […]
Read MoreDon’t just take our word for it, here’s how FreeAgent helps small business owners spend less time managing their finances and more time doing the work they love: https://bit.ly/2Oc5567
Read MoreWe know that it can be difficult to stay on top of your finances – whether it’s reviewing paper receipts or trawling through spreadsheets after a long day. This is why we have chosen to partner with award-winning accounting software FreeAgent. We like that it is especially designed for contractors and micro-businesses and their […]
Read MoreAs a sole trader running your business is time consuming enough without the added stress of calculating how much of the fuel you buy is allowable as a business expense every time you fill up your car. Luckily this is one of several areas where HMRC make it easier for small businesses by allowing you […]
Read MoreTake the uncertainty out of your monthly bookkeeping expenses. At AC Barwick Bookkeeping & Accountancy Services we are happy to agree a fixed monthly fee for ongoing contracts with small businesses in the Bournemouth, Ringwood and East Dorset area.
Read MoreAs part of the government’s plans to transform the way tax records are kept and submitted, VAT-registered businesses with a taxable turnover above the VAT threshold are required to use the Making Tax Digital service to keep records digitally and use software to submit their VAT returns from 1 April 2019. If your business has […]
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