Pearson May Blog

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PROPOSED CHANGES TO THE FLAT RATE VAT SCHEME

February 1, 2017

Many small businesses use the VAT flat rate scheme (FRS) to simplify VAT reporting and some even gain a cash advantage from using the scheme. One of the conditions for using the FRS is that the business’s turnover (excluding VAT) must be less than £150,000 per annum.

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DON’T BURY YOUR HEAD IN THE SAND AND STAY SAFE THIS CHRISTMAS

December 12, 2016

As I am sure most people are aware, 31 January 2017 is the online filing deadline in respect of Tax Returns for the year ended 5 April 2016. As we head toward the festive season, you may want to use any time off that you have to get your tax affairs in order. After all, there’s nothing that says Christmas quite like sorting through all your tax records whilst recovering from too much turkey and Christmas pudding!!!

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AUTO-ENROLMENT UPDATE

November 30, 2016

It is nearly two years since I wrote about this last and during that period a lot of employers have reached their ‘staging date’ for pension auto-enrolment purposes (the date by which employers are required to have a qualifying pension scheme in place for their employees).

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THE TAX BENEFITS OF GIVING TO CHARITY

October 19, 2016

What motivates you to give to charity? Is it to help make a difference? To make yourself feel better? To set an example? To join a cause? Whatever the underlying reasons, an added bonus can be the tax breaks that are available.

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RENT-A-ROOM RELIEF

June 14, 2016

With effect from 6 April 2016, the amount of relief available under the rent-a-room scheme has increased to £7,500 (from £4,250) and this increase could potentially benefit a greater number of individuals who receive rental income from a lodger or lodgers in their own home.

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National Insurance Employment Allowance

May 14, 2016

As you may have seen in our latest 2016 edition of ‘Financial Perspectives’, the Government have increased the level of the so called “Employment Allowance” so that it is now worth up to £3,000 per tax year for most employers.

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