Digital Tax Returns

One thing that may be of interest to low earners, if your turnover (not net profit) is £10,000 or les then you are exempt from quarterly digital tax returns.

Digital Tax Returns

If you thought that George Osbourne's announcement that tax returns will be a thing of the past by 2020, think again.
Starting at the end of June 2018 Quarterly Digital Returns will have to be sent on-line to HMRC.  Which type of companies will be required to do so hasn't been announced yet but it does no harm to be ready whatever size of business you run.
This may mean getting either computer literate yourself or someone who is already in order to input receipts and produce invoices on an accounting package, spreadsheets will not be allowed.

Bank Swap Agreements

Swaps
If you got a business loan from your bank between 2005 and 2011 and they offered you something called a Swap Agreement to fix your interest for the length of loan then you may be entitled to compensation for mis-selling that product.

Why?  Because these Swaps are only useful if the bank interest rate goes up, they are very expensive to maintain if the rate goes down (remember 2008 and beyond).

If you think you have been mis-sold a Swap Agreement contact us now: info@bridgewells.com

2nd payment on account

If you're a self-assessment taxpayer please remember that your second payment on account is due by the end of this month (31st July).

Capital Allowances

Are you missing out on, potentially, thousands of hard earned pounds tax savings by not claiming all the Capital Allowances you may be entitled to?

April 2014 is the deadline for pooling your Fixed Assets in Plant & machinery used in your business.  If they are not pooled by that date the Capital Allowances are lost forever.

ISA's

Now is the time to think about making full use of your ISA allowances before 6th April. This helps to preserve the real value of your income and capital. Here are some of the annual tax allowances available:

Remember, you can invest up to £5,640 in a cash ISA in this tax year, and the same amount in stocks and shares, or you can invest the full £11,280 allowance in stocks and shares alone. If you’ve got savings available and you still haven’t used your allowance this year, it’s worth sheltering them in an ISA as soon as possible. Once April 6 arrives, your 2012/2013 allowance will be lost forever.  So, use it or lose it!!!

You should bear in mind that the favourable tax treatment given to ISAs may not be maintained in the future, as they are subject to changes in legislation.

For an introduction to a Bridgewells Ltd recommended IFA please contact us NOW.

31st January

First of all, a Happy and Prosperous New Year to you all

The 31st January is a date that should be etched into the brain of every self-employed person.  By this date you should have filed your SA tax return and paid any tax due.  If you fail to do this HMRC will send you a fixed penalty letter for £100.00 (non-refundable).  By the end of September this penalty, plus interest, will have gone up to £1600.

 If you are in a partnership this applies to ALL partners plus the Partnership Return itself e.g. three partners - four returns; four penalties.

Enough of the sad stuff.  Have a great year.

Ron