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June 2018

Tax diary

1 July 2018 - Due date for corporation tax due for the year ended 30 September 2017.

Director minimum salary levels 2018-19

Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce National Insurance Contributions (NIC), and in some cases income tax.  

Self employed tax bills

Whether you pay income tax or National Insurance, the effect on your cash flow is the same.

Construction drawn into VAT reverse charge process

It would seem, that HMRC is keen to plug the apparent drain from VAT receipts when contractors and sub-contractors charge their customers VAT and then go missing, keeping the VAT for themselves. This is described in legislation as “missing trader fraud”.  

HMRC errors on tax calculation 2016/17 for self assessment

Many of you may have seen the recent press regarding HMRC’s calculation errors when it comes to income ta payable for individuals in 2016/17.

ESFA release the Academies Accounts Direction 2017-18

The Education and Skills Funding Agency (ESFA) has published its Academies Accounts Direction (AAD) 2017-18 which is applicable to academy trusts preparing statutory financial statements for the period ending 31 August 2018. Although the changes aren’t as significant as those seen in previous updates, there are still a number of things to consider.

Fake HMRC websites are directing users to £36 per call premium lines

Fraudsters have been creating replica versions of HM Revenue & Customs (HMRC) website and directing the public to call premium rate numbers advertised on them.