- Posted 15th July 2015
VAT Registration
If your business’s VAT taxable turnover is more than £82,000 (the threshold), registering for VAT with HM Revenue & Customs (HMRC) is mandatory. When you register, you will receive a VAT registration certificate. From the date of registration, you need to charge the right amount of VAT, pay any VAT due to HMRC, submit VAT returns, and keep VAT records.
How to register for VAT
You can both register online under one VAT number or register by post and send it to HMRC. This way, you can regi...
- Posted 14th July 2015
An Overview on Expenses & Benefits Offered By Employers
If you’re an employer and offer expenses or benefits to employees, then you need to inform and submit tax forms at the end of the tax year to HM Revenue and Customs (HMRC) for each employee.
However, there are different rules for reporting and paying the taxes which depends on the type of expense or benefit that you provide.
Depending on the expense and benefit, the form will either be a P9D or a P11D. Such forms can be used to correct an error for an expense or benefit reported in any t...
- Posted 13th July 2015
Announcements of Summer Budget 2015
On Wednesday 8 July 2015, the Chancellor of Exchequer, George Osborne gave his Summer Budget to Parliament. The key announcements of this budget are:
From 2016, a new National Living Wage of £7.20 per hour will be introduced from April 2016 for over 25s. This Living Wage will further rise to over £9 per hour by 2020.
A surplus will be run by the government in 2019-20 and debt will fall in every year.
The tax-free Personal Allowance will be increased from £10,600 in 2015-16 to £11,000...
- Posted 8th July 2015
Auto-Enrolment: What Employers Need to Do?
Automatic enrolment is one of the great changes implemented by the government into the pension section. The introduction of such enrolment has pushed the employees to save money which they will able to enjoy after their retirement.
Who are eligible for auto enrolment?
• Aged between 22 and State Pension age
• Earn more than £10,000 a year
• Work in the UK
After the workers are automatically enrolled into a workplace pension scheme by their employer, they either have the option to j...
- Posted 7th July 2015
What does the Letter in Your Tax Code Mean?
Do you know what each letter in your tax code mean? If you don’t, then you must know them to ensure you pay right amount of tax.
Your tax code is usually sent by HM Revenue & Customs (HMRC) by your employer or pension provider. This code helps to work out the amount of income tax to be taken from your pay or pension.
Letters in your tax code
If there is “L” letter in your tax code, then it means you are entitled to the basic tax free personal allowance.
If there is “M” lett...
- Posted 5th July 2015
Top Six Financial Management Tips for Doctors
Are you a doctor? If you are, you must have been a victim of a financial trouble at some point of time. This is the why we have come up with some useful tips for managing finance of doctors.
Monitor your financial position
When you don’t have a clue about your financial position, it is difficult for you to manage it. For this reason, you should know all the cash-flows of your practice on a daily basis that will help you to monitor your practice’s progress.
Ensure your patients pay follow...
- Posted 29th June 2015
What are The Expenses to be Claimed By Dentists?
Whilst the pension reforms and changes in HMRC’s rules and regulations, dentists working under the NHS should not miss out to claim the expenses that they are entitled to. That’s because claiming on such expenses will help to save money that can be utilised in other important areas.
As a dentist, what can you claim for?
Use of home
When you use your home for practice purposes, you have the right to make a claim for the incurred expenses. For this, you need to make a share of overall cos...
- Posted 29th June 2015
How can Dentist Save Money?
Most of us like to save money but the problem is we don’t how to. And, most of the dentists are not immune to this which can make them frustrated.
To help all the dentists to save some money, we have made a list that gives you ideas on savings.
Understand your financial affairs
If you take interest in understanding your financial affairs, you will definitely be able to save some money. Along with that, you will also understand the implication of your saving and spending decisions which will...
- Posted 28th June 2015
Important Tax Dates for July & October 2015
Every individual and employer in the UK is liable to pay a certain amount of tax in accordance to their total earnings. This is why it is crucial to know all the tax dates to avoid any minor or major penalties.
Have a look at the most important tax dates for July & October month which are marked in HMRC’s tax calendar.
5 July 2015– Deadline for PAYE Settlement Agreement (PSA) for 2014-2015 ended on 5 April 2015.
6 July 2015 – Deadline for submitting form 42 or other relevant f...
- Posted 26th June 2015
HMRC Approach on Late Filing Penalties for PAYE
HM Revenue & Customs (HMRC) plans to take a balanced approach rather than issuing late filing penalties for sending PAYE information late automatically when a deadline is missed to focus on the serious defaults on a risk-assessed basis.
Even though the late filing penalties already apply to employers with 50 or more employees, this ‘risk-based’ approach will now apply to employers with fewer than 50 employees submissions that were late from 6 March 2015 and employers with 50 or more e...