Massey Accounting Company

making your business less taxing


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Self Assessment Payment due 31 January

tax_deadline_calendarIf you complete an Income Tax Return then you probably have a tax bill payable by 31 January. Be sure to pay on time and avoid a fine plus late payment interest. For instructions on how to pay follow this link: http://www.hmrc.gov.uk/payinghmrc/selfassessment.htm

 

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Thank you The Lawn Man, Stockport

The Lawn ManThank you The Lawn Man, Stockport for your testimonial. We’re proud to be working with local businesses like yours.

Read The Lawn Man’s testimonial.

Visit their website.

 

Enjoy saving tax?

View our video: How to Save Tax YouTube-logo-full_color; and follow our blog on Google+ or click +Follow at the bottom of this page.


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Invoice on the go

Invoices by WaveMy favourite (and free) cloud bookkeeping system just got better – the new Invoice by Wave app allows on-the-go invoicing. Download it from the App Store.

As I’ve said before, I’m not an affiliate, just a fan of this cool bookkeeping system that’s already helping many of my clients.

 

Enjoy saving tax?

View our video: How to Save Tax YouTube-logo-full_color; and follow our blog on Google+ or click +Follow at the bottom of this page.


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Self Assessment Payment due 31 July

tax_deadline_calendarIf you complete an Income Tax Return then you may have a payment on account due by 31 July. Be sure to pay on time and avoid late payment interest. For instructions on how to pay follow this link: http://www.hmrc.gov.uk/payinghmrc/selfassessment.htm

Incidentally 31 July is also the deadline for renewing any Tax Credit Claims.

Enjoy saving tax?

View our video: How to Save Tax YouTube-logo-full_color; and follow our blog on Google+ or click +Follow at the bottom of this page.


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Can the Cycle to Work Scheme Work for You?

Tour de France

Feeling inspired by le Tour de France? As a business owner perhaps you’re wondering if the Cycle to Work Scheme could be of some benefit.

Probably not, BUT…
The government have done it again – generally small owner managed businesses have found that the costs and hassle of operating the scheme outweigh the benefits.

For example – you could use a third party provider to set-up the scheme (usually a larger bike shop) but even then there’s salary sacrifice arrangements, benefits in kind, VAT claimed (then paid later!) and terms of employment to be updated. Forget it!

REAL WORLD SCENARIO
If you’re planning to use your bike for mostly business (including your commute) then your company can buy you a bike + safety equipment. The limited company will attract 20% corporation tax relief and be able to reclaim the VAT. Simples! A greater saving with much less trouble.

Nb: Of note is that the company will always own the bike or must resell to a third party / scrap.

Source info: https://www.gov.uk/government/publications/cycle-to-work-scheme-implementation-guidance http://www.legislation.gov.uk/ukpga/2003/1/section/244?view=plain

Enjoy saving tax?

View our video: How to Save Tax YouTube-logo-full_color; and follow our blog on Google+ or click +Follow at the bottom of this page.

 


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When do RTI payroll penalties begin?

RTI-readyTo allow employers to adjust their payroll practices HMRC have given one extension after another, plus different deadlines to different size employers. But when are small businesses (micro employers) required to be fully RTI compliant?

They fall into two categories:

EXISTING EMPLOYERS

Existing employers with 9 or fewer employees who need more time to adapt will be able to report PAYE information on or before the last pay-day in the tax month until April 2016.

This largely applies to weekly payrolls that are reported en-masse at the end of the month. The practice is acceptable until April 2016.

If your monthly payroll submissions are behind then all employers are required to be up-to-date by 5 October 2014 after which late filing penalties will apply.

NEW EMPLOYERS

Those just beginning to employ people have no such grace. You must make RTI submission on or before any payments are made to employees (weekly or monthly).

However even new employers have until 5 October 2014 to make sure all previous weeks / months payroll submissions have been made.

RECOMMENDATIONS

If you’re payroll isn’t yet operating in RTI get in-touch soon!

In either case it is advisable to move employees on to being paid monthly. This will cut down the admin and likelihood of making a late submission.

Source info: http://www.hmrc.gov.uk/news/news091213.htm http://www.hmrc.gov.uk/payerti/reporting/late-reporting.htm#3

Enjoy saving tax?

View our video: How to Save Tax YouTube-logo-full_color; and follow our blog on Google+ or click +Follow at the bottom of this page.


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Tax Free Pay Rise

photo

Next time you’re considering giving your employees a pay rise (or yourself as director or secretary) consider giving them a mobile phone instead!

Presuming the employer takes out the contract in the company name and provides just one phone to their employees then this is a tax free benefit to the employee – regardless of how many personal calls the employee makes.

Example

An employee currently pays a £40 per month mobile contract. After having paid his tax (20%) and National Insurance (12%) this contract costs the employee £59 of their monthly gross wage!

Presuming the employer could secure a similar tariff in their name the cost to the employer might be just £27 per month (after VAT and corporation tax relief).