A G Smith & Co

Blog

17/12/2018 Christmas / New Year Opening Hours

Christmas / New Year Opening Hours

Merry Christmas & A Happy New Year from all of us at A G Smith & Co!

Read more

11/12/2018 Tax-free perks at Christmas time

Tax-free perks at Christmas time

Many businesses take time out to provide their employees with a work based party or similar event. If you are concerned about the tax consequences of Christmas celebrations, read on. We have included in this article ways to organise these events without falling foul of HMRC.

Read more

06/12/2018 Are you eligible to claim the Marriage Allowance?

Are you eligible to claim the Marriage Allowance?

Marriage Allowance lets you transfer £1,190 of your Personal Allowance to your husband, wife or civil partner - if they earn more than you.

Read more

01/12/2018 Disqualified from acting as a director

Disqualified from acting as a director

When a director has been found guilty of mismanagement verging on fraud, one of the remedies that the courts can impose is disqualification as a director. But what does this actually mean?

Read more

12/11/2018 MTD for VAT: Did you Receive a Letter from HMRC?

MTD for VAT: Did you Receive a Letter from HMRC?

HMRC have sent out letters to some VAT registered businesses with turnovers above £85K detailing the changes required for Making Tax Digital.

Read more

28/10/2018 We're Ready for Making Tax Digital for VAT

We're Ready for Making Tax Digital for VAT

We're ready for Making Tax Digital for VAT, are you? We've partnered with Sage, an award-winning leader in accounting software, to provide an intuitive cloud-accounting bookkeeping service.

Read more

21/10/2018 What is a reasonable excuse?

What is a reasonable excuse?

HMRC is still required to obtain certain returns from you even if there is no income or tax to declare...

Read more

19/10/2018 Passport issues if a “no-deal” Brexit

Passport issues if a “no-deal” Brexit

Guidance on the use of a British passport to travel abroad after 29 March 2019, if there is a “no-deal” Brexit, was issued by government last month.

Read more

18/10/2018 Invoice discounting with larger customers

Invoice discounting with larger customers

Suppliers who sell goods and services to larger concerns often find that the terms of their supply limits or bans the process of factoring the debts to release funds into cash flow.

Read more

21/09/2018 Protect your Home

Protect your Home

A government think-tank, the Office for Tax Simplification (OTS), was briefed to consider a non-tax issue, a restricted form of limited liability for sole traders.

Read more

21/09/2018 What is side-ways loss relief?

What is side-ways loss relief?

If a business owner makes a loss as a self-employed person, they can set off the losses against any other earnings of the same year. In effect, the business losses are moved side-ways against other earnings.

Read more

21/09/2018 Buy-to-let mortgages

Buy-to-let mortgages

The gradual restriction of tax relief for buy-to-let mortgage interest has received much publicity since the process commenced 5 April 2017.

Read more

21/09/2018 Grants available for food producers and suppliers

Grants available for food producers and suppliers

Up to £20 million is being made available to increase productivity and sustainability in crop and ruminant agriculture systems through the Industrial Strategy Challenge Fund.

Read more

12/09/2018 Practice News: New Staff Member

Practice News: New Staff Member

Due to further expansion we are delighted to announce Somer Moss MAAT joining A G Smith & Co.

Read more

10/09/2018 Sage Business Cloud Certified

Sage Business Cloud Certified

Three of our staff members are now officially certified in Sage Business Cloud and Sage 50c after a training day and exam at the NEC Birmingham.

Read more

20/08/2018 HMRC Automated Call Scams- How You Can Tell, and What to Do

HMRC Automated Call Scams- How You Can Tell, and What to Do

Scammers are making automated calls purporting to be HMRC, claiming you owe tax and need to pay immediately.

Read more

07/08/2018 Ask the government to sell property

Ask the government to sell property

UK residents can ask for publicly owned land and buildings to be sold if they think that the property is vacant or underused. You will need to track down the owner of the land and ask for the property to be sold.

Read more

06/08/2018 Changes to rent-a-room relief

Changes to rent-a-room relief

A new test is to be added to the qualifying criteria for rent-a-room relief from April 2019: the home owner) will need to share occupancy with the lodger...

Read more

03/08/2018 When is Capital Gains Tax payable?

When is Capital Gains Tax payable?

Notwithstanding any of the comments in this post, an individual is allowed to make tax-free capital gains of £11,700 during 2018-19. There are also a number of circumstances when a disposal does not create a taxable gain.

Read more

01/08/2018 Points Based Penalties

Points Based Penalties

HMRC has outlined a significant change to the way they will be levying penalties for late filing breaches under the Making Tax Digital regulations.

Read more

19/07/2018 Self-employed tax bills

Self-employed tax bills

Whether you pay income tax or National Insurance, the effect on your cash flow is the same. The payments are a necessary part of our obligation to fund the activities of State, but the self-employed are often surprised that their bi-annual tax payments cover both “taxes” - NIC and income tax.

Read more

15/07/2018 Director minimum salary levels 2018-19

Director minimum salary levels 2018-19

Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce National Insurance Contributions (NIC), and in some cases income tax.

Read more

08/07/2018 Making Tax Digital

Making Tax Digital

A reminder that from April 2019, HMRC’s much vaunted Making Tax Digital (MTD) scheme will apply to certain businesses.

Read more

01/07/2018 Construction drawn into VAT reverse charge process

Construction drawn into VAT reverse charge process

It would seem that HMRC is keen to plug the apparent drain from VAT receipts when contractors and sub-contractors charge their customers VAT and then go missing, keeping the VAT for themselves. This is described in legislation as “missing trader fraud”.

Read more

22/06/2018 Crackdown on Abuse of UK Businesses

Crackdown on Abuse of UK Businesses

Reforms are being considered that will ensure that Scottish Limited Partnerships continue to be used as a legitimate vehicle for investment in the UK.

Read more

22/06/2018 Employees' Holiday Entitlement

Employees' Holiday Entitlement

The following definitions should help to clarify employee and employer rights and responsibilities regarding entitlement to holiday pay.

Read more

22/06/2018 What To Do If You Can’t Pay Your Tax

What To Do If You Can’t Pay Your Tax

HMRC will consider extended options for settling your outstanding tax bill. The key is to contact HMRC, explain why you can’t pay on time, and discuss how you can settle any outstanding liabilities.

Read more

21/06/2018 200,000 Workers Receive Back Pay

200,000 Workers Receive Back Pay

In a recent press release, HMRC urged underpaid workers to complain as figures show that the number of workers getting the money they're owed by employers has doubled after interventions by HMRC.

Read more