At Oak Accountancy Services, we realise that we succeed only if you succeed, and that we grow only if you grow.

News

Are we seeing the end of tax-free benefits?

21/06/2017 – There have been changes to the tax rules for certain Benefits in Kind which are provided as part of salary sacrifice schemes. These changes, which started coming into effect in April of this year, are beginning to have an impact on certain tax-free benefits provided to employees. The new rules effectively remove any Income Tax and NIC … More...

Gifts to a charity or your spouse

21/06/2017 – There is usually no Capital Gains Tax (CGT) to be paid on the gift of assets between married couples and civil partners. However, there is still a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the gain or loss will be calculated … More...

How will your business be affected by Making Tax Digital?

21/06/2017 – The introduction of Making Tax Digital (MTD) will fundamentally change the way companies, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information using a new online tax account. The new regime is due to start next April when the … More...

Using your own car for business purposes

21/06/2017 – Employees who use their own car at work for business purposes can, under certain circumstances, be paid a tax-free allowance by their employers. This includes the use of their own van, motorcycle or bike. It is important to note that this tax-free allowance does not include journeys to and from work but for other business related mileage. … More...

Should you be using the VAT Cash Accounting Scheme?

21/06/2017 – The VAT Cash Accounting Scheme (CAS) can offer important benefits to certain small businesses. Under the standard VAT accounting scheme, VAT is payable on sales whether or not the customer has paid and can lead to claims for Bad Debt Relief. With the CAS no VAT needs to be paid over to HMRC until the customer has paid for his goods / … More...

Are you claiming the NIC employment allowance?

21/06/2017 – For some time now, employers have been able to reduce their Class 1 NI contributions that relate to their employment of staff. The relevant relief, the employment allowance, is worth up to £3,000 per year and is available to most businesses and charities to be offset against their employer's Class 1 NIC bill. Claiming the allowance is … More...

DVLA car scam

21/06/2017 – The Driver & Vehicle Licensing Agency (DVLA) is warning the public of what appears to be a number of widespread scams targeting members of the public using emails, texts and telephone calls. These communications are supposedly sent from the DVLA and in some cases, include links to a lookalike DVLA online website. The BBC’s Watchdog … More...

Using the trivial benefits exemption

14/06/2017 – The trivial benefits in kind (BiK) regime came into effect in April 2016. This statutory exemption applies to small non-cash benefits like a bottle of wine or a bouquet of flowers given occasionally to employees or any other benefit in kind classed as 'trivial' that falls within the exemption. Although the benefit is defined as … More...

Post-election comment

14/06/2017 – The recent election result has certainly thrown the cat amongst the pigeons. Manifesto pledges that were removed from the Queen's speech include: cancelling plans to remove the triple lock on pensions the means testing of winter fuel payments the introduction of new grammar schools, and possibly a softening of the approach to … More...

Benefits filing deadline approaching

14/06/2017 – Employers are reminded that the deadline for submitting the 2016-17 forms P11D, P11D(b) and P9D is 6 July 2017. P11D forms are used to provide information to HMRC on certain benefits and expenses that employees and directors receive during the tax year: such as company cars, loans and private medical insurance. Employers making online … More...

VAT Flat Rate Scheme – limited cost traders

14/06/2017 – The VAT Flat Rate Scheme (FRS) was introduced to ease the process of calculating and submitting VAT returns for smaller businesses - the FRS is only available to businesses that expect their annual taxable turnover in the next 12 months to be no more than £150,000 (exc VAT). VAT due for each quarter is calculated as the VAT inclusive … More...

Main Residence Nil Rate Band

14/06/2017 – The impact of Inheritance Tax has been reduced recently for families that own their own home. HMRC has introduced a new relief, the Inheritance Tax main residence nil-rate band (RNRB), which came into effect on 6 April 2017. The RNRB is a transferable allowance, that is available to the estates of both parties in a marriage or civil … More...

 

Newsfeed Search


Newsfeed

Are we seeing the end of tax-free benefits?

21/06/2017 – There have been changes to the tax rules for certain Benefits in Kind which are provided as part of salary sacrifice … More...

Gifts to a charity or your spouse

21/06/2017 – There is usually no Capital Gains Tax (CGT) to be paid on the gift of assets between married couples and civil partners. … More...

How will your business be affected by Making Tax Digital?

21/06/2017 – The introduction of Making Tax Digital (MTD) will fundamentally change the way companies, the self-employed and … More...

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login