Making Tax Digital – Extension
The extent of Making Tax Digital is being increased by the government. The requirement to provide records in the new format is being extended to include over 4 million taxpayers who have business or property income in excess of £10,000 per year. This will also include landlords, sole traders and partnerships involving individuals only. Corporate […]
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What are Capital Allowances?
Capital Allowances are much misunderstood and consequently often left unclaimed, especially by small businesses. What is a Capital Allowance? The capital allowance is an allowance against tax payable for any assets you buy to enable you to run your business. For example, if you’ve bought a new machine to help your manufacturing process, you can […]
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Depreciation – What Is It?
Depreciation is a term that is often used in accounting but usually without any explanation. In a nutshell it is the amount by which a business asset, such as a machine or van, reduces in value over it’s lifetime. The cost of anything that is used in the business can be offset against tax over […]
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Making Tax Digital
Making Tax Digital is a much used phrase if you run any kind of business, self employed or otherwise. It already affects anyone who is VAT registered and will affect almost every business in the UK by the end of 2020. HMRC’s stated ambition is:- “to become one of the most digitally advanced tax administrations […]
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Tax Deductible Expenses
There are lots of tax deductible expenses that you can offset against your business turnover as well as the basic cost of sales such as materials, production, staff and marketing. However there are lots of different rules around them. ‘Allowable Expenses’ differ depending on how your business is set up – for example different rules […]
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Why You Should Send In Your Tax Return Early
We all do it – put off sending in our Tax Return until the last minute – but is it the good idea we think it is? Nearly 800,000 Self Assessment returns were filed on the last day in 2018, and hundreds of thousands missed the deadline which means substantial fines. The potential for overload […]
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The Budget Provisions 2017
Farries Bookkeeping Services like to make sure our clients are well informed on the latest legislation so we have summarised the principal provisions of the 2017 Budget for you The VAT Threshold which will remain frozen at £85,000 for the next two years Business Rates will be indexed to Consumer Price Index from 2018 The […]
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