Tax, accountancy and business support for the small and medium sized business
Website © Tyers Accountancy Ltd 2017
Your accounts and the financial information they contain need unlocking to help you understand them. We take the time to explain these complicated matters using plain English so you can make informed decisions for your business.
We promise never to bombard you with jargon you don’t understand.
We pride ourselves in our personal service. We are not a call centre: when you call you will always be able to speak to the same person. We know all our clients by name and we’re pleased to supply a quality service which is specifically tailored to their requirements.
After all, who wants to be just another number?
Tax rates and allowances change each year. Click here for the current rates.
New era of cash-based reporting introduced April 2017
Cash-based reporting is intended to allow sole traders and partnerships to declare their taxable profits in a simplified way. Trading activities can be declared based on receipts and payments actually made in an accounting period, in contrast to accruals-based reporting which is really intended for larger businesses.
Businesses with a turnover below £150,000 may use the simplified reporting scheme, and can remain in it until their turnover exceeds £300,000 per annum.
Changes to property taxation from April 2017
From April 2017 the tax deductions available for mortgage interest costs on buy-to-let properties is being gradually reduced. The effect will be to reduce the tax saving on interest from the marginal tax rate (which could be as high as 40% or 45%) to just 20%. The rules will be in full force by April 2021.
In addition, Stamp Duty Land Tax is charged at an additional rate of 3% above the existing rate where the purchase is of a second home.
These restrictions will not apply to commercial property. acquisitions.
Making Tax Digital:
Where are we now?
The Making Tax Digital clauses were removed from the Finance Bill 2017.
A new timetable for the introduction of HMRC’s Making Tax Digital initiative has been announced:
From April 2019 businesses with a turnover above the VAT threshold will be required to keep digital records and file VAT information ONLY(MTD for VAT).
From April 2020 (at the earliest) all businesses will be required to keep digital records and update HMRC quarterly for Income Tax.
HMRC accelerates tax collection through PAYE
Traditionally the tax for some benefits and underpayments has been collected one or two years in arrears. However since 2013 employers have been required to send wages details to HMRC using the Real Time Information (RTI) system. In the 2017-18 tax year HMRC will start to use this RTI information to accelerate the collection of tax by adjusting tax codes.
As a result 2017-18 could see your PAYE tax deductions increasing as HMRC collect debts through payroll for 2016-17 as well as attempting to collect 2017-18 underpayments.
Contact us for help or more information
Looking for friendly tax advice and assistance from a local accountant? Contact us now
Register for Self Assessment if you are newly self-employed or have to file a Tax Return for another reason.
5 October 2017
Deadline for filing 2017 Tax Returns online. Returns dated after 31 October 2017 may be filed later.
31 January 2018
Deadline for filing 2017 Tax Returns if less than £3000 tax due which is to be collected through 2018-19 PAYE.
31 December 2017
Deadline for filing paper 2017 Tax Returns. Electronic Returns filed online have untiil January 2018.
31 October 2017