Small companies are now required to disclose the number of employees in their year end accounts. But do you include directors in this total? When are directors employees? Incorrect accounts disclosures could incur penalties of £20,000 per worker and £10,000 per day. Why? Minimum wage regulation and auto-enrolment legislation could apply. So you should ensure …
There are several options available to pay corporation tax. We go through them all in detail so you can decide the best option. If your payment is received late HMRC will automatically charge you interest so ensure you pay corporation tax on time. Recap: what is corporation tax? Corporation tax is payable on profits of …
The new tax year begins on 6th April 2018 and therefore this means new PAYE tax codes. The most common will be tax code 1185L. Every year millions of codes are incorrect so you must check your tax code or you could end up owing HMRC. Why is the most common tax code 1185L The …
Limited companies must disclose who the persons of significant control are. Failure to provide accurate information is a criminal offence. You could receive an unlimited fine and up to 2 years prison sentence. Have you checked your register is correct??? Introduction of the persons of significant control register The confirmation statement replaced the annual return …
We are pleased to announce that today we have officially launched our client portal. What is it? It is a secure cloud application which allows us to send documents to clients which can be approved electronically. Why use it? Email is unsecure unless you attach passwords to the documents. Even then they aren’t as secure …
Company van tax and company car taxes are vastly different. If an employee is provided with private use of a company vehicle there are tax implications. Getting the type of vehicle wrong can cost you and the company ££££’s in taxes. The tax implications are known as benefit in kind. They are payable by both …
Directors can save £1,600 in corporation tax by paying a tax efficient directors salary. The optimum salary incurs no additional personal income tax or national insurance. Every year the tax allowances change. So every year the optimum directors salary changes and this is no different in April 2018. From 6th April 2018 the directors salary …
The minimum contributions which employees and employers must pay in pension contributions is due to increase. Failure to comply can incur penalties of up to £10,000 per a day. The pension changes are applicable from April 2018. Most businesses with employees have already set up pension schemes and they are registered for auto enrolment with …
If you fail to notify HMRC that you should register for VAT the penalty can be high. Anywhere between 0% and 100% of any VAT that you owe can be charged. HMRC could effectively double your VAT bill with these additional penalties. If you should register for VAT it is important to act now. Should …