Fields & Co News
Latest News
Corporation tax
Although the main rate will drop by 2% in April, the small companies rate will only decrease by 1% to 20% from 1 April 2011
Posted on 29/03/2011
Although the main rate will drop by 2% in April, the small companies rate will only decrease by 1% to 20% from 1 April 2011
Posted on 29/03/2011
VAT
The VAT threshold for registration is up to £73000 from 1 April.
Posted on 29/03/2011
The VAT threshold for registration is up to £73000 from 1 April.
Posted on 29/03/2011
Mileage Allowance - use of own car
From 6 April 2011 the tax free mileage allowance will rise to 45p for the first 10,000 miles and 25p thereafter
Posted on 24/03/2011
From 6 April 2011 the tax free mileage allowance will rise to 45p for the first 10,000 miles and 25p thereafter
Posted on 24/03/2011
VAT Rate rise to 20% from 4 January 2011
hmrc have issued guidance on changing to the new rate. See hmrc guide.
Posted on 05/10/2010
hmrc have issued guidance on changing to the new rate. See hmrc guide.
Posted on 05/10/2010
Inheritance Tax
If you die within 7 years of making a potentially exempt transfer, it's included in your estate for inheritance tax. Part of your estate is charged at 0% called the nil rate band. For tax year 2010/2011 the nil rate band is £325,000
Posted on 23/04/2010
If you die within 7 years of making a potentially exempt transfer, it's included in your estate for inheritance tax. Part of your estate is charged at 0% called the nil rate band. For tax year 2010/2011 the nil rate band is £325,000
Posted on 23/04/2010
PAYE Penalties
New rules from 6 April 2010 allow hmrc to charge penalties of up to 14% for late PAYE payments. Normally due on 19th of the month after paying wages and salaries the date is put back to the 22nd if you pay electronically
Posted on 23/04/2010
New rules from 6 April 2010 allow hmrc to charge penalties of up to 14% for late PAYE payments. Normally due on 19th of the month after paying wages and salaries the date is put back to the 22nd if you pay electronically
Posted on 23/04/2010
Furnished Holiday Lets
The tax advantages available on furnished holiday lets will end on 5 April 2010. Transitional rules will apply when these Holiday Lets move from trading to property rental status on 6 April 2010.
Posted on 12/02/2010
The tax advantages available on furnished holiday lets will end on 5 April 2010. Transitional rules will apply when these Holiday Lets move from trading to property rental status on 6 April 2010.
Posted on 12/02/2010
Capital Gains Tax Rates
The Capital Gains Tax rates are tipped to rise in the Spring Budget. The current rates can be found here: hmrc website.
If you are thinking of making a disposal it may be prudent to make the disposal before 5 April.
Posted on 12/02/2010
The Capital Gains Tax rates are tipped to rise in the Spring Budget. The current rates can be found here: hmrc website.
If you are thinking of making a disposal it may be prudent to make the disposal before 5 April.
Posted on 12/02/2010
New 50% tax rate
The new rate will come into effect from 6 April this year and will apply to those earning more than £150,000 a year. Consideration should be given to advancing income into the current tax year or deferring expenditure until after 5 April.
Posted on 12/02/2010
The new rate will come into effect from 6 April this year and will apply to those earning more than £150,000 a year. Consideration should be given to advancing income into the current tax year or deferring expenditure until after 5 April.
Posted on 12/02/2010
High Earners’ Personal Allowances
From 5 April those earning over £100,000 p.a. will see their personal allowance decrease. The personal allowance is currently £6,475 and will be frozen for 2010/2011. It will reduce by £1 for every £2 of income over £100,000.
Posted on 12/02/2010
From 5 April those earning over £100,000 p.a. will see their personal allowance decrease. The personal allowance is currently £6,475 and will be frozen for 2010/2011. It will reduce by £1 for every £2 of income over £100,000.
Posted on 12/02/2010
Difficulty paying your tax?
HMRC have launched the Business Payment Support Scheme for those affected by the current economic situation. BPSS can be contacted on 0845 302 1435 from 8am to 8pm Monday to Friday and from 8am to 4pm at weekends. For further information please see the hmrc website.
Posted on 29/01/2010
HMRC have launched the Business Payment Support Scheme for those affected by the current economic situation. BPSS can be contacted on 0845 302 1435 from 8am to 8pm Monday to Friday and from 8am to 4pm at weekends. For further information please see the hmrc website.
Posted on 29/01/2010
Compulsory submission of VAT online from 1 April 2010
This applies to existing businesses with vat exclusive turnover of over £100,000. VAT has also to be paid electronically.
The first VAT returns that require to be submitted online and paid electronically are for the periods to June, July or August 2010 if a business submits quarterly VAT returns.
Posted on 23/01/2010
This applies to existing businesses with vat exclusive turnover of over £100,000. VAT has also to be paid electronically.
The first VAT returns that require to be submitted online and paid electronically are for the periods to June, July or August 2010 if a business submits quarterly VAT returns.
Posted on 23/01/2010
New VAT Rules for Services
From January 1 2010 new VAT rules apply to services supplied outside the UK.
Since January 1 2010 if you buy services from a business based in another EU state you may need to charge yourself VAT, called a “reverse charge”. Conversely, if you sell services to EU business customers, you won’t usually have to charge VAT, but you will have to report the transaction to HMRC on an EC Sales List, Form VAT101. This can be done quarterly along with your VAT return.
Posted on 23/01/2010
From January 1 2010 new VAT rules apply to services supplied outside the UK.
Since January 1 2010 if you buy services from a business based in another EU state you may need to charge yourself VAT, called a “reverse charge”. Conversely, if you sell services to EU business customers, you won’t usually have to charge VAT, but you will have to report the transaction to HMRC on an EC Sales List, Form VAT101. This can be done quarterly along with your VAT return.
Posted on 23/01/2010
Allowable Subsistence Rates
HMRC has set advisory scale rates for particular day subsistence expenses. Please refer to the hmrc website to ensure you use the correct rates.
Posted on 23/01/2010
HMRC has set advisory scale rates for particular day subsistence expenses. Please refer to the hmrc website to ensure you use the correct rates.
Posted on 23/01/2010
VAT rate back to 17.5% from 1 January 2010
The VAT rate returned to 17.5% from 1 January 2010.
For anyone using the flat rate scheme these rates were reviewed, there will be some winners and losers. Please refer to the hmrc website to ensure you use the correct rates.
Posted on 23/01/2010
The VAT rate returned to 17.5% from 1 January 2010.
For anyone using the flat rate scheme these rates were reviewed, there will be some winners and losers. Please refer to the hmrc website to ensure you use the correct rates.
Posted on 23/01/2010
Website Development Service
Fields & Co CA is delighted to announce our new website development service for new and existing clients.
Website development includes designing new websites, updating existing website design and developing bespoke pages - for example, this 'Latest News' section. Every website is custom designed to suit the client. We've opted for a clean and modern design for our site although more traditional designs are available.
Please contact us for a free competitive quote.
Posted on 15/07/2009
Fields & Co CA is delighted to announce our new website development service for new and existing clients.
Website development includes designing new websites, updating existing website design and developing bespoke pages - for example, this 'Latest News' section. Every website is custom designed to suit the client. We've opted for a clean and modern design for our site although more traditional designs are available.
Please contact us for a free competitive quote.
Posted on 15/07/2009
VAT at reduced rate of 15%
The Value Added Tax (Change of Rate) Order 2008 (SI 2008/3020) reduces the VAT rate from 17.5 per cent to 15 per cent. The change is to operate from 1 December 2008 to 31 December 2009.
Posted on 04/07/2009
The Value Added Tax (Change of Rate) Order 2008 (SI 2008/3020) reduces the VAT rate from 17.5 per cent to 15 per cent. The change is to operate from 1 December 2008 to 31 December 2009.
Posted on 04/07/2009
New Website Released
Our new website is now live. Please stay tuned for more information shortly.
Posted on 04/07/2009
Our new website is now live. Please stay tuned for more information shortly.
Posted on 04/07/2009
Fields & Co. Chartered Accountants, Giffnock, Glasgow