Blog

Have a read of our latest blogs.

Make sure you sign up to our newsletter too to keep up with the latest news!

May 2016

Guide to Child Benefit for people earning over £50,000

If either you or your partner has an income of more than £50,000 a year then you will have to pay back some (or all) of your Child Benefit in the form of extra Income Tax. You will have to pay a portion of your Child Benefit back in extra Income Tax. How does it work? You will be required to pay back 1% (one per cent) of your family’s Child Benefit for every extra…

Read More >

May 2016

The Latest Payroll News from Time Accounts

HMRC have released their latest Payroll bulletin. We have compiled a few key points that you may find useful. Income Tax Allowances: It was announced that the basic personal allowance for the tax year starting 6 April 2016 will be increased to £11,000 and the tax code for emergency use will be 1100L. As a result there will be a general uplift of tax codes with suffix ‘L’ which will be increased by 40. HMRC…

Read More >

May 2016

Guide to Stamp Duty Land Tax on additional residential property

The government announced that from 1 April 2016, a higher rate of stamp duty land tax will apply to purchases of additional residential property. We have put together a short guide detailing the latest key facts. The charge will apply to additional residential property purchases over £40,000 (rather than £125,000). The rates will be 3% above current rates on residential property. The higher rates will apply to property purchases in England, Wales and Northern Ireland….

Read More >

May 2016

Apprenticeship Programs

Modern day apprenticeship programs allow young, enthusiastic Individuals to receive on the job training, whilst gaining knowledge in a classroom environment. This maximises learning as their knowledge is being put into action. In addition to this contemporary way of progression towards their career the apprentice will also be earning wages, hence the saying ‘earn while you learn’. We at Time Accounts could see the benefits of this learning structure and ventured down the route of…

Read More >

March 2016

The Time is precious guide to – Budget 2016

This week was George Osborne’s eighth budget as Chancellor and second as part of a full Conservative government. He announced a range of eye-catching measures, including a levy on sugary drinks, lower income tax bills, a cut in corporation tax and help for small businesses, in a Budget he said would “put the next generation first”. The stakes were higher this year, with the Chancellor aiming to hold on to small business support ahead of a…

Read More >

December 2015

The Time is precious guide to – Autumn Statement 2015

George Osborne has delivered his first Autumn Statement as the Chancellor of a Conservative government. After 5 years in the role, we know by now that Mr Osborne’s hands have been tied by the Liberal Democrats. After all the doom and gloom in recent weeks about the government’s borrowing requirements and the deficit, the news was in fact good: the Office for Budget Responsibility (OBR) forecast was better than expected! This Autumn Statement has been…

Read More >

October 2015

The Time is precious guide to incorporating from sole trade to partnership & expenses

What expenses can I claim? The process of moving from a sole trader or partnership to a limited company is relatively similar to that of incorporating a new company. When changing the type of business, you are required to inform HMRC that you are no longer self-employed as a sole trader or a partner in a partnership. In addition to this, any VAT or payroll registrations you have in place may need to be changed…

Read More >

September 2015

The Time is precious guide to – Setting up your business

Sole Trader, Partnership or Limited Company As an individual, many people will enter the world of business as a sole trader. This type of business has a number of advantages whilst your trade is growing, though there comes a stage when you may decide that to expand you need to form a limited company. Company formation is a natural progression from sole trader or partnership. Each structure has advantages and disadvantages which are outlined below…

Read More >

September 2015

Times precious guide to the VAT Mini One Stop Shop (Vat MOSS)

We are living in the age of digital communication. Music, TV & film can all be accessed via a digital provider, companies widely use digital media services in which they run their business and supply these services to consumers in the EU or worldwide. January 2015 saw the start of Telecommunications, broadcasting and electronic services taxed in the country where the customer belongs – regardless of whether the customer is a business or consumer –…

Read More >

July 2015

Update to VAT and problem areas

The Time is precious guide to- Updates to VAT and problem areas In the ever growing complex world of VAT, HMRC have now taken a more assertive approach to their review and penalty regime for VAT errors and rather than classing something as an “error” due to a lack of reasonable care, they are instead choosing to class errors as deliberate (but not concealed). A deliberate but not concealed inaccuracy occurs when a person gives…

Read More >